21 posts tagged tanzania
21 posts tagged tanzania
Whether ecommerce in Nigera, price comparison in South Africa or mobile advertising in Tanzania, African startups are not only changing their continent, but the world.
CAPITAL markets regulators should work out ways of making Tanzania’s nascent stock exchange market vibrant and capable of aiding growth.
The Chairperson of the Capital Market and Securities Authority, Ms Grace Rubambey said in Dar es Salaam over the weekend that the authority and Dar es Salaam Stock Exchange need to increase investors and products on the stock market to make it more vibrant.
“A vibrant capital market pushes the economy forward at greater speed,” Ms Rubambey said when opening a two-day tailor made workshop, organized by CMSA. “CMSA and DSE should take this as a challenge.
They have to maintain good governance and corporate practice,” she said. The workshop dwelt on sharing ideas of United Kingdom’s alternative investment market (AIM) operations that brought together over 200 participants most representatives of DSE’s brokerage firms and, EGM’s nominated advisors (Nomads).
A London, based Bose Consulting Limited (BCL) Mr Simon Brickless, told the participants that the , UK’s AIM was established less than 20 years has so far listed 3,382 firms most SMEs of which 589 are overseas companies.
East Africa has made major strides in technology but Tanzania is conspicuously lagging behind. What is the problem?
We have a major shift happening in Tanzania. The highest numbers of university graduates are in the ICT field. The problem is they are not getting proper skills and quality education required to perform in their fields and hence a lot of them are moving into customer care, network administration and junior positions. We are seeing a lot of self learning happening though. The establishment of incubators and innovation spaces has offered developers a platform to access the internet, devices and other services that they require. Developers are making apps, but we need to do more in improving quality. In terms of churning out great products, I think it is way too soon for us (Tanzania). Developers are not yet making money because of the challenges in distribution and monetisation.
In Tanzania we are also shy to publicise our successes and abilities. I would say this is cultural – compared to Kenya where individuals are always marketing and publicising their achievements, big or small. Buyers also don’t have faith in local capacity. They think, “this is homegrown, will it stand up to the IBMs of the world?”
Again, we need to give more support to Tanzanians and learn from our neighbours where often the first opportunity is given to homegrown solutions. There is not enough seed capital, and even the little money floating around comes with a lot of strings attached.
The Omani Consortium noted that Tanzania is the home to some of the World’s most attractive tourist destinations.
“Tanzania, the largest of the East African nations with geography as varied as in its spectacular, also holds out promising prospects for investment in its tourism sector,” it noted.
Meanwhile, ATCL Acting Chief Executive Officer, Captain Milton Lazaro, described the development as good news that is likely to see the airline “stand on its feet once again.”
He revealed that Tanzanian president, Jakaya Kikwete has already outlined the areas that need investment and with such money, they were ready to expand the company.
Meet five low-key, ultra-wealthy Tanzanian tycoons, entrepreneurs and business leaders. Each of them is worth more than $100 million at the very least, but you’ve probably never heard about them.
Said Salim Bakhresa
Net Worth: $620 million
Unarguably Tanzania’s richest man, Bakhresa dropped out of school at the age of 14 to launch his own business. He started out selling potato mix and subsequently opened a small restaurant in Dar es Salaam in the 1970s. As the restaurant operation expanded, Bakhresa used his profits to found a grain milling and food production company which formed the flagship for the Bakhresa group, a multinational manufacturing conglomerate which manufactures everything from maize flour and confectionaries to chocolates, ice cream, soft drinks and paper bags. Annual sales: $800 million.
The group has manufacturing operations in Tanzania, Uganda, Malawi, Rwanda and Mozambique and employs over 2,000 people.
Net Worth: $560 million
Reclusive tycoon started out in the 70s importing key commodities into Tanzania. He grew the small trading operation into Mohammed Enterprises Tanzania, one of East Africa’s largest conglomerates. Key assets include 21st Century Textiles, one of the largest textile producers in Sub-Saharan Africa. The company’s four textile mills in Tanzania and Mozambique produce 100 million running meters of fabric annually. The group also manufactures Pride, Tanzania’s leading fruit beverage and everything from edible oils, toilet soaps, and artificial sweeteners to bicycles and motorcycles. The group also owns an insurance firm, container depots, a petroleum marketing company, a logistics outfit and a retail concern with over 100 outlets across Tanzania.
Gulam’s son, Mohammed is a Member of Parliament in the National Assembly of Tanzania.
Net worth: $420 million
Source: Telecoms, Mining, Shipping
A politician and businessman of Middle East origin, Rostam Aziz is one of Tanzania’s richest men. He was elected into parliament in 1993 and went on to win 2 consecutive terms as an MP. He quit politics in 2011 to focus exclusively on his businesses. Aziz’s family businesses include a 19 percent stake in Vodacom Tanzania, the country’s leading cellular network with over 8 million subscribers, Caspian – the country’s largest contract mining company and the Dar es Salaam Port which it owns in partnership with Hong Kong conglomerate Hutchison Whampoa.
Net worth: $280 million
Source: Media, Coca-Cola Bottling, Gold Mining
Mengi, a trained Chartered accountant is one of Africa’s most revered media moguls, and one of Tanzania’s wealthiest men. After practicing accounting, he ventured into private business by manufacturing and assembling ballpoint pens and selling to large retailers. Today, the IPP Group which he founded and chairs, owns 10 national newspapers (including Tanzania’s Financial Times, ThisDay and The Guardian), two of East Africa’s most popular Television stations (EATV and ITV), and about ten radio stations. He also owns a Coca-Cola bottling plant in Dar-es Salaam as well as two gold mining companies, IPP Gold and Handeni Gold in Tanzania.
Net worth: $110 million
Source: Retailing, Venture capital
Mufuruki is the founder and Executive chairman of Tanzania’s Infotech Investment Group. The group holds the Tanzanian and Ugandan franchise for South African retail giant Woolsworth. Infotech also has interests in property development and leasing, hospitality, advertising and mobile telecommunications. Mufuruki is also a co-founder and partner at East Africa Capital Partners, a technology, media and telecommunications sector focused Venture Capital Fund Manager investing in the greater Eastern Africa region. Also a prominent board room guru, Mufuruki sits on the boards of the Nation media group, East Africa’s largest media conglomerate and Stanbic bank Tanzania.
He is also the chairman of Africa Leadership Initiative East Africa Foundation which aims to develop a new generation of values-based community spirited leaders in Africa.
IF you happened to pass by Benjamin William Mkapa Economic Processing Zones (EPZ) at Ubungo External in Dar es Salaam, you must have noticed a display of moving propellers driven by wind. These gain their speed as the wind becomes stronger and loses it as the wind gradually dies. While the propellers (rotor blades) have nothing to do with the EPZ, and since there is no one at the site to quench the thirst from those with FAQs, the answer will depend on how far you stretch your inquisitive mind.
Well, meet Laurian Adolf Mchau, a self-styled researcher, innovator and manufacturer of the propellers which he uses as parts in making windmill generators. His workshop where marketing and promotion are conducted is located just across the road, off Mandela Expressway.
At the age of 48, Mzee Mchau, as many people who frequent his workshop affectionately call him, has invested his meagre resources on renewable energy and soil, making use of raw materials collected from what most people would just throw away as garbage.
In an interview, a courteous Mchau says he spent over five years of trial and error before managing to make a complete windmill generator. His aim was to make generators that did not run on fuel, a move that would benefit rural areas most and anyone not receiving power from major suppliers including TANESCO.
He was enthusiastic about the prospects of having locally made chocolate with the label, ‘quality chocolate from Tanzania.’
“It will be branded, best chocolate from Tanzania and sold to external markets,” he said.
He said prices of chocolates will go down in the domestic market since the EPZ firms were allowed to sell 20 per cent of their products locally. Tanzania will become the first East African country to produce and export chocolates, a move which will bring down prices of chocolates, increase foreign exchange saving and also bring about employment for locals as 100 workers are to be directly employed and new technology to make chocolate would be transferred.
THE Association of Chartered Certified Accountants (ACCA)’s 36 strong Council will next week come to Africa to discuss opportunities and challenges for the accountancy profession.
Economic growth and the business opportunities and challenges faced in Africa and globally will be the central theme of ACCA’s Council meeting, to be held in Nairobi from 21 to 23 June 2012.
ACCA’s 36 member strong Council is basing its biennial meeting in Nairobi, before ACCA’s President, Vice President and Deputy President make additional visits with ACCA senior staff, including its chief executive Helen Brand, to Ethiopia, Tanzania and Uganda.
“The aim of this meeting is to see how ACCA members are contributing to the national economy and their national profession, to connect with partners, the profession and policy makers, and to show how ACCA’s work is bringing value to employment markets. This is an important part of Council’s ongoing work, and senior members along with ACCA staff will be visiting Kenya, Ethiopia, Uganda and Tanzania,” says Jamil Ampomah, ACCA director of sub-Saharan Africa.