Africa’s youngest billionaire and Tanzania’s wealthiest individual, Mohammed Dewji, is set to propel the growth of his conglomerate, MeTL Group, with a strategic investment of $150 million. The ambitious plan involves injecting $50 million into planting hybrid tea for export and an additional $100 million into Rwandese companies across vital sectors.
In a bid to expand MeTL Group’s presence and diversify its operations, Dewji revealed plans to invest $50 million in planting “a couple of thousand hectares of new hybrid tea.” The initiative aims to boost global exports while also contributing to local tea production. This complements Dewji’s larger strategy to launch an agriculture company valued at up to $4 billion on the New York or London stock exchanges, with funding primarily sourced from development banks.
MeTL Group, Tanzania’s largest home-grown company, currently operates in 11 African countries, employing more than 38,000 workers, and has a diverse portfolio spanning textile manufacturing, flour milling, beverages, and edible oils. The infusion of $50 million is expected to strengthen and broaden the conglomerate’s operations.
MeTL Group’s ambitious plan includes a $100-million investment in Rwandese companies
In a parallel development, Dewji unveiled plans to invest $100 million in four key Rwandese companies operating in crucial sectors. This decision follows a productive meeting between Dewji and Rwandan Agriculture and Animal Resources Minister Ildephonse Musafiri and Rwanda Development Board Deputy Chief Executive Nelly Mukazayire in Dar es Salaam.
The investments have received approval, with MeTL having already secured land in Rwanda for the venture. The $100 million will be allocated to companies in manufacturing and processing sectors, encompassing carbonated beverages, soap, wheat, and maize flour production, edible oil processing, plastic bottle recycling, agriculture, and fuel storage.
Expanding wealth and influence: Mohammed Dewji’s MeTL Group fortifies presence across 11 African nations
Expressing gratitude for Rwanda’s support, Dewji stated, “As a businessman, I’m grateful for the support & facility of Rwanda’s institutions.” The announcement comes as a significant expansion move for MeTL Group, fortifying its footprint in 11 African countries and enhancing its diverse portfolio of over 150 products, which include flour, beverages, carpets, edible oils, and matchsticks.
This strategic investment underscores Mohammed Dewji’s commitment to driving economic growth and diversification in the region, positioning MeTL Group as a key player in Africa’s business landscape. This year alone, Dewji’s net worth has grown by $300 million, reaching $1.8 billion, reinforcing his status as one of Africa’s wealthiest individuals.
