1. Could you introduce Madagascar Development Partners and its core mission in driving investment and development across Madagascar?
At Madagascar Development Partners, our mission is to raise international capital and channel it into viable local opportunities across Madagascar and, more broadly, the Western Indian Ocean region. We primarily work with global high-net-worth investors who have a solid track record in frontier and emerging markets. Our focus is on identifying companies with the potential to scale, both locally and internationally, and on structuring investments that go beyond just capital injection.
Over the past 20 years, we’ve built a successful track record, and we remain optimistic about Madagascar’s potential. The country’s geostrategic location and untapped resources continue to offer immense opportunities.
2. What are the key sectors MDP is focusing on, and how do these align with Madagascar’s national development priorities?
As a private equity firm, our focus is always on growth. That said, sectoral priorities evolve depending on local and global contexts. Over the years, we’ve invested in various sectors, but currently, agribusiness is a major area of focus. Madagascar has strong potential in this field, despite the well-known operational challenges. These very challenges, in fact, create opportunities for innovation and value creation.
Tourism is another key sector. While it has been volatile and sometimes disappointing in terms of actual returns, we believe in its long-term potential. Madagascar’s scale and natural diversity make it a unique destination, and we continue to support projects that can elevate the country's tourism profile globally.
3. How does MDP identify and structure investment opportunities that generate both economic returns and social impact?
We don't operate with a standardized deal-sourcing process. Many opportunities come through our networks and reputation. Much of what we do relies on trust and relationships, people come to us because of our ability to deliver.
Once we identify a potential project, we conduct thorough due diligence, aligned with our macro-level priorities. Our process is long and meticulous, sometimes it takes six months to a year before we commit. We're not in the business of rushing investments; we believe patience is key in frontier markets.
Crucially, our role doesn’t stop at writing a check. We seek to add real value, strategic insight, operational guidance, network access, which often proves more critical than financial input alone.
4. What role does sustainability and ESG play in your investment philosophy?
We are not an impact fund per se, but every investment we make inherently creates social and environmental impact, that’s the reality of working in a frontier market. Governance is at the heart of everything we do. It's not something we add on, it’s our starting point. We wouldn't invest in any business that lacks the fundamentals of good governance.
As for social and environmental impact, they naturally follow from our investments. Whether it’s job creation, community support, or environmental stewardship, these elements are built into the context of every project we take on. For example, many of our projects include contributions to local schools, dispensaries, or basic infrastructure.
5. Can you elaborate on a flagship project that illustrates MDP’s development model?
One example is an eco-lodge project we developed on a remote island on Madagascar’s northwest coast. It started as a greenfield investment, and we designed it from the ground up with environmental and social priorities in mind.
The site itself is ecologically exceptional, so the project was built to be in harmony with its surroundings. We recruited and trained local staff, built housing and dining facilities for them, and even established a dispensary with a full-time doctor or nurse on site. We sponsor a local football team and continue to support educational and health initiatives in the surrounding villages.
While the project is fundamentally a financial investment, its true impact is much broader, elevating livelihoods, protecting biodiversity, and offering a model for responsible development in remote regions. It’s a clear example of how investment, when thoughtfully structured, can be a vehicle for sustainable change.
6. What are the biggest challenges to attracting large-scale private investment in Madagascar, and how is MDP helping address them?
The biggest barrier is confidence, in the political environment, in the rule of law, and in the consistency of policies. Many investors are wary of governance risks, legal uncertainties, and the complexity of doing business here.
At MDP, we try to be living proof that it’s possible. We've been here for two decades. We've faced challenges, but we've also managed to build lasting, resilient investments. Still, global investors have options. If they perceive Madagascar as too risky or complicated, they’ll go elsewhere.
That said, Madagascar remains one of the most promising frontier markets. For investors with the right mindset and risk appetite, the opportunities here are unmatched. It’s about aligning return expectations with the realities on the ground and working with partners who understand the local challenges.
7. How do you work with government institutions, international donors, and private sector stakeholders to accelerate project delivery?
Our philosophy is self-reliance. We try to stay as independent as possible, especially from political dynamics. That said, certain projects do require engagement with ministries or technical bodies for permits, licences or local coordination.
We raise equity from experienced global private investors mainly through club deals and we do not often raise funds or seek loans from international financial institutions. However, we do value partnerships, especially with other private investors. Collaborating allows us to access larger deals, share risks, and bring complementary skills to the table. In our view, private-private partnerships are a very efficient way to scale and accelerate impact in Madagascar.
8. Are you currently exploring strategic partnerships with investors or sovereign funds from the UAE and Gulf region?
Not at the moment, but I would very much like to.
As a resident of Dubai, I’ve seen first-hand the energy and ambition of Gulf investors. We’ve previously had some UAE-based partners in our funds, and I believe this is the right moment to re-engage.
There’s growing curiosity in the Gulf about Madagascar, and I see a great opportunity for mutual benefit. I’d be excited to co-invest with funds or family offices from the region and help to structure deals in a safe, transparent, and professional way.
9. Finally, what message would you like to share with Khaleej Times readers about why they should look to MDP and Madagascar as a strategic investment destination?
Madagascar is one of the last untouched frontier markets. It has abundant natural resources, a young population, and massive potential across multiple sectors. It remains off the radar for many investors, which makes it all the more attractive for those willing to act early.
At MDP, we offer experience, integrity, deep knowledge of the terrain and strong execution capabilities. We’re not here to broker deals, we’re here to build meaningful partnerships that deliver returns while creating tangible value for communities and the country. If you’re looking for investment opportunities with impact, and for a partner who understands both the challenges and the promise, then we’re here to talk.
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