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Somali tycoon Abdirashid Duale’s Dahabshiil donates $500,000 to families affected by Mogadishu bombing

Duale is known for his charitable donations and habit of assisting Somalis in times of need.

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Abdirashid Duale, CEO of Dahabshiil.

Abdirashid Duale, a leading Somali tycoon and CEO of Dahabshiil, an international money transfer group, has announced the release of $500,000 to the families of those killed in the recent bombing in Mogadishu.

While expressing his condolences to the families of those killed and injured in Saturday’s deadly attacks at Mogadishu’s Zoobe junction, Duale stated that the company will do everything possible to assist those affected by the attack, particularly those with limited resources.

“We are saddened because any life lost in our region means a hand that could help build the region economically is gone,” Duale said while announcing the $500,000 donation. “We are 100 percent committed to supporting the victims and enabling small traders to rebuild their businesses.”

A total of $250,000 of the $500,000 donation made public by Dahabshiil will be used to support those hurt during the attacks. The remaining $250,000 will be given to small traders who lost their livelihood-supporting businesses.

Dahabshiil revealed that the money will be disbursed through the eDahab mobile money service and supervised by an independent committee in order to ensure that the donation reaches the families and small business owners whose operations were impacted by the attacks.

Additionally, it waived the eDahab fees for people inside and outside the nation who want to donate to the victims using this service.

Dahabshiil, an indigenous African company, was founded in 1970. It was established at the time as a new remittance venture to enable migrants to send money to family and friends at home in East Africa.

Under the leadership of Duale, Dahabshiil has grown into the largest money transfer business in Africa, operating in 126 countries worldwide, 40 of which are in Africa.

Duale is well-known for his charitable donations and habit of assisting Somalis in times of need and vulnerability.

In April, he joined forces with other business leaders in the country to raise $8 million at a fast-breaking dinner hosted by Somaliland President Muse Bihi Abdi to rebuild the country’s burned-out Waaheen market.

The capital commitment, which was 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, was instrumental in offsetting an estimated $2 billion in economic losses from the fire incident.

Horn of Africa

Ethiopia’s wealthiest man Mohammed Al-Amoudi experiences billion-dollar loss in 2022

Al-Amoudi remains one of the wealthiest individuals in Africa.

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Mohammed Al-Amoudi.

Ethiopia’s wealthiest man Mohammed Al-Amoudi has seen his net worth take a hit of more than $1.25 billion since the start of the year due to a decrease in the value of his industrial holdings in Europe, the Middle East, and North Africa

Data retrieved from the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, revealed that Al-Amoudi’s net worth has decreased by $1.25 billion from $6.71 billion at the beginning of the year to $5.47 billion at the time of writing.

The billion-dollar decline in his net worth can be attributed to a decrease in the value of his industrial holdings in Sweden, Saudi Arabia, and Ethiopia.

Al-Amoudi’s fortune is mainly derived from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another oil exploration, and production business.

Additionally, he owns stakes in Midroc Gold, Ethiopia’s largest miner, and a 67-percent stake in Samir, Morocco’s only oil refinery.

At the time of writing, Al-Amoudi’s most valuable industrial assets — Preem, Midroc Gold, and Okote Gold — are worth $1.08 billion, $1.13 billion, and $993 million, respectively. His stakes in Svenska and Midroc Gold are now worth $772 million and $200 million, respectively.

The market value of Al-Amoudi’s Preem shareholding has dropped from $1.7 billion to $1.08 billion due to a revaluation of the company’s assets and earnings potential.

Similarly, his stake in Midroc Gold has fallen from $1.3 billion at the start of the year to $1.13 billion due to a decline in gold prices.

Al-Amoudi’s other investments have also taken a hit, with his holdings in Samir, Svenska, and Okote Gold all declining in value. Despite this, the billionaire remains one of the wealthiest individuals in Africa, and his fortune of $5.47 billion makes him the 431st richest man in the world.

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Horn of Africa

Ethiopia’s richest man Mohammed Al-Amoudi gains $420 million in 11 weeks

Al-Amoudi is now ranked 443rd on the Bloomberg Billionaires Index.

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Mohammed Al-Amoudi.

Following a more than $500-million drop in his wealth figures in the first nine months of 2022, Ethiopia’s richest man Mohammed Al-Amoudi has seen his net worth significantly increase recently thanks to the performance of his diverse assets.

The billionaire, who spends the majority of his time in Saudi Arabia and Sweden, where he keeps most of his wealth, has seen his net worth rise by $420 million in the past 11 weeks, from $5.02 billion on Sept. 6 to $5.44 billion at the time of writing.

The surge in his net worth can be linked to the performance of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, as shares in publicly traded companies rallied sharply after falling to their lowest price levels in September, closely tracking the performance of their industry peers.

The market value of his holding in Preem, Sweden’s largest oil refiner, has soared in the past 51 days, from $762 million on Sept. 26 to $1 billion at the time of writing this article, owing to a resurgence in its operations despite disruptions in its operating environment.

Al-Amoudi, one of Africa’s richest billionaires, derives the majority of his fortune from Preem and Svenska Petroleum Exploration, another Swedish oil and gas exploration and production company.

Aside from his broad base investments in Sweden and Morocco, Al-Amoudi also owns Ethiopia-based Midroc Gold, the country’s largest miner, as well as active investments in the hotel, oil, and agro-allied industries.

Despite his recent net worth increase, the Ethiopian-born billionaire, who was dethroned as the world’s wealthiest Black person in 2013 by Nigerian cement tycoon Aliko Dangote, has seen his net worth plummet by a whopping $1.28 billion this year.

Al-Amoudi is now ranked 443rd on the Bloomberg Billionaires Index, down from 367th in June when his net worth was estimated to be around $6 billion.

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Horn of Africa

Aliko Dangote’s Dangote Cement has invested more than $90 million in its Ethiopian unit

Its $90-million investment in Ethiopia has helped solidify its position in the country.

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Aliko Dangote
Aliko Dangote.

Dangote Cement Plc, a leading cement company majority owned by Africa’s richest man Aliko Dangote, has revealed that its investments in its Ethiopian subsidiary, Dangote Industries (Ethiopia) Plc, currently total N40.03 billion ($90.1 million) at the time of writing.

Dangote Cement has invested more than N162 billion ($364.7 million) across Africa to strengthen its operations and position itself as Africa’s largest cement producer, with a total production capacity of 51.55 million metric tonnes per year.

Its $90-million investment in Ethiopia has helped solidify its position in the country as it continues to position itself as the bellwether in the African cement sector, with operations in ten countries across the continent.

In recent years, its multimillion-dollar investment in Ethiopia has increased its production capacity to 2.5 million metric tonnes, providing the cement group with the necessary capacity to bag and sell cement in a country with a population of nearly 100 million people.

Despite a complex security and social environment in Ethiopia, Dangote Cement’s operation in the country continues to perform well, with sales volume in 2021 increasing by 11 percent from 2.1 million metric tonnes in 2020.

As a result of this strong operational performance, revenue generated by its Ethiopian operation rose by 15.7 percent, from N58.1 billion ($131 million) in 2020 to N67.2 billion ($151.3 million) in 2021, owing to high demand for infrastructure projects, housing, and industrial park development.

According to the group, Ethiopia remains an appealing market for cement, and as a result of improved plant performance, which resulted in more products being available for the market, its market share in the country’s cement market has increased from 25 percent in 2019 and 28 percent in 2020, respectively, to 34 percent in 2021.

With estimates indicating that the total cement market in Ethiopia could reach 10 million metric tons, Dangote Cement stated that it will continue to improve its efficiency, with a focus on increased use of local coal and other cheaper alternative fuels.

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