Aliko Dangote, Africa’s wealthiest individual, met with Egyptian President Abdel Fattah el-Sisi on Saturday to explore potential investments in Egypt’s energy, fertilizer, and cement sectors through his company, Dangote Group. This discussion occurred during the Alamein Africa Business Forum held in El Alamein, a coastal city in northern Egypt.
Attendees of the meeting included Prime Minister Mostafa Madbouly and Foreign Minister Badr Abdelatty. During the talks, Dangote requested support from the Egyptian government to facilitate his group’s investments in the country. President el-Sisi expressed enthusiasm about the possibility of the Dangote Group entering the Egyptian market and assured that the government would provide the necessary support, as stated by presidential spokesman Mohamed El-Shennawy.
Details regarding the scale of the investment, specific project plans, or timelines were not disclosed by either party. However, el-Sisi acknowledged Dangote’s significant contributions to industrial development in Africa, particularly noting the group’s diverse operations in cement, fertilizer, energy, and food production. He highlighted Dangote’s personal connection to Egypt, as he studied business at Al-Azhar University in Cairo, using it as an example of cooperation among African nations.
The Egyptian leader also conveyed that the country’s advanced infrastructure and economic environment positioned it well as a regional industrial and energy hub. He reaffirmed the commitment to collaborate with Africa’s private sector to achieve developmental objectives across the continent.
Dangote Group primarily focuses on energy, cement, and fertilizers, making an entry into Egypt a significant step, as it would mark the company’s first major investment in North Africa. The Egyptian market already boasts substantial cement and fertilizer industries, as well as a burgeoning natural gas sector, where competition includes established local and international producers.
The meeting in Egypt concluded a busy week for Dangote, who earlier broke ground on a $16 billion refinery project in Lamu, Kenya, alongside Kenyan President William Ruto. This refinery is anticipated to be completed within 40 months, with Kenya, Rwanda, and Ethiopia considering equity stakes in the venture.
In Nigeria, the initial public offering for his Lagos refinery, projected to be the largest share sale in African history, is set to close on October 13. Dangote has also indicated plans to list his fertilizer business by 2027 and has pledged a $50 billion investment across the continent. However, his expansion efforts have faced challenges, such as abandoning a cement plant project in Kenya and dealing with land disputes related to the Lamu refinery.
Contrasting previous experiences, Egypt’s government has actively courted Dangote’s investments, reflecting a keen interest in having the Dangote Group contribute to its industrial strategies.
