Africa's richest man Aliko Dangote sells $300M minority stake in cement firm to Dubai sovereign wealth fund

Aliko Dangote, CEO, Dangote Group

Africa’s richest man Aliko Dangote is selling a stake in his cement company to a sovereign wealth fund owned by the government of Dubai, United Arab Emirates.

According to a report by the Financial Times, the Investment Corporation of Dubai (ICD) will invest $300 million in Dangote Cement, West Africa’s largest company, for a minority stake. Mohammed Al-Shaibani, CEO of the UAE-based company is expected to sign the deal on Monday with Aliko Dangote. ICD, which was established in 2006, owns stakes in Emirates Group, Dubai World Trade Center and the Emirates National Oil Company.

Read more: Africa's Richest Man Aliko Dangote To Sell Stake In Cement Firm To UAE Sovereign Wealth Fund – Forbes.