Dubai World, the investment group of the Dubai government said on June 04 it planned to increase its $4 billion investments on the African continent over the next few years. Dubai World's chairman, Sultan Ahmed bin Sulayem, said he was confident that the company's investments across Africa would grow beyond expectations.
"We are very optimistic. Our experience in Africa has been very good and I draw from meetings I have had with several leaders in Africa," he told Reuters on the sidelines of the World Economic Forum on Africa.
Sulayem has travelled through the continent seeking more investment opportunities in tourism and port operations. The company invests via subsidiaries Nakheel and Istithmar and plans to increase its investment in Africa from the $4 billion committed to date.
It has port operations in Mozambique and Senegal and owns game parks in South Africa and tourism hot spot the Waterfront in Cape Town.
Sulayem said the continent's leaders showed increased willingness to work through its many challenges.
"The future is bright because the people realise that stability brings prosperity, progress and economic stimulation," he said. "They've had their share of problems in the past and they realised instability brings poverty." Sulayem said he was not overly concerned about the impact of a possible US economic slowdown on Africa.
"What is happening in the US is a separate thing from Africa and it is a short-term problem that will sort itself out. Capital looks for growth and Africa is the place that is still growing," he said.
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