East Africa’s richest man Mohammed Dewji to invest $250 million in Mozambique, create 20,000 jobs

East Africa’s richest man, Mohammed Dewji, has pledged to invest $250 million in Mozambique and create 20,000 jobs, as the Tanzanian billionaire looks to expand his manufacturing and industrial group into one of Southern Africa’s fastest-growing markets.

Dewji, the president and owner of MeTL Group, made the commitment after meeting Mozambican President Daniel Chapo in Maputo on Tuesday. He said the talks were productive and that he had identified several investment opportunities in the country.

“We had a very fruitful discussion and we committed to invest $250 million in Mozambique and to try to employ 20,000 Mozambicans,” Dewji said.

Why does Mozambique need private investment?

The pledge would give MeTL a significant foothold in Mozambique while adding to its workforce across Africa.

It also comes as Chapo’s government seeks to attract more private investment, expand local manufacturing and create jobs beyond the country’s oil and gas industry.

The Mozambican presidency said the proposed investment is in line with MeTL’s diversified business model and could lead to new production, distribution and service operations in the country.

“The meeting takes place in a context of seeking greater mobilisation of private investment to drive economic growth, industrialisation and job creation in Mozambique,” the presidency said in a statement.

Mozambique has found it difficult to attract large-scale private investment outside its liquefied natural gas projects in Cabo Delgado, where an Islamist insurgency has repeatedly delayed development.

Chapo, who took office in January 2025 after a disputed election and months of protests, has made attracting investment and expanding industrial activity key parts of his economic agenda.

Where is MeTL expanding in Africa? 

For Mohammed Dewji, the Mozambique plan adds to a series of investments that are broadening MeTL’s operations across Africa.

The group was founded as a trading business in the 1970s by Dewji’s father, Gulamabbas Dewji. It has since grown into one of East Africa’s largest privately held conglomerates, with interests spanning agriculture, food processing, logistics, energy and manufacturing.

Dewji took over the group’s daily operations in 2005. Since then, MeTL’s annual revenue has increased from about $30 million to more than $2 billion, according to the company.

The 51-year-old billionaire, whose fortune Forbes estimates at $2.1 billion, is Africa’s youngest billionaire and East Africa’s richest person. He is expanding his investments in natural resources and consumer goods across the continent.

In Tanzania, Dewji has outlined plans to invest $250 million in a graphite processing plant. The facility is expected to begin operations within the next year, with an initial production target of about 50,000 metric tons a year at 95 percent purity.

MeTL is also planning to spend $50 million on a soft-drink bottling plant in Mombasa, Kenya. The facility is expected to produce Mo Cola, the group’s flagship soft-drink brand, putting it in competition with global beverage companies including Coca-Cola Co. and PepsiCo Inc.

The Mozambique investment would give MeTL another major market in which to expand its manufacturing and distribution operations while giving the government a potential source of new jobs and local production.