UAE business tycoon Mr Mohamed Alabbar is keen to tap opportunities in neglected Africa and expects his natural resources exploration company to be worth up to USD 20 billion within a decade.

Away from his role as chairman of Emaar Properties, the UAE's largest developer, Alabbar also runs Africa Middle East Resources which aims to unlock the value of natural resources in Africa, the Middle East, Central Asia and the Subcontinent.

The Johannesburg-based company focuses on finding and securing natural resources for key mining and energy stakeholders, emphasizing on base metals, precious metals and oil and gas.

Mr Alabbar said that "Looking at the world today I would say it is going to be a major business, somewhere between USD 10 billion to USD 20 billion. The company was seeking growth through natural expansion of projects across Africa as well as acquisitions.”

He said that maybe in a year's time we might be doing some acquisition but still that will be just 20% to 30% of what we do. Africa is neglected. The size of Africa with 1 billion people, 300 million middle income, fabulous opportunities, welcoming government but unfortunately we all like to do business in easy environment so who are the guys who like the challenge. I am really excited by it.

The company currently has interests in Madagascar, Guinea, Congo, Niger, Angola, Gabon and Alabbar said in most cases it is starting from scratch. As well as gold, bauxite and iron ore in Guinea Conakry and oil and gas concessions in Uganda, AMER is in advanced discussions on uranium and hydrocarbon interests in Niger, gold and coal deposits in Madagascar, phosphate concessions in Mauritania, copper in the Democratic Republic of Congo and oil and gas in Gabon.

Mr Allabar has also held recent talks with the president of the Republic of Ivory Coast Mr Alassane Ouattara and its PM Mr Guillaume Soro to discuss investment opportunities in natural resources. The West African nation has more than 28 billion cubic meters of natural gas, 100 million barrels of oil, over 200 tonnes of gold and abundant iron ore and nickel deposits in the Mount Nimba region.

He said that starting from there of course you are taking more risk but I think you are starting at level one which is a fabulous opportunity. Everyone was too focused on China when it came to the world's natural resources. China, China, China. Great but there are 1.2 billion people living in India. We don't hear about India wanting resources but it's happening and there will be a short supply in my view.

(Sourced from www.arabianbusiness.com)