Dubai World, one of the largest holding companies in the world, announced today that it has signed a far-reaching cooperation agreement with the Government of the Federal Republic of Nigeria for investment in a number of key sectors in the Nigerian economy.
Under the cooperation agreement, Dubai Natural Resources World (DNRW) would manage the potential development and production of crude oil and gas reserves through a variety of means including the acceleration of upstream oil and gas assets and the development of gas utilisation projects. Launched by Dubai World in September 2008, DNRW and its affiliates are responsible for investing, developing and managing investments in natural resources within the developing world.
The landmark agreement was signed by His Excellency Sultan Ahmed bin Sulayem, Dubai World Chairman and the Honourable Chief Michael Kaase Aondoakaa, San, Attorney General of the Federation and Minister of Justice for the Federal Republic of Nigeria. Also present at the signing ceremony were Abdul Wahid Al Ulama, Vice Chairman of DNRW, Gary King, CEO of DNRW, and His Excellency Alhaji Bashir Yuguda, the Nigerian Ambassador to the United Arab Emirates, who played an important role in facilitating the signing of the cooperation agreement.
Speaking at the ceremony, the Honourable Chief Michael Kaase Aondoakaa (SAN), Attorney General of the Federation and Minister of Justice, hailed the agreement as the latest positive development in the thriving relationship between the Federal Republic of Nigeria and the Emirate of Dubai. .
His Excellency Sultan Ahmed bin Sulayem, Dubai World Chairman, commented: “This historic agreement consolidates Dubai World’s strategy of tapping new business sectors
leveraging the expertise of the group’s various companies to make sound, strategic, long-term investments in the field of energy and natural resources. Nigeria is a land of considerable opportunity and it is entirely appropriate that Dubai World will partner with the Government of Nigeria to help harness this enormous potential over time.”
Commenting on the role of Dubai Natural Resources World, Abdul Wahid Al Ulama, DNRW Vice Chairman added: “We are tasked with building a diversified portfolio of investments in companies and assets related to natural resources located in developing markets. It is extremely exciting that we will be involved directly in the oil and gas aspects of this landmark cooperation agreement. DNRW looks forward with excitement to contributing to the Nigeria growth story.”
About Dubai World
Dubai World is Dubai's global investment flag bearer focusing on five strategic growth areas: Transport & Logistics, Drydocks & Maritime, Urban Development, Investment & Financial Services, and Energy & Natural Resources.
Its portfolio comprises some of the world’s best known companies, including DP World, Drydocks World & Dubai Maritime City, Economic Zones World, Nakheel, Leisurecorp, Istithmar World and Dubai Natural Resources World.
Dubai World’s strategy is driven by a combination of pragmatic acquisitions and prudent investments and its corporate philosophy is based on strong fundamentals, best ethical practices and integrity.
