Africa’s wealthiest individual, Nigerian billionaire Aliko Dangote, is establishing a family office in Dubai, aligning with other affluent individuals who have recently gravitated towards the financial hub in the Middle East.
With an estimated net worth of $13.2 billion, Dangote, ranked as Africa’s richest person and the 168th wealthiest globally by Bloomberg, built his fortune in industries such as cement, sugar, and a recently launched $20 billion oil refinery — the largest in Africa. His new family office will focus on global investments, aiming to expand beyond industrial sectors. Initially, it will seek partnerships with other families, firms, or institutions offering specific industry expertise, according to Dangote, 67, in a recent interview.
Dangote’s daughter, Halima, relocated to Dubai last month to oversee the office, which is based in a location Dangote has owned for 17 years. Despite holding significant assets in Nigeria and Africa, his primary holding company is situated abroad due to the depreciation of Nigeria’s naira, which has dropped over 50% in the past year, making it one of the worst-performing currencies in Africa.
Dangote has a longstanding connection with Dubai. A decade ago, the city’s main holding company acquired a minority stake in his cement business, marking its first major African investment.
Beyond his ventures in Nigeria, Dangote has backed Alterra Capital Partners, an Africa-focused private equity fund spun off from Carlyle Group last year, and invested in Gateway Partners, an emerging markets investment firm launched in 2014.
Dubai’s appeal to ultra-wealthy individuals like Dangote is driven by its favorable tax system, low crime rates, and strategic location. The UAE, with Dubai as a central player, is predicted to be the leading destination for millionaire relocations this year, according to Henley & Partners. Dubai’s financial district has actively pursued family offices, and the number of registered family foundations rose by 53% last year, per DIFC statistics.
Abu Dhabi, with 6% of the world’s proven oil reserves and sovereign wealth funds managing around $1.5 trillion, has similarly attracted high-profile billionaires such as Ray Dalio.
