Tanzanian billionaire Rostam Aziz, the chairman and founder of Taifa Group, a prominent conglomerate in East Africa, is venturing into new investment avenues in Zambia’s energy and mining sectors. This strategic move further extends his business interests across the Southern African region.
Aziz, renowned as one of the wealthiest individuals on the African continent, recently met with Zambian President Hakainde Hichilema on Fri., Oct. 20, to discuss potential avenues for investment within Zambia’s energy and mining sectors. This meeting marked a pivotal step towards enhancing economic cooperation between the two nations.
This development unfolds nearly four months after Aziz, through one of his conglomerate’s subsidiaries, Taifa Gas, a liquefied petroleum gas supply company, unveiled plans for an ambitious $100-million investment in power generation in Zambia. The prospective power generation initiative seeks to fortify Taifa Gas’s presence in Southern Africa and foster stronger trade and business connections between Tanzania and Zambia.
The power plant, once operational, is expected to inject an additional 100 megawatts of electricity into Zambia’s national grid. This substantial investment positions Taifa Gas to explore a wide array of opportunities related to liquefied petroleum gas (LPG) utilization, ranging from household cooking gas to innovative power solutions.
Aziz expressed his enthusiasm for deepening his business interests in Zambia, stating, “Zambia is ideally positioned to attract more investments, and as Taifa Group, we are committed to facilitating the influx of regional investors to Zambia. Taifa Gas will capitalize on the robust and positive relationship between Zambia and Tanzania to develop opportunities in the energy and mining sectors, and I’m delighted that we already have local partners.”
Aziz underscored the importance of Hichilema’s invitation, framing it as a call to action for African investors to channel capital into Zambia. He further pledged to expand his network to encourage other businesses to explore Zambia’s numerous opportunities. These ventures will be undertaken in collaboration with local Zambian investors already contributing to the country’s economic growth.
Aziz, a historical figure in African business, gained international recognition in 2013 when Forbes recognized him as the first Tanzanian to amass a billion-dollar fortune. His extensive business empire spans various sectors, including telecoms, aviation, mining, oil and gas, real estate, and port management.
Taifa Group, the cornerstone of his wealth in recent times, currently stands as one of East Africa’s premier conglomerates, boasting a diversified portfolio of companies engaged in mining, LPG, solar energy, manufacturing, aviation, agro-trading, telecommunications, transportation, and logistics.
