Somalia, also referred to as the ‘horn of Africa’ has faced countless political and economic challenges since its independence. However, this has not held it back. Somalia is a home of many successful entrepreneurs who have set up multi-million businesses throughout Africa.
The following five low-key, ultra-wealthy Somali entrepreneurs 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.
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Abdirashid Duale
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.
2. Abdirizak Ido
Source: Telecoms
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.