Arab Finance: The Egyptian Exchange (EGX) is exploring the issuance of Egyptian Depositary Receipts (EDRs) linked to shares in companies within the Nigeria-based industrial conglomerate Dangote Group, aiming to open investment channels between North and West Africa, as per a statement.
The proposal was discussed during a visit by Aliko Dangote, President and CEO of Dangote Industries Limited, to the EGX’s historic headquarters and trading floor in downtown Cairo. The two sides agreed to hold technical meetings to work out implementation mechanisms and advance their cooperation plans.
EGX Chairman Omar Radwan said the proposed EDRs would allow individual and institutional investors in Egypt and the wider region to diversify their portfolios through access to major West African industrial assets, noting that these assets offer strong returns and the structure would avoid the risks and complexities associated with transferring investment funds across borders.
Radwan added that the proposal could support financial integration and joint capital formation across Africa, while connecting Egypt’s production and logistics capabilities with West Africa’s consumer market.
The discussions also covered Dangote Group’s broader expansion plans. Dangote said the conglomerate aims to invest $50 billion by 2030 and hopes Egypt will receive a share of that investment as it steps up industrial production across the continent.
He explained that the group’s 2030 vision centers on building globally competitive businesses and processing African natural resources into finished products. The strategy aims to create jobs, strengthen self-sufficiency, and support economic prosperity through greater reliance on local production.
Exporting unprocessed raw materials deprives African economies of opportunities to generate value and employment, Dangote said. He described industrial expansion as essential to sustainable development and the continent’s ability to meet its consumption and production needs.
Meanwhile, Mohamed Awad, CEO of the General Authority for Investment and Free Zones (GAFI), said Egypt seeks a long-term strategic partnership with the group. He highlighted opportunities to turn shared interests between Egypt and African businesses into investment projects that support company growth and generate lasting economic value.
Awad added that closer cooperation with Dangote Group could broaden joint investment opportunities, strengthen Egypt’s ties with other African economies, and support continental economic integration.
For his part, George Elombi, President and Chairman of the board of directors of the African Export-Import Bank (Afreximbank), reaffirmed the bank’s support for the group’s industrial and economic expansion, noting that Dangote Petroleum Refinery and Petrochemicals' initial public offering (IPO) is an opportunity to broaden African business and investor ownership of major enterprises while mobilizing regional capital for development.
