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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.

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

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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Horn of Africa

Somali tycoon Ismail Ahmed’s Zepz to end 2022 in profit

Zepz reported a loss of $151 million at the end of its fiscal year in 2021.

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Ismail Ahmed.

Following the accumulation of losses in previous years, Zepz, a leading tech startup led by Somali tycoon Ismail Ahmed, has announced that it is on track to report a profit at the end of its 2022 fiscal year.

The company explained that the disclosure reflects its performance in the first half of the year, which was the result of strategies put into place to turn around its remittances business.

Zepz explained that the company’s fortunes changed dramatically in the first six months of 2022 thanks to a company-wide focus on “an efficient approach to growth” that included investments in marketing, talent, and technology.

The sudden increase in profit follows a cost-cutting strategy that former Zepz CEO Breon Corcoran announced in February. He announced plans to cut the company’s workforce by five percent, downsize its London office, freeze pay, and cut the marketing budget by $40 million.

“Our 2021 and H1 ’22 numbers show swift profitable growth that proves the grit of this organization and the resilience of its customers as they face increasing inflationary and recessionary pressures,” Robert Mitchell, the newly appointed CFO of Zepz, stated in response to a question about the group’s financial performance.

Zepz reported a loss of $151 million at the end of its fiscal year in 2021 despite a 67-percent increase in revenue from $239 million in 2020 to $399 million due to a significant rise in the volume of transactions made on its platforms during the period under review.

As the parent company of WorldRemit, the cross-border digital payments firm founded by Ismail Ahmed in 2010, Zepz operates as one of the leading players in the financial services industry.

Under the leadership of Ahmed, Zepz operates two market-leading brands — WorldRemit and Sendwave, another cross-border payment platform authorized to send money in the United States, Canada, the UK, and the EU.

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