Somali tycoon Abdirashid Duale, others raise $8 million to rebuild burned-out market

Somali businessman Abdirashid Duale and other business leaders in the country have raised a total of $8 million at a fast-breaking dinner hosted by President of Somaliland Muse Bihi Abdi.

The $8 million fundraised by business leaders at the dinner, which was attended by executives from Dahabshiil, Telesom, Oomaar, MSG (Mohamed Aw Saeed Geeddi), Al Harbi, Shukri, Waraabe, Red Sea and Bahsane will be used to rebuild the country’s burnt-out Waaheen market.

This move comes nearly a week after a fire razed down shops and assets at Waaheen market, resulting in an estimated $2 billion in economic losses, according to government estimates.

The capital commitment will be critical not only in rebuilding the market, but also in allowing businessmen and small business owners to reclaim their source of income and means of livelihood.

The businessmen also stated that it was critical that contributors consider the plight of the thousands whose livelihoods depended on the market, whether they were stall owners or employees, as well as the cumulative number of dependents who looked up to them for their livelihood, schooling, and health needs.

Duale, CEO of Dahabshiil Group, emphasized the importance of the amount committed to rebuilding the burned-out Waaheen market, stating that any amount committed to the reconstruction effort will have a cumulative impact on people across the country, helping them reclaim their source of income and means of livelihood.

Dahabshiil is an international money transfer company founded in 1970. The group owns 95-percent of Somtel, which offers a wide range of mobile phone and Internet services to regional customers.

Somtel, a renowned telecom and technology service provider with the most extensive network coverage in Somaliland, announced a strategic partnership with Telesom earlier this year, as the telecom service providers work to advance communication and connectivity in the region.

Omokolade Ajayi
Omokolade Ajayi
Omokolade Ajayi is a financial reporter at Billionaires.Africa. Previously, he worked as a journalist at Nairametrics. Omokolade is a seasoned financial analyst and reporter with in-depth knowledge of and expertise in equity markets, and financial and economic analysis. He has a degree in economics and is a certificate holder of the CFA Institute’s Investment Foundation Program.

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