Dubai billionaire to invest in Zimbabwe Mining

DUBAI Billionaire Mohamed Alabbar, the chairman of Dubai real estate developer Emaar, plans to invest in Zimbabwe and creating a Global mining company that could be worth $10bn in three years.

In an interview to be published on Sunday in Arabian Business magazine, Alabbar said he is now spending 20 percent of his time focusing on the new venture, a private operation separate from Emaar.

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“I am telling you if I don’t take this six, seven times up easily it’s a waste of time. I would say give me three years to create a $10bn company,” he said. “I’m very determined about that…..We can go much higher.

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“We work seven days a week day and night, that’s the only way we do business. Because that’s the only way to create anything. That’s me. I’m passionate about what I do and I go all the way.”

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The pair also teamed up to launch Gulf International Investment Group, which last week signed a $1.6bn deal to develop an aluminium smelting plant in Sarawak, Malaysia.

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AMER has begun operations in Guinea-Conakry, Madagascar, Uganda, Niger, Gabon, Ghana, Congo and Equatorial Guinea. The company is carrying out exploration work for a number of commodities, including coal, copper, oil and gas, and gold.

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Alabbar also revealed he is considering investing in Zimbabwe, despite the country’s ongoing political turmoil.

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I might invest (in Zimbabwe) under the current conditions, I might. You can wait till everything is fine and then be behind the queue. I don’t want to do that,” he said.

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The Emirati businessman said he began focusing on the mining industry immediately after the launch of Emaar’s flagship project, the Burj Khalifa, in Dubai last year.

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“The Burj was over. I was thinking where to go, what to do? Yes we got there, but we’re human beings, so when we get there we say ‘So what are we going to do after this? Are you going to crawl back in a little hole?’ I can tell you this; that’s not me,” he said. -Arabia Business.com