The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...
Thursday, September 17, 2020

5 Multi-Millionaires From Somalia You Should Know

- Advertisement -

Somalia, a failed state in East Africa, has an extremely hostile political and business environment. But its people, the Somalis, are some of the most entrepreneurial people in Africa.

Meet five low-key, ultra-wealthy Somali entrepreneurs who founded, own and run businesses with proven annual revenues of eight figures or more. Their names don’t ring with the African public, and you’ve probably never heard about them before, but you should probably know them.

Abdirashid Duale

- Advertisement -

Abdirashid Duale is the CEO of Dahabshiil, an international funds transfer company headquartered in Dubai. His father founded the business in the early 70s as a commodities trading business but extended into providing money transfer services to Somali diaspora who were looking to send money home. Duale, 40, now calls the shots and has control of the company. Dahabshiil now operates from more than 24,000 outlets across 126 countries and employs more than 2,000 people. The company had 2016 revenues of more than $1 billion. The Dahabshiil Group also operates a leading commercial bank in Somalia, and owns 95% of mobile telecoms firm Somtel. Duale owns property in London, Dubai and Hargeisa.

Abdirizak Ido

Telecommunications tycoon Abdirizak Ido is the founder and controlling shareholder of Nationlink Telecom, one of the largest telecommunications companies in Somalia. Ido, who is primarily based in Dubai, founded Nationlink in 1997. The company provides Mobile, Fixed Lines, Internet and Satellite Mobile services and has more than 700,000 subscribers in the country.

Mohamed Abshir Abdi 

- Advertisement -

Mohamed Abshir Abdi made his fortune trading seafood. His Hafun Fishing Company, which he founded in 1992, is involved in the importation, distribution and sale of seafood products- everything from lobsters and frozen fish to dried shark meat. The company has annual revenues of more than $10 million.

Ismail Ahmed

Ismail Ahmed is the founder of WorldRemit, a London-based online money transfer service that lets people send money to friends and family in other countries. In 2015 the company raised $100m in a Series B funding round led by Technology Crossover Ventures (TCV) and Accel Partners. Ahmed is CEO of the company.

Amina Moghe Hersi

Amina Hersi Moghe’s parents were nomads who migrated from Somalia and settled in Bungoma, Western Kenya, where she was born. Growing up as a child, she worked with her mother in setting up a hardware store before settling down in Uganda to trade soft commodities and cement. She built a fortune from there and delved into real estate. Hersi, 64, now owns some of the choicest pieces of real estate in Uganda, including the landmark Oasis Shopping mall in Kampala, and hotel Laburnam Courts. Her sugar manufacturing company, Atiak Sugar Factory, is also developing a $120 million sugar factory in Uganda’s northern region.

Source: Forbes

- Advertisement -
- Advertisement -

Stay Connected

147,157FansLike
1,872FollowersFollow
786FollowersFollow
18FollowersFollow
5,619FollowersFollow
2,902SubscribersSubscribe

SOMALI NEWS

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...
- Advertisement -

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.

Security Council extends mandate of UN mission in Somalia

The Security Council on Friday adopted a resolution to renew the mandate of the UN Assistance Mission in Somalia (UNSOM) for another...

Somalia sets tough terms for end of Kenya miraa ban

The Somali government has given Kenya five conditions ahead of lifting the blockade of miraa imports.

Turkey delivers 12 off-road vehicles to Somali 3rd (Eagle) Infantry Battalion

Vehicles sent by National Defense Ministry as part of military and financial cooperation agreementsTurkey has delivered 12...

MORE NEWS

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Ethiopia Unveils New Currency Notes to tackle hoarding and illegal trade

Ethiopia has introduced new bank notes to shore up the country's struggling economy and slow the hoarding of currency and illegal trade activities. 

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.

Security Council extends mandate of UN mission in Somalia

The Security Council on Friday adopted a resolution to renew the mandate of the UN Assistance Mission in Somalia (UNSOM) for another...

Somalia sets tough terms for end of Kenya miraa ban

The Somali government has given Kenya five conditions ahead of lifting the blockade of miraa imports.

Turkey delivers 12 off-road vehicles to Somali 3rd (Eagle) Infantry Battalion

Vehicles sent by National Defense Ministry as part of military and financial cooperation agreementsTurkey has delivered 12...

Somalia jails 4 senior Health Ministry officials over corruption

A regional court in Somali capital Mogadishu on Monday sentenced four senior Health Ministry officials for up to 18 years in prison...

Iman Elman: ‘I feel like I can do just as much if not more than any of the men’

When Iman Elman decided to enlist in the Somali National Army in 2011, the officer distributing uniforms gave her one shirt and two...

Why a Somali-born fighter is being honoured in Rome

In the series of letters from African journalists, Ismail Einashe looks at how some Italians are revaluating their...

US Drone Strike Kills High-ranking al-Shabab Bomb-maker in Somalia

Authorities in Somalia say a U.S. drone strike on Thursday killed a high-ranking member of the Islamist terrorist group al-Shabab, hours before...

FEATURED POSTS

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.

Iman Elman: ‘I feel like I can do just as much if not more than any of the men’

When Iman Elman decided to enlist in the Somali National Army in 2011, the officer distributing uniforms gave her one shirt and two...

Why a Somali-born fighter is being honoured in Rome

In the series of letters from African journalists, Ismail Einashe looks at how some Italians are revaluating their...