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Horn of Africa

Somali tycoon Abdirashid Duale says cost of living crisis has hurt remittances in Africa

Under the leadership of Duale, Dahabshiil has grown into the largest money transfer business in Africa.

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Abdirashid Duale.

Somali tycoon Abdirashid Duale has disclosed that the recent cost of living crisis that has significantly altered the spending pattern of people across the world has left Bristol’s Somali community struggling to send money back to families overseas.

The recent cost of living crunch, which has had a significant impact on diaspora remittances from Somalis living abroad, comes as British consumers cut back sharply on spending last month in almost all areas except holidays, as the rise in food and energy prices hit budgets hard.

As a result of the recent strain on real income caused by the sustained increase in price levels that drove UK inflation to 10.1 percent in September, Somalis in the UK have adopted a more frugal approach, which has significantly impacted diaspora remittances.

Abdirashid Duale, CEO of Dahabshiil, an international money transfer corporation, commented on the impact of the cost of living crisis on diaspora remittances, stating: “Dahabshiil, as a licensed remittance company, have seen both senders and receivers are affected by the cost of living crisis.”

In addition to the real income decline, he continued, the recent strength of the U.S. dollar has made sending money abroad more expensive after the pound hit record lows against the dollar.

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.

As its clients depend on the company to deliver payment services to their employees, contractors, government institutions, and partner NGOs, Dahabshiil offers money transfer and banking services to companies and international organizations like the UN, World Bank, Oxfam, and Save the Children.

The company was honored with two Global Good Governance awards earlier this year for its financial services to the diaspora by Cambridge IFA, a financial consultancy based in London.

Horn of Africa

Ethiopian billionaire Mohammed Al-Amoudi gains $340 million in 51 days

Al-Amoudi derives the majority of his wealth from Preem, Sweden’s largest oil refiner, and Svenska.

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Mohammed Al-Amoudi.

Ethiopian billionaire Mohammed Al-Amoudi’s net worth has increased by millions of dollars in the past 51 days, as the market value of his industrial assets and investments rebounded sharply after falling significantly in September.

Al-Amoudi’s net worth has risen by $340 million in the past 51 days, rising from $5.02 billion on Sept. 26 to $5.36 billion on Nov. 16, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people.

The multimillion-dollar increase in his net worth can be attributed to a rebound in the market value 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.

Al-Amoudi, Ethiopia’s richest man and one of Africa’s wealthiest billionaires, derives the majority of his fortune from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another Swedish oil and gas exploration and production business.

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 $973 million at the time of writing this article, owing to a resurgence in its operations despite disruptions in its operating environment.

Preem announced the successful pricing of its $244-million first green bond offering under its Green Financing Framework as part of its efforts to encourage renewable energy investment.

The oil firm has been an active participant in Sweden’s most recent fight against carbon emissions, committing millions of dollars to establish a balance between the amount of greenhouse gas produced and the amount removed from the environment.

In 2020, the oil corporation abandoned plans to expand Sweden’s largest oil refinery, which would have potentially created the country’s largest polluter, and began producing renewable fuels at its Lysekil refinery.

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Horn of Africa

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.

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Horn of Africa

Ethiopian billionaire Mohammed Al-Amoudi gains $130 million in 30 days

Al-Amoudi derives the majority of his fortune from Preem and Svenska Petroleum Exploration.

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Mohammed Al-Amoudi.

Following a $520-million slump in his fortune in September, Ethiopian billionaire businessman Mohammed Al-Amoudi’s fortune has increased significantly due to a recent increase in the market value of his industrial assets.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people, Al-Amoudi’s net worth has increased by $130 million in the past 30 days, rising from $5.02 billion on Sept. 26 to $5.15 billion on Oct. 26.

The recent bump in his net worth is due to a rebound in the market value of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, as shares in publicly traded companies rallied strongly after falling to their lowest level in September.

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

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

The $130-million surge in his net worth can be attributed to a recent increase in the market value of his industrial assets, specifically his stakes in Preem, and Svenska Petroleum Exploration.

Despite recent $130 million wealth gains in the last 30 days, his net worth is still down by more than $1.5 billion, owing primarily to a drop in the market value of his stake in Preem, which fell from more than $1.8 billion at the start of business this year to $776 million at the time of writing this report.

Preem announced the successful pricing of its inaugural green bond offering of $244 million under its Green Financing Framework as part of its efforts to drive investment in renewable energy.

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