Maser Group, a consumer electronics giant based in Dubai, is making a significant strategic shift into agriculture and artificial intelligence infrastructure in Africa, devoting $1.6 billion over the next two years to farmland development and data centers in Nigeria, Ghana, and Kenya.
The privately held company, launched in 2014, is responding to Africa’s growing food security worries, as well as a surge in demand for digital infrastructure driven by cloud computing and artificial intelligence.
According to Prateek Suri, Maser’s founder and chairman, the company has already invested over $300 million in land acquisitions and other asset-backed initiatives across the continent.
The majority of the capital will come from Maser’s investment arm, MDR Investments LLC, as well as China-based Chia Ventures Co. MDR runs a $500 million fund and is exploring public-private partnerships with many African nations, including Tanzania, Zimbabwe, Zambia, Rwanda, and Nigeria, in areas like as agriculture, mining, and affordable housing.
“We are in touch with certain companies in Taiwan who are ready to do a joint venture with us to open data centres in Africa,” Suri said during a virtual interview, signalling Maser’s intention to deepen its exposure to Africa’s digital economy.
According to the UN Economic Commission for Africa, Africa’s food import bill will top $83 billion by 2023, emphasizing the importance of increasing domestic agricultural production.
At the same time, the continent’s data center capacity is expected to increase dramatically to roughly 2.2 gigawatts by 2030, up from about 0.4 gigawatts now, necessitating an estimated $20 billion in new investment, according to McKinsey & Company.
Maser Group is operating in Nigeria, Kenya, Ghana, South Africa, and Egypt, selling household equipment such as televisions, washing machines, and refrigerators.
Suri controls 56% of the company, followed by China’s Chia Ventures (30%) and TPA Electronics Co. (14%).
The expansion is one of the most ambitious private-sector investments in Africa’s dual issues of food security and digital infrastructure.