https://www.miningweekly.com
Africa|Business|Coal|Environment|Gas|Health|Industrial|Iron Ore|Paper|Ports|Power|PROJECT|Projects|Roads|Infrastructure|Operations
Africa|Business|Coal|Environment|Gas|Health|Industrial|Iron Ore|Paper|Ports|Power|PROJECT|Projects|Roads|Infrastructure|Operations
africa|business|coal|environment|gas|health|industrial|iron-ore|paper|ports|power|project|projects|roads|infrastructure|operations

Tanzanian billionaire sees business booming under new President

23rd June 2021

By: Bloomberg

  

Font size: - +

Private business in Tanzania is set to expand rapidly as President Samia Hassan moves to reassure investors and improve the nation’s operating environment, according to billionaire Mohammed Dewji.

Dewji expects MeTL, the industrial conglomerate he owns, to ramp up sisal output as it targets becoming the world’s largest producer of the fiber-yielding plant that’s used to make rope, paper and carpets. MeTL accounts for 35% of the East African nation’s output, according to information on its website.

Dewji joins other investors, including Africa’s richest man Aliko Dangote, in hailing the president’s determination to spur business. Hassan assumed office in March after the death of ex-President John Magufuli, who was credited with ramping up government spending on railways, ports, roads, power and health centers -- but criticized for stifling private investment.

“I think our new president just wants to create a conducive environment so that we invest, we create jobs, and we pay taxes,” Dewji said in an interview at the Qatar Economic Forum. “Infrastructure projects are going to continue. But in the past the government was more involved in trying to do business.”

Dewji, whose net worth is estimated at $1.6-billion by Forbes, is the chief executive officer of MeTL. The group, with about 31,000 workers, has operations in textiles, sisal, flour milling, beverages and edible oils in southern and central Africa. MeTL forecasts its sisal output will jump about 20% to 12,000 tons next year.

Investors have improved their outlook on Tanzania since Hassan took over and directed her administration to fast-track delayed investments. They include a $30-billion liquefied natural gas project involving Equinor, and a $3-billion joint venture with a Chinese company to develop an iron-ore and coal mine.

Tanzania, like the rest of Africa, has opportunities in industries including agriculture, minerals and infrastructure that investors will find lucrative, Dewji said. “What Africa needs is capital, and there are numerous opportunities,” he said.
 

Edited by Bloomberg

Comments

Latest News

Redpath logo on machinery
Redpath acquires RUC
26th March 2024 By: Darren Parker

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.174s - 93pq - 2rq
Subscribe Now