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Gulf Countries are starting to take an active role in Africa

Manara Minerals, a state-backed Saudi Arabian fund, has up to $15 billion to spend on overseas mines. Also looking is the International Holding Company, an Emirati conglomerate with a market capitalization of $240 billion, about equal to Blackrock and BP combined; in November, its mining arm purchased a 51% share in a Zambian copper mine.

Gulf interest in mining in Africa is a subset of a wider pattern. The United Arab Emirates (UAE), Saudi Arabia, and Qatar are gaining influence in Africa. The continent serves as a destination for their capital, a battleground for their rivalries, and a test of their global aspirations. Dubai has become an important financial hub for African elites. As African governments seek alternatives to declining Chinese loans and Western aid, the Gulf's ascent is altering the continent's geopolitics, with both positive and negative implications.

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Posted on :3/25/2024