UAE tycoon eyes USD20b African venture

12 Nov 2011

(MENAFN) Chairman of Emaar Properties Mohammad Alabbar is seeking USD20 billion natural resources projects in Africa, Arabian Business reported.

Alabbar runs Africa Middle East Resources Company, which aims to exploit natural resources for key mining and energy stakeholders, emphasizing on base metals, precious metals, and oil and gas.

He also said that the company operates in Madagascar, Guinea, Congo, Niger, Angola and Gabon, adding that in most cases it is starting from scratch.

In April, Alabbar entered in a USD1.6 billion aluminum smelter in the state of Sarawak, Malaysia.

Smelter Asia will develop, own and operate the private aluminum plant with an annual capacity of 370,000 metric tonnes during the first phase.

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