MOHAMMED DEWJI: THE POWER OF DIVERSIFIED WEALTH
The power of comfortably breaking even in business lies in diversification of the source of wealth. Mohammed Enterprises Tanzania Limited (METL) is owned by the wealthiest man in East Africa, Mohammed Dewji.
The conglomerate’s operation spans across agriculture, transportation, real estate and textile making.
The 43-year-old businessman bagged an International Business and Finance major in the renowned college, Georgetown University in Washington D.C while taking a minor in Theology.
He also served as a Member of Parliament in Tanzania contributing to the educational assistance, access to healthcare, improving accessibility to basic needs such as water, agriculture and sports-related aid.
He acknowledges the head start he received from being born a ‘Dewji’. The family business was very successful, essentially a trading house buying and selling soft commodities and finished products from tomato paste and bubble gum to tractors and motorcycles. The Tanzanian Mogul has succeeded in increasing METL’s revenues from $30 million to over $1.3 billion between 1999 and 2014.
According to Forbes, his net worth as at March 2015 was estimated at $1.25 Billion.
METL Group has investments in manufacturing, agriculture, trading, finance, mobile telephony, insurance, real estate, transport and logistics, and food and beverages. Its operations have contributed to 3.5% of Tanzania’s GDP.
They currently operate in Tanzania, Uganda, South Sudan, Burundi, Rwanda, Democratic Republic of Congo, Kenya, Malawi, Mozambique, Zambia and intend to expand to more countries.