Tanzania, a low middle-income country located in East Africa, has garnered attention in the global economy with a gross domestic product (GDP) estimated at $71 billion (nominal) or $218.5 billion on a purchasing power parity (PPP) basis as of 2021, according to the International Monetary Fund.
World Economics estimates Tanzania’s GDP to be $265 billion – 59% larger than official estimates. 2023 data is based on IMF growth rate estimates applied to World Economics GDP data.
Notably, Tanzania is home to the continent’s youngest billionaire, Mohammed Dewji, CEO of METL conglomerate- a prominent figure in the country’s economic landscape.
Forbes first shone the spotlight on him in 2013 at just 38 years old, and he has since risen to prominence as Tanzania’s wealthiest individual, with an estimated net worth of $1.5 billion, according to data from the Forbes Billionaires Index.
Background
Born into a family of six children, Mohammed Dewji hails from the town of Ipembe in Singida, Tanzania. His lineage traces back to Twelver Shias who migrated from Gujarat, India, to explore trade opportunities in East Africa during the late 1800s.
Mohammed Dewji pursued higher studies at the Arnold Palmer Golf College in Orlando, Florida, and Trinity Preparatory School for Grade 11. He eventually graduated in 1998 from Georgetown University in Washington, D.C., with a degree in international trade and finance, along with a minor in theology.
Family business
Upon his return to Tanzania, Dewji joined his father’s company, METL (Mohammed Enterprises Tanzania Limited), founded in 1970. What was initially a modest trading enterprise flourished under his leadership. Mohammed played a pivotal role in propelling METL’s revenues from $30 million in 1999 to a staggering $2 billion by 2022.
Today, METL boasts a diverse portfolio encompassing textiles, energy, petroleum, agriculture, insurance, mobile telephony, transport and logistics, trading, real estate, and food and beverages.
A seasoned businessman and visionary, Mohammed Dewji has effectively expanded METL’s operations across eight countries, employing over 34,800 people and contributing approximately 3.3% to Tanzania’s GDP.
METL is Tanzania’s largest home-grown company, with a presence in 11 countries in Africa, such as Uganda, Ethiopia Kenya, Rwanda, Burundi, Zambia, Mozambique, Malawi, DR Congo and Tanzania.
Beyond his entrepreneurial success, Dewji briefly served as a Member of Parliament from 2005 to 2015, representing his hometown, Singida. Subsequently, he decided to step away from politics and concentrate on his business ventures.
As a testament to his accomplishments, Forbes listed him as the 15th richest person in Africa in 2022, maintaining his position as the youngest billionaire on the continent for six consecutive years.
Additionally, he graced the cover of Forbes Africa magazine in 2013 and was honored as Forbes Person of the Year in 2015. Recognizing his expertise and acumen, South African President Cyril Ramaphosa appointed Mohammed to serve on the investment advisory council for the Republic of South Africa in 2021.
Philantropy
However, Mohammed Dewji’s impact extends beyond the realms of commerce and politics. In 2014, he established the Mo Dewji Foundation, dedicated to enhancing the well-being of Tanzanians through initiatives focusing on education, health, community development, water accessibility, and gender empowerment.
Demonstrating his commitment to philanthropy, Dewji joined the Giving Pledge in 2016, pledging to dedicate over half of his wealth to charitable causes either during his lifetime or afterward.
This illustrious community of Giving Pledge billionaires includes luminaries such as Bill Gates, Warren Buffet, and Mark Zuckerberg.
Beyond his charitable endeavors, Dewji is also an avid investor in sports, owning a 49% stake in Tanzania’s largest and most popular sports club, Simba Sports Club.
Dewji was reportedly kidnapped at gunpoint in Dar es Salaam, Tanzania in October 2018 and released after nine days.
Mohammed Dewji’s journey from a small trading company to a global economic powerhouse and his dedication to philanthropy exemplify his extraordinary impact on Tanzania and Africa at large.
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