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.
Source: Money transfer services, Telecoms
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.