Al Ghurair, UAE’s Business Mogul, to Invest in Nigeria

GhurairA visitor passes ENOC-branded oil barrels stored at the Emirates National Oil Co. lubricants and grease manufacturing plant in Fujairah, United Arab Emirates. Photographer: Gabriela Maj

Nigeria’s foreign direct investment (FDI) is about to receive a boost as one of the leading United Arab Emirates’ business moguls, Sheikh Abdullah Ahmed Al Ghurair, has indicated interest in different sectors of the Nigerian economy.

A source, who revealed this to THISDAY, noted that Al Ghurair, who is the chairman of Al Ghurair Investment, is planning to invest massively in the oil and gas, power, financial sectors as well as the agriculture and mining sectors, and Infrastructure.

Al-Ghurair, who has expressed confidence in the administration of President Muhammadu Buhari, is the chairman of over 36 companies and chairman of Mashreq Bank, the oldest bank in the region. His empire straddles a wide variety of businesses that helped in bringing prosperity to the UAE from its earliest days and also extends to more than 20 countries of the world.

Al Ghurair serves as the chairman of UAE Bankers Association, chairman of Al Ghurair University and Member of Dubai Economic Affairs. Only recently, he donated a third of his wealth to education charity with a view to helping underprivileged Arab youths.

Sheikh Abdullah Ahmed Al Ghurair is the father of Abdulaziz Al Ghurair, chief executive of Mashreq bank. The foundation will plan to spend an initial Dh4.2 billion or $1.1 billion over the next 10 years on educating underprivileged UAE and Arab youths.

The assets donated by Al Ghurair will be utilised to equipping Arab youths with the knowledge and skills they need to become the leaders of tomorrow and drive the sustainable development of their communities.

The foundation will invest in innovative high-impact programmes that improve the quality of education at the primary and secondary levels while also helping a minimum of 15,000 promising Arab youths from underprivileged backgrounds to pursue quality higher education for a value of Dh4.2 billion over 10 years.

ThisDay

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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