Mohammed Dewji Bets $275 Million on Graphite and Resorts

TANZANIA · POWER PLAYERS

Key Facts

—The bet: About $275 million for a graphite project, with production from mines Dewji has already acquired expected within roughly 18 months, he told Bloomberg.

—The buyers: Dewji says he is in close contact with European partners on product grades, while members of his team study the market in China.

—The second bet: A 150-hectare island near Zanzibar, where he is in talks with a global hospitality group to build an ultra-luxury resort.

—The goal: More than triple MeTL Group’s revenue to $10 billion by 2035, alongside an expansion into farming.

—The base: MeTL makes over 50 product categories, operates in 11 African countries, employs more than 40,000 people and contributes roughly 3 percent of Tanzania’s GDP.

—The man: Africa’s youngest billionaire and East Africa’s only dollar billionaire, with a fortune Forbes puts at about $2.2 billion.

Mohammed Dewji is committing about $275 million to graphite mining and ultra-luxury tourism, the Tanzanian billionaire told Bloomberg – twin bets on electric-vehicle minerals and high-end travel meant to triple his MeTL Group’s revenue to $10 billion by 2035.

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Why Mohammed Dewji wants graphite

The mineral feeds electric-vehicle batteries, and automakers and governments are scrambling to secure supplies from outside China, which dominates both mining and processing. Dewji told Bloomberg in Cape Town that he expects to begin producing graphite from mines he has already acquired within roughly 18 months.

He says he is in close contact with European partners to pin down the exact grade of product they need, while members of his team are in China studying the market. Analysts project the graphite market will tip into deficit in the early 2030s as the energy transition accelerates.

Prices for battery-grade material have whipsawed since China tightened export controls on graphite, adding urgency to the search for alternative suppliers. That volatility is the opening Dewji is trying to time.

Much of today’s supply is synthetic graphite made from petroleum coke rather than mined from the ground. That leaves room for new natural-graphite producers, and Dewji intends to be among them.

Tanzania is already on the battery-minerals map, holding some of the world’s larger natural graphite deposits. A string of foreign-listed developers have advanced projects there over the past decade, and a homegrown conglomerate now joining them changes the cast.

An island resort off Zanzibar

The second bet is already taking physical shape. Dewji has bought a 150-hectare island near Zanzibar, off Tanzania’s east coast, and is in talks with a global hospitality group to build an ultra-luxury resort there.

Investors increasingly see African high-end travel as one of the last underpenetrated frontiers for luxury tourism. The continent’s beaches and game parks are drawing capital from operators chasing affluent travellers.

Zanzibar’s tourism economy has boomed in recent years, with the archipelago courting long-stay visitors and premium operators. An ultra-luxury private island would aim squarely at the top of that market.

The conglomerate behind the bets

MeTL Group is a sprawling base from which to launch both plans. It manufactures more than 50 product categories, operates in 11 African countries and employs over 40,000 people, with interests running through agribusiness, food processing, consumer goods, financial services and logistics.

That scale gives Dewji the cash flow and distribution muscle to enter capital-hungry sectors like mining and resorts. Diversification also cuts MeTL’s dependence on any single line of business.

The group contributes roughly 3 percent of Tanzania’s gross domestic product. Dewji, widely known as Mo, took over the family trading business after studying at Georgetown University and turned it into East Africa’s largest homegrown conglomerate, per Billionaires.Africa.

A busy week for Tanzania’s richest man

The graphite and tourism plans came in a flurry of Dewji headlines. He also said he is willing to put $100 million into Aliko Dangote’s proposed $17 billion refinery at Lamu in Kenya, and a MeTL unit signed a 2 million euro deal for Italian silos at a Tanzanian grain plant.

Forbes estimates his fortune at about $2.2 billion, making him Africa’s youngest billionaire and East Africa’s only one. The $10 billion revenue target is a stretch from where MeTL stands today, and he is spreading his bets to get there.

For Tanzania, a flagship graphite mine owned by its best-known businessman would showcase domestic capital moving up the value chain. It is the argument Dangote makes with oil: process at home rather than ship raw and buy back finished.

The execution risk

Bringing new graphite mines into production on an 18-month timeline is demanding, and European offtake deals will hinge on strict quality thresholds. Building an ultra-luxury resort on a remote island brings its own challenges around infrastructure, permitting and finding an operator willing to lend its brand.

Both projects test Dewji’s instinct for committing capital aggressively when others hesitate. The next 18 months will offer the first read on whether the mining side can deliver.

Frequently asked questions

What is Mohammed Dewji investing in?

About $275 million across a graphite mining project in Tanzania and an ultra-luxury resort on a 150-hectare island near Zanzibar, he told Bloomberg.

When will Dewji’s graphite mines start producing?

He expects production from mines he has already acquired within roughly 18 months, with European partners lined up to define product grades.

Why does graphite matter?

It is a key input for electric-vehicle batteries, and analysts project the market will tip into deficit in the early 2030s as buyers seek supply outside China.

How big is MeTL Group?

It spans more than 50 product categories, 11 African countries and over 40,000 employees, contributing roughly 3 percent of Tanzania’s GDP; Dewji targets $10 billion in revenue by 2035.

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