UAE billionaire Al-Ghurair targets Nigeria’s economy

Category: Business Published on Wednesday, 30 January 2013 05:00

United Arab Emirate (UAE)’s business mogul, Sheikh Abdullah Al Ghurair has got his eyes set on investing in Nigeria, Daily Trust reports.

Al Ghurair is one of the richest men in the Arab world. He intends to invest in the oil and gas, power, financial, agriculture and mining sectors of the Nigerian economy, a source close to the project told Daily Trust.

The source said Al Ghurair was concluding arrangements to meet with chief executives and officials of various sectors of the economy, with a view to identifying the specific areas of investment.

Abdullah Al Ghurair has earned the admiration of his peers over a long and very successful career, as a private businessman and an ambassador for the financial services industry.

In addition to being chairman of Mashreqbank, he also oversees a wide variety of businesses that have helped bring prosperity to the UAE from the earliest days of the country’s rapid development.

These include both home-grown, UAE-based operations as well as regional and international businesses in 20 countries.

UAE ventures include the Al Ghurair Retail City; National Flour Mills; National Cement Company; and the diversified ETA - Ascon Group, among many others.

In his public roles, Abdullah Al Ghurair serves as chairman of the UAE Bankers’ Association and a member of the Dubai Council for Economic Affairs.

“Abdullah Ahmad Al Ghurair is a visionary businessman and one of the pioneers of banking in the Arab world. Thanks to his vision, he established Mashreqbank even before the formation of the UAE and has continued to develop it into one of the most progressive financial institutions in the Gulf region,” the source told Daily Trust.

Some of Al-Ghurair’s investment concerns include; the UAE-based conglomerate, Al Ghurair Investment (AGI); operates 32 diversified subsidiaries in real estate, construction and engineering, agriculture, education and other sectors.