Aliko Dangote – The Richest Man in Africa wants the Construction industry
Aliko Dangote is the owner of the Dangote Group – Africa’s largest industrial conglomerate – and recently he has announced that his company will be forming a Joint Venture (JV), a multi-million dollar deal, with the Italian construction giant, Saipem! Together, the JV will form “Saipem-Dangote Engineering and Construction (E&C).”
According to the Dangote Group’s Group Executive Director, Devakumar Edwin, the aim and overall outcome for the partnership, is for the new company to be positioned as a major player in the oil and gas sector.
The newly-formed company’s first major order of business to achieve that will be to focus on securing complex engineering and construction projects across Nigeria. Dangote Group’s is currently developing a $9 billion oil refinery and petrochemical complex in Nigeria, which is expected to be completed before 2017.
They have targeted Nigeria first due to the trade potential in the country, given that it currently boasts being the largest economy in Africa. It is also noteworthy to mention that Aliko Dangote is himself, a Nigerian national. Thereafter, the JV will target other lucrative projects in Africa.
How Dangote-Saipem JV is the perfect union
Many Analysts believe that the JV is a union that significantly complements each individual company, serving as a lucrative force to be reckoned with. The two companies bring their own niche to the table:
- Dangote: Vast financial clout in Africa, making their business acumen highly respected across the continent.
- Saipem: Unique technical Engineering and Construction capabilities
The way forward for Saipem-Dangote Engineering and Construction (E&C)
“Dangote Industries and Saipem shall gain mutual benefit from this partnership,” Edwin reportedly said.
The new deal is seen as his way of exploiting the imminent opportunities inherent in the engineering and construction sector over the next few decades as countries across the continent focus on building infrastructure.
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Do you think that the JV between SAIPEM and Dangote Industries is a good idea or not?
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