Aliko Dangote Opens Family Office in Dubai

Nigerian billionaire Aliko Dangote, Africa's richest individual with a fortune of $13.2 billion, is establishing a family office in Dubai to diversify his investments beyond industrials. This move aligns with a growing trend of high-net-worth individuals relocating to the Middle East's financial hub, which offers favorable tax policies and a strategic location. Dangote, who has significant assets in Nigeria, cited the depreciation of the naira—over 50% in the past year—as a reason for his overseas holding company. His daughter, Halima, has moved to Dubai to manage the new office, which will initially focus on co-investing with experienced partners. The number of family offices in Dubai surged by 53% last year, highlighting the emirate's appeal to the ultra-wealthy. Dangote's past relationship with Dubai includes a decade-old investment from the emirate in his cement firm, marking a significant African investment.