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 Tanzania’s richest person, with a fortune Forbes puts at about $1.8 billion.
Mohammed Dewji is committing about $275 million to graphite mining and ultra-luxury tourism, the Tanzanian billionaire told Bloomberg. These twin bets on electric-vehicle minerals and high-end travel aim to triple his MeTL Group’s revenue to $10 billion by 2035.
Why Mohammed Dewji wants graphite
The mineral feeds electric-vehicle batteries. Automakers and governments are scrambling to secure supplies from outside China, which dominates both mining and processing.
Dewji spoke to Bloomberg in Cape Town. 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 they need, while members of his team study the market in China. Analysts project the graphite market will tip into deficit in the early 2030s as the energy transition speeds up.
Prices for battery-grade material have swung sharply since China tightened export controls on graphite. That adds urgency to the search for other suppliers, and it 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 group 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 underused frontiers for luxury tourism. The continent’s beaches and game parks are drawing money from operators chasing wealthy travellers.
Zanzibar’s tourism economy has boomed in recent years, with the islands 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 wide base from which to launch both plans. It makes more than 50 product categories, operates in 11 African countries and employs over 40,000 people.
Its interests run through agribusiness, food processing, consumer goods, financial services and logistics. That scale gives Dewji the cash flow and reach to enter costly sectors like mining and resorts.
Diversification also cuts MeTL’s reliance 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. He 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.
On top of that, a MeTL unit signed a 2 million euro deal for Italian silos at a Tanzanian grain plant. Forbes estimates his fortune at about $1.8 billion, making him Africa’s youngest billionaire and Tanzania’s richest person.
The $10 billion revenue target is a stretch from where MeTL stands today. He is spreading his bets to get there.
For Tanzania, a flagship graphite mine owned by its best-known businessman would show 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 hurdles around infrastructure, permitting and finding a willing operator.
Both projects test Dewji’s instinct for committing capital boldly when others hesitate. The next 18 months will offer the first read on whether the mining side can deliver.
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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. 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.
Connected Coverage
The battery-minerals race also runs through Motsepe’s $195 million graphite dispute win and Dangote’s Lamu refinery bet, while foreign consumer capital lands in the region via Varun Beverages’ Kenya entry. The wider resource contest is mapped in Africa: The New Scramble.
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