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Nigerian billionaire Aliko Dangote is establishing a family office in Dubai, joining a growing number of ultra-wealthy individuals who have turned to the Middle East’s financial hub in recent years. With a personal fortune of $13.2 billion, Dangote is the richest person in Africa and ranks 168th on the global wealth list. His wealth largely stems from his involvement in commodities such as cement and sugar and, more recently, the opening of a $20 billion oil refinery, the largest in Africa.
In a recent interview, the 67-year-old businessman revealed that the Dubai-based family office will focus on global investments, aiming to diversify his group’s assets beyond the industrial sector. Initially, the office will seek to collaborate with other families, firms, or institutions that offer specialized knowledge in various industries rather than venturing into unfamiliar territory alone.
Dangote emphasized the importance of not “reinventing the wheel,” noting that they intend to proceed gradually with their investments. His daughter, Halima, relocated to Dubai last month to oversee the operations of the family office, which is housed within Dangote Group’s existing office in the city, a property he has owned for 17 years.
Although much of Dangote’s wealth is concentrated in Nigeria and other parts of Africa, his holding company is located overseas. He attributed this decision to the instability of Nigeria’s currency, the naira, which has depreciated by over 50% in the last year, making it one of Africa’s weakest currencies after the Ethiopian birr.
Dangote has long-standing ties to Dubai, where the city’s main holding company made its first significant investment in Africa by acquiring a minority stake in his cement firm a decade ago. He is also an investor in Alterra Capital Partners, an Africa-focused private equity fund that spun off from Carlyle Group Inc. and has supported Gateway Partners, an emerging-markets investment firm established in 2014.
Dangote’s move to Dubai underscores the city’s increasing allure for the ultra-wealthy, thanks to its attractive tax policies, low crime rates, and strategic location at the crossroads of multiple continents and time zones. A recent report from Henley & Partners, a migration advisory firm, indicated that the United Arab Emirates (UAE) is set to be the top destination for millionaire relocations this year. In response, Dubai’s financial center has made significant efforts to attract family offices, the private investment arms of the super-rich.
According to data from the Dubai International Financial Centre (DIFC), the number of registered foundations—often used by wealthy families to manage their wealth—increased by 53% last year. Neighboring Abu Dhabi, which holds 6% of the world’s proven oil reserves and manages about $1.5 trillion in assets through its sovereign wealth funds, has also attracted prominent billionaires, including Ray Dalio.
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