Dangote Group enters JV with Saipem

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Dangote Group enters JV with Saipem

Dangote Group, the West African industrial conglomerate owned by Africa’s richest man Aliko Dangote has announced a multi-million dollar Joint Venture agreement with Italian engineering and construction giant Saipem.

According to a statement by Devakumar Edwin, group executive director of the Dangote Group, the new company will be named Saipem-Dangote E&C and will work towards securing complex engineering and construction projects in Nigeria and other African markets. Saipem-Dangote E&C aims to execute them at the highest levels of efficiency in terms of costs and timing, while maintaining sufficient flexibility to adapt to different project requirements.

“We are confident that our partnership with Saipem will position us as a major player in the oil and gas sector. Dangote’s standing in the sub–Saharan African market will complement Saipem’s unique capabilities in E&C in developing new business. Saipem values the satisfaction of its clients in the energy industry, tackling each challenge with safe, reliable and innovative solutions. Dangote Industries and Saipem shall gain mutual benefit from this partnership,” Edwin said.

Aliko Dangote, billionaire and chief executive officer of Dangote Group, pauses during a session on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 22, 2015. World leaders, influential executives, bankers and policy makers attend the 45th annual meeting of the World Economic Forum in Davos from Jan. 21-24. Photographer: Jason Alden/Bloomberg via Getty Images

While Dangote Group will bring its financial strength, expertise and standing in the African market to the table, Saipem will complement with its unique capabilities in the E & C sector to make a successful collaboration.

“Saipem values the satisfaction of its clients in the energy industry, tackling each challenge with safe, reliable and innovative solutions. Dangote Industries and Saipem shall gain mutual benefit from this partnership,” Edwin said.

Dangote Group is West Africa’s largest industrial conglomerate with interests in cement production, sugar refining and flour milling. The group, which is currently developing a $9 billion oil refinery and petrochemical complex in Nigeria, is controlled by Aliko Dangote who is worth $16.5 billion according to FORBES billionaire rankings.

Saipem is 43% controlled by Italian oil major Eni.

Source: Forbes

Link: http://tinyurl.com/l57w832

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

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Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

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Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.