Tanzanian billionaire and one of the wealthiest men in Africa, Mohammed Dewji, plans to invest more than $100 million in four Rwandan companies through his company MeTL Group. This news comes as a positive development for both countries.
According to Business Insider Africa, Dewji discussed these investments during a meeting with Rwandan officials in Dar es Salaam. The Rwandan officials were Ildephonse Musafiri, the Minister of Agriculture and Animal Resources, and Nelly Mukazayire, Deputy Chief Executive of the Rwanda Development Board (RDB).
Dewji is the CEO of MeTL Group, one of the largest conglomerates in Tanzania. He is a very successful businessman, and his investment in Rwanda is a sign of his confidence in the country's economy. The four companies that he plans to invest in are active in the manufacturing, agriculture, and technology sectors. This investment will create jobs and boost economic growth in both countries.
According to officials at the ministry, MeTL Group will be investing approximately a little over $100 million in four Rwandan companies engaged in the production of edible oil, soap, wheat, and maize milling, carbonated beverages, plastic bottle recycling, agriculture, and fuel storage, among other strategic sectors, per Business Insider Africa.
MeTL, which operates in eleven African countries, has already acquired land in Rwanda for these ventures. Mohammed Dewji has not yet publicly disclosed the names of the four Rwandan companies he plans on investing in. However, he has said that they are active in the manufacturing, agriculture, and technology sectors.
It is possible that Dewji may invest in companies that are already part of his MeTL Group conglomerate. For example, MeTL Group already has a presence in Rwanda through its subsidiary, MeTL Rwanda. MeTL Rwanda is involved in a variety of businesses, including manufacturing, agriculture, and logistics.
Another possibility is that Dewji may invest in Rwandan startups. Rwanda has a thriving startup scene, and there are a number of promising companies in the manufacturing, agriculture, and technology sectors.
Rwanda is one of the most technologically advanced countries in Africa, and Dewji's investment will help to further develop the country's tech industry. This will create new opportunities for Rwandans and help to attract more foreign investment.