Angola and Gemcorp launch a USD 500 mn infrastructure fund in Abu Dhabi: Angola’s sovereign wealth fund Fundo Soberano de Angola (FSDEA) and investment firm Gemcorp Capital, which has bases in London and ADGM, launched an Abu Dhabi-based USD 500 mn pan-African Infrastructure Fund, according to a press release. The fund, subject to regulatory approvals, will tap Gulf investors with interest in Africa, chair of FSDEA Armando Manuel told Reuters.

Where will the money go? The fund’s investments will focus on critical sectors including transportation, energy and energy transition, water and food security, supply chains, financial services, and communications.

Fundraising plans: FSDEA will provide an initial USD 50 mn, potentially rising to USD 200 mn depending on commercial conditions, while Gemcorp and its funds will contribute up to USD 50 mn. The remaining capital will come from from global investors.

The appetite is already there: “The level of appetite that we’ve witnessed, whether it is pension schemes all the way in Nordic Europe, to investors in GCC to international institutional capital as well as family offices, is vast,” Asad Hajiyev, Gemcorp senior executive officer in Abu Dhabi, is quoted as saying.

UAE investors ❤️ Africa: UAE-based developer Emirates Reportage Development & Investment is building a AED 1.8 bn mixed-use development in Angola, while Dubai Investments partnered with the FSDEA on Luanda real estate projects and began building the USD 500 mn DIP Angola project last year. On the energy front, Adnoc’s XRG and its partners will also expand the Coral North Floating LNG facility in Mozambique. Meanwhile, Abu Dhabi’s International Resources Holding (IRH) acquired a majority stake in Congo tin miner Alphamin Resources.

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