Dubai's ICD Invests $300 Million in Nigeria's Dangote Cement
Sovereign Wealth Fund Makes its First Major Investment in Africa's Largest Economy
DUBAI—Dubai's sovereign-wealth fund said Monday it is buying a minority stake in Nigeria's Dangote Cement for $300 million as the Gulf emirate makes it first major investment in Africa's largest economy.
Dangote Cement, which is listed on the Nigeria Stock Exchange and has a market value of around $23 billion, was founded and is still controlled by Nigerian business magnate Aliko Dangote. It is a leader in its domestic market and...
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