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Mo Dewji wins African industrialist of the year
What you need to know:
- Mr Dewji, popularly known as Mo, was declared the winner at the 2023 All Africa Business Leaders Awards (AABLA) annual gala on Friday in South Africa
Dar es Salaam. Prominent businessman Mohammed Dewji was named the winner of the Industrialist of the Year Award.
Mr Dewji, popularly known as Mo, was declared the winner at the 2023 All Africa Business Leaders Awards (AABLA) annual gala on Friday in South Africa.
At the King’s Ballroom Hall of Sun City Resort in Johannesburg, Mo was handed his award by the Chief Executive Officer of the Industrial Development Corporation of South Africa, Mr Tshokolo Petrus Nchocho.
On their Twitter page, the AABLA management congratulated Mo and the company he is leading, Mohamed Enterprises Tanzania Limited (METL), which operates in 11 countries in Africa.
METL runs a range of businesses, but it largely manufactures textiles, flour, beverages, and cooking oils.
Mo is the president of the oldest METL Group of Companies, founded by his father, Mr Gulamabbas Dewji, in the 1970s.
Shortly after receiving his award, Mo explained that he had received the award with great humility while thanking President Samia Suluhu Hassan.
“My thanks go to President Samia Suluhu Hassan for creating a friendly and positive environment that allows industrial development nationally,” said Mo.
He was recently quoted as saying that Tanzania is safe for investment because its government has created good and transparent systems.
Mr Dewji also congratulated fellow winners of all the AABL awards and urged them to continue investing in boosting the economy of the African continent.
According to Forbes Magazine, Mo, who is aged 48, is the 13th richest person on the African continent with a total fortune of $1.5 billion (Sh3.6 trillion).
In 2019, Mo’s wealth had reached $1.9 billion (Sh4.5 trillion), and he was ranked 14th. However, the following year (2020), his wealth plummeted by $300 million.
In 2021, he told Forbes Magazine that among the things he regretted not doing was investing in banking and telecom services.
“I have missed out on many things in the areas in which I should have invested... I should have invested in the banking industry. Although I am now trying to buy a bank, I think it is too late. And the second thing that I have missed out on is failing to invest in the telecoms business,” he said.
He said he had no interest in investing in the telecom networks because he felt that many fellow citizens could not afford to buy mobile phones to communicate.
