Skip to content Skip to Search
Skip navigation

Gulf sovereign funds sign deals to spur investment in Africa

Person, Human, Wheel REUTERS/Mike Hutchings
FILE PHOTO: A Malawian subsistence farmer carries a bag of fertilizer near the capital Lilongwe, Malawi February 1, 2016
  • Deal was signed by Abu Dhabi’s Investment Authority and holding firm ADQ
  • Kuwait’s Investment Authority also signed up at Africa Sovereign Investors Forum
  • Nine African funds also signed up to promote investment

Three Gulf sovereign funds signed a deal on Monday in Rabat with nine African peers to promote investment on the continent.

The deal was signed by Abu Dhabi’s Investment Authority and holding firm ADQ in addition to Kuwait’s Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF), a platform bringing together sovereign funds of Angola, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Morocco, Nigeria and Rwanda.

ASIF organizers gave no details on how exactly the Gulf funds will support their African counterparts.

ASIF “will enable us to explore new opportunities with potential partners in Africa for ADQ and its portfolio companies,” said ADQ CEO Mohamed Hassan Alsuwaidi.

CEOs of African Sovereign Funds taking part at the event said the focus for ASIF will be on mobilizing capital and equity, promoting green projects and investing in logistics to improve interconnectivity within the continent.

The African sovereign funds which signed the deal include Morocco’s Ithmar Capital, Nigeria Sovereign Investment Authority, Ghana Infrastructure Investment Fund, Gabon’s FGIS, Rwanda’s AGACIRO, Angloga’s Fundo Soberano, the Sovereign Fund of Egypt, Senegal’s FONSIS and Djibouti’s Sovereign Fund. (Reporting by Ahmed Eljechtimi; Editing by Angus MacSwan)