Tanzanian Mohammed Dewji (41), Africa's youngest billionaire, is expanding his trading, commodities and manufacturing company Mohammed Enterprises Tanzania Limited (MeTL) Group from East to Southern Africa.
Building on textile manufacturing, logistics and agribusiness, MeTL brought in revenue of $1.5bn in 2014. The enterprise employs more than 24,000 people in its operations in 12 countries on the continent. The businessman aims to more than triple his company’s revenue in seven years from now, to $5 billion per year, with 100,000 employees.
According to a news report by TheAfricaReport, MeTL aims to find new markets for its products in Burundi, the Democratic Republic of Congo (DRC), Malawi, Mozambique, Rwanda, Uganda and Zambia. The plans include the development of warehouse facilities, commodities trading firms and companies to sell petroleum products.
Dewji regards the high cost of transport as a negative factor for trade growth in the East Africa region. Long delays at Dar es Salaam’s port prove problematic for business: “If Tanzania fixes efficiency at the port, our gross domestic product will grow by 0.5%.”
Further reading on theafricareport.com
Image by MeTL Group