The United Republic of Tanzania is the largest country in East Africa. The private sector makes a major contribution to the country’s economy. Therefore, efforts are geared towards promoting the private sector in the country through the provision of a good business environment. The richest people in Tanzania own big businesses and investments in the region. If you are wondering who they are and what kind of wealth they have, take a minute and go through the list below.
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1. Mohammed Dewji: Nett Worth $1.3 Billion
Mohammed Dewji, born in 1975 is the CEO of Mohammed Enterprise Tanzania Limited (MeTL), the biggest homegrown firm in Tanzania. He owns 75% of the shares of in MeTL. He made it to the top 50 richest people in Africa on the Forbes list at the age of 39. Initially, METL Group was a family business. It was a trading company, but Dewji turned it into the biggest industrial conglomerate in the whole of East Africa. The conglomerate has interests in agriculture, real estate, manufacturing, finance and distribution of products. He has invested in shares in leading companies in Tanzania, residential and commercial properties. Dewji has been a Member of Parliament in Tanzania’s National Assembly since 2005.
2. Rostam Azizi: $1 Billion
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Rostam Azizi was born in 1960. He is Tanzania’s first billionaire. His investments are in Caspian mining and real estate holdings in East Africa and the Middle East. Capsian Limited is a leading mining and civil contractor in the country. He owns a commercial and residential real estate in Oman and Dubai. He had 17% stake in Vodacom Tanzania, the biggest mobile phone operator in the country, which he sold to Vodacom Group (South Africa) for $250 Million in 2014. However, he still has almost 18% stake in Vodacom Tanzania through Calvary Holdings.
3. Said Salim Bakhresa: $575 Million
Said Salim Bakhresa born in 1949, is the founder of Bakhresa Group in Tanzania. Bakhresa Group has given birth to a host of other companies. Bakhresa boasts of launching Azam TV, a pay for view TV service in East Africa. Azam TV plans to compete with China’s Startimes and South Africa’s DSTV. He is a philanthropist, entrepreneur and an industrialist who has successfully created a business empire in only 3 decades. His businesses are in Tanzania, Uganda, Malawi, and Mozambique. Other Bakhresa’s businesses include:
- Passenger Sea Transportation
- Azam Grain Milling
- Interest in the Drinks and Foods Industry
- Sales and Marketing of Plastic Packaging Bags
4. Reginald Mengi: $560 Million
Reginald Abraham Mengi is one of the largest media owners in Africa. Mengi’s IPP Media Group owns a radio station, 11 newspapers, internet properties, and TV stations. He also owns the Bonite Bottlers, the Coca-Cola’s only bottler in the northern part of Tanzania. Mengi also owns Kilimanjaro water, the largest brand of bottled water in Tanzania. He also mines copper, gold, coal uranium and chrome through his IPP Resources. As a philanthropist, Mengi sends many Tanzanian children with heart problems to India for treatment.
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The richest people think differently from others who are trying to be rich. The richest people are self-employed and own big businesses. They are risk takers who manage their risks through diversification. Nothing is impossible; you could also be among the richest in your country. Start investing now and one day, your dream shall come true.