Table of Contents
Key Points
- Mohammed Dewji's net worth increased by $300 million in 2024, reaching $1.8 billion amid economic challenges, solidifying his position as East Africa's richest person.
- Dewji's MeTL Group has weathered rising raw material costs and energy prices, contributing to his wealth growth through diversified operations.
- With a $150 million investment plan for agricultural expansion, Dewji aims to elevate MeTL’s footprint and potentially list a subsidiary valued at $4 billion.
Mohammed Dewji, Tanzania’s richest person, is set to close 2024 with a boost in his net worth, reflecting his resilience in a year rife with economic challenges.
Dewji's wealth surged by $300 million this year, taking his net worth from $1.5 billion on Jan. 1 to $1.8 billion, as reported on Forbes’ real-time billionaires list.
This boost in fortune solidifies his place as East Africa's richest individual and places him as the 1,882nd wealthiest person globally.
Dewji's MeTL Group resilient amid challenges
Dewji’s MeTL Group, Tanzania’s largest private employer and a leading conglomerate in East Africa, has weathered a volatile year.
The company faced steep increases in raw material costs, energy prices driven by global crises such as Russia’s invasion of Ukraine, and geopolitical tensions in regions like Gaza, along with climate-related disruptions affecting agriculture.
Despite these headwinds, MeTL’s diversified operations across 11 African countries—including Uganda, Kenya, Ethiopia, and Mozambique — have contributed to the revaluation that boosted Dewji’s wealth.
MeTL aims for global expansion in agriculture
Founded in the 1970s by Dewji's father, Gulamabbas Dewji, MeTL started as a modest trading business with a vision of providing affordable, quality products.
Under Dewji’s leadership, the company has grown from $30 million in revenue to $2 billion, cementing its role as a regional economic powerhouse.
Dewji, serving as CEO and President since 2005, has emphasized the importance of product development, service expansion, and technological innovation in driving this growth.
This year, Dewji outlined his vision for MeTL’s future with an ambitious $150-million investment plan — aimed at expanding the group’s agricultural and regional footprint.
Of this, $50 million is earmarked for establishing thousands of hectares of hybrid tea plantations to bolster Tanzania’s tea exports.
This expansion aligns with Dewji’s goal to list an agricultural subsidiary valued at up to $4 billion on either the New York or London stock exchanges—tapping into funding from international development banks.
Dewji backs Indian video commerce platform
Dewji’s efforts to diversify and scale MeTL also saw him back Indian video commerce platform Swirl in a $1.1-million funding round this February, in partnership with Shastra Ventures.
This move underscores his commitment to high-impact investments that align with his business’s core ethos and growth strategy.
As the year draws to a close, Dewji’s ability to drive growth amid economic and geopolitical turmoil not only reinforces his status as a financial force in East Africa but also signals the evolving influence of African billionaires on the global stage.
