In recent years, the Gulf Cooperation Council (GCC) has increasingly turned its gaze toward Africa, recognising the continent’s vast untapped potential, particularly in the natural resources sector.
GCC investors, leveraging their expertise and financial muscle, are making significant inroads by taking up stakes in hydrocarbons, mining, and agricultural projects across Africa.
The relationshqip between the GCC and Africa is evolving from mere trade partnerships to deeper financial and operational collaborations.
The GCC’s involvement is not just about securing resources; it’s about contributing to the development of Africa’s infrastructure and enhancing the continent’s global trade position.
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According to the report titled The Gulf Co-operation Council’s Expanding African Footprint published by the Economist Intelligence Unit (EIU)
At the latest Mining Indaba in South Africa, Africa’s largest mining investment conference held in February, the GCC made a significant impact with a strong presence and substantial investment budgets.
Companies from the UAE and Saudi Arabia are set to intensify competition with Chinese and Western firms to secure Africa’s critical metals and minerals, essential for advanced technologies and the energy transition.
For instance, in December, the United Arab Emirates (UAE) signed a landmark agreement with Morocco to become a principal financial backer of the Atlantic gas pipeline project the report highlighted.
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It states further that this ambitious project aims to transport natural gas from Nigeria along the Atlantic coastline of West Africa to Morocco, and eventually into Europe. This partnership highlights the UAE’s commitment to playing a central role in Africa’s energy future, positioning itself as a key player in the continent’s economic transformation.
UAE state-owned oil and gas giants—Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company (ENOC)—are spearheading the development of petroleum storage and distribution facilities across Africa.
These investments are designed to boost the sale of refined petroleum products in markets that have been identified as having significant growth potential. Such initiatives not only facilitate energy security in Africa but also reinforce the UAE’s influence in global energy markets.
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According to EIU, here are the top minerals resources by African country
Africa’s wealth of natural resources is as diverse as its geography. Each country harbours specific minerals that dominate its economy and have the potential to attract foreign investment. Below is a detailed overview of the most abundant resources by country, measured by production tonnage:
Iron: Dominates in Liberia, Malawi, and Mauritania, where large-scale mining activities are central to the economies.
Bauxite: Found predominantly in Sierra Leone and Guinea, bauxite is essential for aluminium production, making these countries critical suppliers to global markets.
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Zinc: Burkina Faso is a significant player in zinc production, contributing to its export revenues.
Diamond: Lesotho is renowned for its diamond mines, which produce some of the world’s most valuable stones.
Salt: Benin, Tunisia, and Eritrea have abundant salt reserves, playing a vital role in their local economies and export markets.
Phosphates: Senegal and Morocco are key exporters of phosphates, crucial for global agricultural fertilizers.
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Petroleum: A cornerstone resource for many African countries, including Cote d’Ivoire, Ghana, Nigeria, Cameroon, Gabon, Congo (Brazzaville), Equatorial Guinea, Angola, South Sudan, Sudan, Egypt, Libya, Chad, Niger, and Algeria. These nations are significant players in the global oil market, with substantial reserves and production capacities.
Titanium: Madagascar, Kenya, and Burundi are notable for their titanium resources, which are used in a variety of industries, from aerospace to consumer goods.
Copper: The Democratic Republic of Congo (DRC) is one of the world’s largest producers of copper, a vital industrial metal.
Gold: Mali and the Central African Republic have substantial gold reserves, contributing significantly to their national economies.
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Gypsum: Ethiopia’s gypsum reserves are critical for the construction industry, both locally and internationally.
Sulphur: Zambia and Uganda are prominent producers of sulphur, which is used in fertilizers, chemicals, and other industrial processes.
Steam Coal: South Africa, Botswana, Zimbabwe, and Tanzania are major producers of steam coal, which is essential for electricity generation.
Coking Coal: Namibia and Mozambique have significant reserves of coking coal, used in steel production.
However, some African nations like Sao Tome & Principe, Eswatini, Mauritius, Cabo Verde, The Gambia, Guinea Bissau, Togo, Seychelles, Comoros, Somalia, and Djibouti have no data or yet fully explored their potential.
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Author : info-blog
Publish date : 2024-08-08 23:31:49
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