Three Gulf, nine African sovereign funds sign deal to spur 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 Alsuzaidi.

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.