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Old January 15th, 2011, 04:37 AM   #1
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Somali Companies & entrepreneurs active in Africa

I made a similar topic about Somali companies active in the Middle East a while ago, my intention with this topic is to focus on Somali business in Africa, from major to small, but all must be outside of Somalia itself.

--

Integrated Property Investments Limited


Bahari Beach Project - Tanzania



IPITL has acquired land measuring 200 acres in the Bahari Beach Area of Ununio in Dar es Salaam for development of the self sustained, independent state of the art satellite city comprising of the following:-

• Executive villas, townhouses and apartments
• Five Star Hotel
• Hospital
• Recreational centre school (nursery & primary school)
• Nursery and Primary School
• Service station
• Shopping Mall not less than 40,000 sqm comprising of banking facilities, night clubs, restaurants, supermarkets, cinema halls and many other facilities required in a big mall.
• Ferry service that will link the rich, sandy Bahari Beach to the main Dar es salaam port on the one hand, and the exotic Zanzibar islands on the others.
Bahari Beach Town is designed to become a self contained satellite city providing family – friendly environment for potential resident populations of 10,000 people, while its commercial units could serve additional 1,000,000 people within easy connecting area.

Location

The Project is located approximately 30km from the city centre and covering of about 200 acres within the beautiful Bahari Beach Area. The area is well connected to the electricity and water supply from the mains. It is easily accessible from the city centre and other places of interest via the New Bagamoyo road.

http://www.ipiltd.com/bahari/

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Old January 15th, 2011, 05:00 AM   #2
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Aayo Investment

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Aayo investment and services ltd was established in 2007 to tap on the privileges of the ever appreciating land and property values world wide. Aayo has for the past years expanded in its operation in other countries outside the UK.
bamburi beach estate - Kenya





http://www.aayo.co.uk/

Garun Investment Ltd

Quote:
Garun Investment Ltd has been in the business of import and export since 2001. Garun back then, opened its first office in Guangzhou city, and Yiwu city, China, famous for Spring and Fall trade fair. Garun has ventured into public buildings and commercial space development in large cities such Nairobi and Mombasa, Kenya.

Garun's founding partners have vast experience in organizing successful businesses for more than a decade. Core business area of Garun Investment is real estate development along with construction activities of varying building sizes. Since 2006, Garun Investment Limited has been primarily concerned in acquiring valuable lands for potential redevelopment while it at the same time started building housing units for families in Nairobi such as Eastleigh, Parkland, and Seka Mow. - Source




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Old January 15th, 2011, 05:22 AM   #3
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Amina Moghe Hersi (Somali: Aamina Mooge Xirsi) (b. 1963) is an award-winning Somali entrepreneur. She has launched several multi-million dollar projects in Kampala, Uganda, such as the luxury mall the Oasis Centre and the Laburnam Courts. She also runs Kingstone Enterprises Limited, one of the largest distributors of cement and other hardware materials in Kampala.
Oasis Centre Mall - Kampala, Uganda

image hosted on flickr


* 13,090 sq.mt. of prime retail space
* 6,563 sq.mt. ‘NAKUMATT’ supermarket anchor tenant from Kenya.
* Designed to the latest international standards.
* Widest tenant mix categories.
* Entertainment floor with food courts, 2 screen movie theatres and children play area.
* First fully air-conditioned shopping mall in Uganda.
* 300 dedicated parking bays.
* Full back up generator.
* 24 hour armed security guards with CCTV throughout.

Confirmed tenants:

* Nakumatt supermarket
* Kenya commercial Bank
* Barclays Bank.

Status: U/C

image hosted on flickr


Quote:
Bungoma businesswoman receives Mashujaa Day honours

By Westfm, Oct 22 2010

A veteran Bungoma businesswoman got a rare treat when she was named by the government as one of the heroes during this year’s Mashujaa Day celebrations. It was a befitting moment for Mama Hersi Mohammed, popularly known as Mama Harris, who has toiled over the years from scratch to built one of the biggest business empires spreading in four countries in East and Central Africa. A delighted Hersi, now in her early 70s was given a heroic welcome by local residents when she arrived at the Masinde Muliro Stadium in Kanduyi for the celebrations accompanied by her daughter Asha Hersi Moghe.

They thanked the government for finally recognizing the efforts of a woman who has contributed greatly to the growth of Bungoma town, assisted in establishing many community projects and also created employment opportunities for hundreds of youth in Bungoma County. “We hail you for this achievement and hope that you will continue to help us in transforming the lives of our people through your businesses,” said Bungoma Mayor Barasa Mbinga. The mayor regretted that heroes from the area like music greats Wasike Wa Musungu, James Otung’li and Isaac Kisache were not remembered for their exemplary work. - Source
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Old January 15th, 2011, 06:03 AM   #4
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Great topic!

Aamina Xirsi is one of the largest developers in Uganda, horta is that true. I heard that.

Once Somalia rebuilds, I'm sure these developers are going to come back and make lots of $$$.
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Old January 15th, 2011, 06:17 AM   #5
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African Express Airways - Kenya



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African Express Airways is the second fully Kenyan designated airline to over 30 countries in four continents. The airline is largest and oldest privately owned in East Africa based at Jomo Kenyatta International Airport in Nairobi. African Express Airways is profitable, growing and short-haul airline which targets business and leisure travelers, and operates a daily departure from Nairobi. The airline has a fleet of aircrafts, and has been updating with Boeing’s modern, environmentally friendly regional jets.
Quote:
From Orphan to Airline owner.

By Samwel Kumba and Justus Ondari

Seeing him seated in his spacious office along North Airport Road, Jomo Kenyatta International Airport (JKIA), one would be forgiven for assuming that Captain Musa Bulhan has had it easy in life. For Capt. Musa, the proprietor and chief executive of African Express Airways, is the first African to own an airline with landing rights in Europe.

Besides, the 59 year-old was among the first Kenyans to acquire the highest pilot qualifications- an airline transport pilot license-in 1974. But behind the ‘firsts and accolades’, Capt. Musa’s life is one hit by tragedy at a tender age and littered by internecine ‘wars’ thrown at him by both nature and man. Robbed of parental love, first by the death of his mother when he was a toddler, and then his father at 15, the decorated career pilot was forced to start fending for himself literally before he was out of the diapers.

Four years down the line, at an age when most of his playmates probably still believed that their fathers were the strongest people on earth, a gangling of a boy with intelligence beyond his age made a startling career choice- to become a pilot. Unbeknown to him, the knack to survive was to be implanted in the young Musa right from the very day he decided to be a pilot. Many of the industry players he approached dismissed him as a joker.

“Many tried to frighten and discourage me from the profession but everything they threw at me made me even more enthusiastic. They would instruct me to wake up at 4.00 am and check the oil or tyres of an aircraft. They would give me tests on all sorts of jargon which I could not understand. Then they would call me names. If I were fainthearted and uninterested in the training, I would have dropped out. I survived the ordeal,” reminisces the captain. However, not all people were bad and many, including the government which gave him a scholarship, came to his rescue when the going got tough.

“In fact, I did not have much of a problem because I got a lot of help.”
Musa was to undergo training in the United Kingdom and later in the United States after joining the defunct East African Airways. When it collapsed with the collapse of the then East African Community (EAC) in 1977, Kenya Airways (KQ) was formed. Obviously, there were too many pilots for the few airplanes the then nascent KQ had. “I felt it was high time for someone to give room. Unfortunately, I would not tell anyone else to get out. I told myself to give room with my meager Ksh 270,000 benefits,”

Aviation business

It was then that Capt. Musa decided to set up an airline. He floated the idea to the then ministry of Power and Communication but the ministry officials felt it could not work. Thinking they were getting rid of him, they gave him a temporary operating permit for him to set up the famous Pioneer Airlines at Wilson Airport in 1978.

“I never sat down to decide on investing in aviation business. I just felt that since I knew about airplanes, why not try the business? I went into aviation because I felt could not do anything else better,” reveals Musa who currently fully owns four jets which fly to the Middle East, parts ofEurope and Africa. Unfortunately, in his new venture nobody would accommodate him.

“The government, through the general manager of the then airdromes department, gave me rent-free a two-roomed kiosk-like tin shack-cum-hangar that was unoccupied. Using part of the money I was paid from my East Africa Airways service, I bought a four-seater single engine aircraft.” He was a Jack of all trades: “I would fly it during the day and do the accounting in the evening before starting to look for business at night so that I would have another charter flight the next morning.”

In 1980, Captain Musa managed to buy a twin-engine 10-seater aircraft and, with time, he was able to lure into civilian flying a few pilots who had been trained in the Air force. “In 1981 I bought a single-engine aircraft for training and opened a flying school, Pioneer flying school. By 1983, I had built up a fleet of about six aircrafts bought on lease courtesy of the then National Industrial Credit, currently NIC Bank. I think they do not remember that they funded me back then.”

But his tumultuous beginning saw him develop a penchant for philanthropy.
“Until a few years ago, many Kenyan pilots, including jet pilots, had been trained either through my company or me. Still, I believe I should put a lot of time in training my fellow Kenyans.” With his business hitting the fast lane, Capt. Musa was to flex his financial muscle by acquiring Malindi-based Coast Air Limited in 1984.

“That is when I registered Africa Express Airways to differentiate between the local and international business. By 1986, I had a fleet of about 20 light aircrafts most of which I had paid for.”The enterprising Musa was not yet done and his business antenna was tuned on the regional market. He longed for newer challenges and inter-continental flights were alluring. He went for a Ksh 50 million loan from the former Bank of Credit.

With the money and a sense of feeling that he had outgrown the domestic airspace, he approached the government for an international license-and got it. “I leased a Boeing 707 and, with a couple of ex-East African Airways and ex-Kenya Airways pilots, I started flying to Italy thereby making us the first privately owned airline in Africa to fly inter-continental flights into Europe,” declares a visibly proud Capt. Musa with a glowing face.

Away from public glare, Capt. Musa’s airline has a distinct characteristic-it is one of the country’s two designated carriers, the other being the national career, KQ. “Designated airlines are carriers governed by the state although it does not own them. They have their flight schedules published and which they must obey whether or not the flights are fully booked. On the contrary, charter operators fly only when there is enough traffic.”

Politics

By now, he was doing brisk business. In 1988, with a sense of importance and spurred by his success, Capt. Musa sold 49 per cent of the company, a move that will turn out to be a source of his future trepidations. A simple argument over finances ensued with his new partners expressing their displeasure with the way Captain Musa was handling business funds.

The partners allegedly converted their shareholding into an overdraft and successfully managed to ‘manipulate’ their bankers to recall the overdraft within a week. “I was in Europe when it happened and with the short notice, the company was placed under receivership because of slightly over Ksh 60 million. I, however, managed to pay it in 6 months through just collecting debts among other sources,” explains Capt. Musa.

With that, the company reverted to him 100 per cent and within a year, he was out of the woods. Or so he thought. A shrewd entrepreneur, having withstood the uncertainties, Capt Musa registered another company-African Airlines International Limited- in early 1990s which took over the liabilities of African Express Airways.

Shortly, he bought a Boeing 707 with which he resumed international flights. At the time, Kenya Airways (KQ) was wholly-owned by Kenyans and was maintaining Musa’s fleet. “We were cooperating well with Kenya Airways, a move that enabled us acquire a second Boeing 707. But when Kenya Airways was sold, the new investors had different interests and ‘politics’ began souring of our relationship.” At about 1988, the now streetwise captain secured financing from an international financer and built the company’s present head office at JKIA and a maintenance facility.“KQ had become less accommodating with each passing day.”

Out of the blue, once again politics was to rear its ugly head in 1999 with a number of airlines ‘sprouting up’ without any traffics rights since KQ and African Express Airways were holding them.“The people behind the mess would come asking for, say, US$ 2 million(Ksh 140 million) in 20 minutes claiming we were breaching one law or another. Failure to pay would be met by threats of being placed under receivership.”

Soon, threats were to turn into actions and Musa’s business was put under receivership.“Actually,the receive-rship notice came together with the demand.” However, the powers that be did not know that they were putting a wrong company- African Airlines International Limited-under receivership.

Describing the then regime as wanting, Capt. Musa maintains that an unnamed powerful politician went for his business jugular in a bid to acquire his airline’s traffic rights. The political hassles were to continue and by 2000, it had become extremely difficult for Musa to convince the customers that itwas African Airlines International Limited and not African Express Airways Limited that was under receivership.“The effects were so severe that I had to stop all my flights in 2000.”

It was only in 2003 that Capt. Musa was to resume the flights although the matter is still before court after he sued the financial institution over the ‘unlawful’ receivership. “Our flights and revenues were back to normal. I give credit to the current administration as it has created an enabling business environment,” says Capt. Musa with a sigh of relief. He takes a swipe at the former regime.

“Some politically correct people were given carriers’ licenses and since they depended on mostly wrong advice, their businesses collapsed. Unfortunately, during their short stint in the business, they caused so much havoc that other serious players in the sector have found it costly both interms of money and time to correct the situation.” And like the proverbial cat with nine lives, Capt. Musa is raring to go. “We are flying to some parts of Europe-French territories- but we are resuming our flights to Europe probably from next April,” vows Capt. Musa who prides himself as being too expensive for any airline to hire him but is “one of the lowly paid executives at African Express Airways Limited.”

“We are trying to fly into one country per year but, at most, we can only open two new routes annually. We have licenses to fly to some routes but we are exploring their potential and trying to find out who can be our agents in the new destinations before we make any forays.” Indeed, to attain captainship, Musa has had to put in thousands of man-hours.

“One starts with a private pilot’s license before acquiring a commercial pilot’s one. Before one takes full command of even a small two-engine jet as a pilot, it takes about ten years of co-piloting. To get command of a Boeing as a captain, it can take up to 20 years,” explains the veteran pilot.“During the entire period, one would be examined and medically checked after every six months. This presents a major problem to our youth because they lack the patience and time to learn.”

Management

Everybody in Musa’s company is a manager right from the cleaner and must work with minimum supervision, save for occasional correction where necessary. “I am equally supervised by my juniors because if I do something wrong, I am messing up their job.” Even in his hiring Capt. Musa goes for experience. Evidently his operations director Capt. Radosav Popovic who first flew in 1966 after graduating from the then Yugoslavia Airforce Academy. He is a retired pilot of a jet fighter.

Sector

He decries certain aspects of the country’s aviation industry. “We have too many people trying to do what they are not supposed to be doing. Similarly, whereas liberalization is not bad, we adopted it without examining its consequences.” Capt. Musa feels that for the industry to reclaim its pre-liberalization glory, the regulator Kenya Civil Aviation Authority (KCAA) should come up with a division charged with monitoring the commercial viability of every player in the industry.

But is the business profitable?

“Nobody will ever admit that they are making money in any business. But if we break even and I get a salary and my employees pay themselves, then obviously we are running a business which is viable.” For those interested in joining the industry, Captain has a word of advice: “First, let them join only if they have experience in the industry. Otherwise why would one want to put their money in an industry they know nothing about?”

Although his initial brush with partners left a bitter taste in his mouth, Capt. Musa is a firm believer in spread out shareholding of a business. “I am looking for strategic partners such that by the end of 2007, my family should not be the majority shareholders in the business. So far, we have done our best.”
But the offer is not open to every Tom, Dick and Harry.

“We do not want to have shareholders who are going to sit there and just tell us what to do. We want shareholders who will be involved in the day-to-day running of the business so that we share the blame in case of anything.”Once he retires, Capt. Musa does not intend to be idle. “Over the weekends, you will always find me in my farm in Garissa working. I export mangoes. On Sundays, you will find me in the bush looking after my camels and goats. So, after I retire, I will not be bored.”

What is Capt. Musa’s legacy?

“I don’t think there is much I have not done in this industry. Now I would like to dedicate myself to training young people to replace old pilots like me. My ambition is to leave competent young people running the show.” True to his word, Capt. Musa would rather we use photographs of his staff insted of his in the story. - FINANCIAL POST
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Old January 15th, 2011, 06:21 AM   #6
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Originally Posted by Xusein View Post
Great topic!

Aamina Xirsi is one of the largest developers in Uganda, horta is that true. I heard that.

Once Somalia rebuilds, I'm sure these developers are going to come back and make lots of $$$.
It's a family business so it would be Amina and her brothers, sisters and other relatives that are significant investors in Uganda collectively.

Second part is very true, any regeneration/reconstruction projects of the Capital should be awarded to them.
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Old January 15th, 2011, 06:45 AM   #7
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Devastated at home, Somali businesses thrive in Uganda


City Oil Ltd

Their history is knit with episodes of devastation – war and hunger. They have been accused of offering a safe haven to Al Qaeda terrorists. And recently, they have redefined the art of piracy, in which large ships have been captured and released after huge ransom payouts. <--

Yet, despite their shattered hopes back home, the Somali community in Uganda has taken the economic landscape by storm, enjoying a commendable share of the country’s fuel industry, among other sectors. DEVAPRIYO DAS looks at this business community

GOOD SOURCING

Hassan Ahmed, a Ugandan Somali, and Director of the prominent Somali-owned City Oil franchise, hints at the secret behind Somalis’ success in business. “Somalis have always had links to many areas of the world”, he says.

“With that link, they are able to have very good sourcing. Every time you source well, it will result in benefitting the consumer, because you are able to bring the costs down.”

That strategy bodes well with Uganda’s consumers who depend heavily on imports but whose purchasing power is low. It also explains why Somali businesses have become an accepted part of Uganda’s commercial life, covering essential services like fuel stations, foreign exchange, money transfer, and supermarkets.

FUEL STATIONS

Ahmed reveals that City Oil was formed in the 1980s as Mandela Auto Spares, and started by selling spare parts. The company then graduated to selling tyres, before realising it could capture a larger market by setting up fuel stations.

“If you look at our stations, they are not your typical stations”, says Ahmed. “They are giving auxillary services that complement fuel.”Today, there are various Somali owned petrol station chains, including Hashi Empex, Hass Petroleum and Hared.

It is a competitive market, especially as global oil prices have followed no perceivable logic in the past 18 months; which also means the auxillary services provided by chains like City Oil have not automatically led to more customers in these difficult times.

“The public has been very sensitive to price,” Ahmed remarks. “We find that it’s very difficult to sell fuel if you don’t have the right price at the pump.”

Following the liberalisation of the fuel market in Uganda, Somali fuel enterprises have helped make prices more competitive. “Right now the (profit) margins are at their lowest point”, Ahmed observes.

He believes that even if Uganda commercially exploits and refines its crude oil reserves locally, Somali fuel stations would remain in business. “Because that fuel still needs to be pumped into vehicles”, he says. “A network needs to exist”.

HISTORIC LINKS

It is a network built carefully over time. The first Somalis to settle in Uganda came in colonial times, as the so-called Somali Scouts in the imperial British Army. Many stayed on and assumed Ugandan citizenship, with large numbers working in the meat industry.

Thousands are believed to have left the country during Idi Amin’s rule, returning only under the NRM Government in 1986.

The current conflict in Somalia has witnessed an influx of refugees into Uganda. Some have been settled in camps such as Nakivaale in Western Uganda, while others have been absorbed by relatives living in Kisenyi and surrounding areas.

Many have prospered, while some, like construction queen Amina Hersi Moghe, owner of the multi-million-dollar Oasis Centre and Laburnum Courts in Kampala, have defied gender and cultural stereotypes to become spectacularly successful. In fact, Ms Hersi was named Woman Investor of the Year 2008 by the Uganda Investment Authority.

GOOD RATES

Being a resilient people, Somalis have prospered because they are willing to take risks and accept smaller profits. Yassin Mattan, Head of Business Affairs for the Somali Community Association in Uganda, explains that when it comes to trade, “everyone wants to be very competitive in terms of the pricing factor, so it’s the margin that people are looking for.

While some people are looking for a higher margin, these guys [Somalis] are looking for a lower margin. They’re looking at the turnover.”Hassan Mohammed Hersi, for example, has been Manager of Half East Forex Bureau on Kampala Road, for 11 years.

“The business of exchange is all about competition and it’s very tough business,” he says. “It needs experience, needs also capital, and needs you to be a well-known person in the business for a long time.”

Born and bred in Uganda, with many business contacts, Hersi felt he could profitably run a forex business. Today, most of his clients are Indian and Chinese traders involved in high-volume import-export businesses. “It’s all about your rates,” he responds, when asked how he attracts and retains his customers.

“People know you through your rates, what good service you give them, how your location is, security, all that. [But] if your rate is the best, they will come and buy from you and sell to you.”

BREAKING GROUND

Yassin Mattan himself took a risk by engaging in commercial farming, a first for Uganda’s Somali community. “I saw it as an opportunity, this lack of commercial farmers in Uganda,” Mattan says, “and the potential was there both as a business, and at the same time, for providing food security for the country.”

Today, his Kayunga-based Maple Farms employs 40 people, utilises scientific farming practices, concentrates on growing maize and basmati rice over 140 acres, and is generating roughly 50 tons of food grain per year via two annual harvests.

Most of the crop is sold locally as internal demand -exacerbated by food shortages and sales of Ugandan harvests in neighbouring markets like South Sudan - has skyrocketed.

Recently, the Somali community in Uganda announced it would earmark Shs1.4 billion to further expand food grain production in Kayunga.

As Somalis continue to invest in Uganda’s burgeoning small and medium enterprise sector and contribute a growing share of taxes, it becomes clear: this is a community that is thriving and here to stay. - Source
.....
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Old January 15th, 2011, 07:20 AM   #8
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Coffee


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Mohammed Abdillahi Kahin 'Ogsadey (b.1920s-2006) was a Somali business tycoon based in Ethiopia, where he established MAO Harar Horse, the first African corporation to export coffee.
MAO Harrar Horse - Ethiopia

Quote:
If you think the Harrar Horse logo is popular here, you should see what it means in Ethiopia. Ogsadey’s reputation is legendary: first beginning as a truck driver, then becoming the first native African coffee exporter in Ethiopia, and ultimately, building a coffee empire which is famous throughout the county and the world. I’m not exaggerating. As soon as the horse logo and the driver of the company jeep were identified, entire villages would swarm chanting: OG-SA-DEY!-OG-SA-DEY! One might think that kind of adulation could affect one’s ego. I never saw that. Everyone was treated seriously and with respect, as if they were the biggest buyers in the world.

He once drove me to a place in the Harrar growing region three hours from his home in Dire Dawa. While listening to recorded prayers from the Koran on the tape player, Ogsadey told me a story of how, in the good old days, getting to this same place would take two to three weeks, and require winches, machetes and guns to ward off pirates, and in my imagination, big hungry animals.

He worked tirelessly to the end. In his eighties, retirement never occurred to him. Just a few years ago he invested in two big new warehouses. Hundreds of big rigs with the Harrar Horse logo are on the road. He took pride pointing out any new factories or new neon lights in Addis Ababa. He possessed a patriotic pride in his county; despite its poverty, he was ever optimistic. Perhaps a contradiction, he greatly admired both Presidents Reagan and Clinton. Reagan for bringing down that wall, and Clinton, for his tireless statesmanship and efforts to bring peace to the world, particularly in the Middle East. When the Communists took power in Ethiopia, they seized all of Ogsadey’s assets. With a big smile he would tell the story of how they could not figure out how to run the coffee business, so wisely, they gave it all back.

Never, despite frost, droughts, up markets or down markets, did we ever have concern about our contracts with MAO. Doing business was a pleasure. Straightforward, old-fashioned and old school in the most positive sense--- the words honorable and integrity come to mind. He was a tremendous mentor and influence. Together, we had the opportunity, with the help of our customers, to make some significant donations to the Dil Chora Hospital in Dire Dawa. Royal will continue charitable work in Ethiopia as long as we are in business. In this way we will continue to honor our great friend. May he rest in peace. - Robert Fulmer
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Old January 15th, 2011, 08:05 AM   #9
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Mataano Fashion

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Mataano – International Fashion Label owned By Somali Twin Sisters. Identical twins Ayaan and Idyl Mohallim were born in Somalia but moved to the United States at the age of nine. They grew up in Washington D.C., attended separate universities – one in Boston and the other in Michigan and then moved to New York City together to pursue their dream. Today, their fashion label Mataano (which means ‘twins’ in Somali) has gained them international recognition and their designs are sold to customers worldwide. - Source

Addis Ababa Fashion show

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Old January 15th, 2011, 08:40 AM   #10
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Wow, those girls are really going places.
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Old January 15th, 2011, 08:45 AM   #11
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Aden Mohammed is a prominent Somali banker and entrepreneur. He is the Managing Director of Barclays Bank in East and West Africa. - wiki
Quote:
Barclays Bank earnings call a pointer to industry’s fortunes

Barclays Bank Kenya reports its full year results for 2009, that are going to shed some crucial light on the prospects of the banking industry in the country.

Equity analysts pay attention to Barclays because with its asset base now heading to $2.5 billion and its value on the Nairobi Stock Exchange pegged at $852 million, it is not only the third largest listed firm in the market, but one whose tentacles extend to all corners of the economy.

Though Barclays reported flat profit growth in the first three quarters, and profits after tax at $60 million exceeded what was achieved in the same period in 2008 by $2.6 million, the deficit for the full year looks daunting given that the economy did not perform well towards the end of the year.

Barclays revenues in 2008 were boosted by aggressive lending, which increased interest on customer lending by $63 million to $188 million out of the $360 million the company generated from an assortment of lending to customers, other banks, governments, charging fees and foreign exchange gains.

Optimism however hangs in the air as banks start releasing full year results this week going by projections coming from the Central Bank of Kenya monthly data and investment analysts.

Barclays Bank kicks off the flow when it announces its 2009 performance this Thursday with analysts predicting that the outcome will give an indication of what to expect in the first quarter of 2010.

The CBK Monthly Economic Review says that the Kenyan banking sector registered significant growth in asset base largely supported by growth in deposits, injection of capital and retention of profits.

“The sector registered high capital adequacy and liquidity ratios and a decline in the level of non-performing loans compared to same period in 2008”, says the bank.

An investment analyst with Stanbic Bank Miriam Muhindi, says the sector will most probably report a lacklustre performance in the fourth quarter considering that the sector was not as robust, but expressed optimism that with projections that the economy would grow by 4 per cent this, year, things could change. -THE EAST AFRICAN
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Old January 15th, 2011, 09:05 AM   #12
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Kenya properties






www.redubai.blogspot.com/
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Old January 15th, 2011, 01:58 PM   #13
popa1980
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Like Jews, Lebanese and Chinese. Somalis are good at business because of a long history of sophisticated international maritime trade. Its in the culture. Most other African nations did not have this exposure or where they did it was run by outsiders like Arabs in EA and Berbers in WA. Its almost a cruel joke by God that the most business-minded people in SSA, probably Nigerians and Somalis come from nations with such bad recent history. Or it could have been another story....
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Old January 15th, 2011, 04:43 PM   #14
abesha
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What an interesting topic!!
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Old January 15th, 2011, 04:44 PM   #15
Sokotocaliphate
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This is a good topic Constantine - you are like the un-official ambassador to Somalia
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Old January 15th, 2011, 05:09 PM   #16
abesha
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IMAN Cosmetics



http://www.imancosmetics.com/1.0/



Her products are sold throughout the world, including Africa.
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Old January 15th, 2011, 10:25 PM   #17
BUTEMBO21
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Quote:
Originally Posted by popa1980 View Post
Like Jews, Lebanese and Chinese. Somalis are good at business because of a long history of sophisticated international maritime trade. Its in the culture. Most other African nations did not have this exposure or where they did it was run by outsiders like Arabs in EA and Berbers in WA. Its almost a cruel joke by God that the most business-minded people in SSA, probably Nigerians and Somalis come from nations with such bad recent history. Or it could have been another story....
Somalians, Nigerian/Igbo, I will add Ethiopians and Congolese/ Eastern Congolese to the list.


Anywho. I have lived next to Somalias and Ethiopians for 10 years. I can tell you that they are business brained. I admire their cohesion/know of business.
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Old January 16th, 2011, 05:57 AM   #18
Xusein
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Abdirashid Duale, CEO of Dahabshiil, Burco-raised.

Dahabshiil has plenty of offices in Africa and is HQed in the UK/UAE so this is appropriate here.



Interview:

Quote:
CEO, Dahabshiil Transfer Service Ltd.
The emergence of a legitimate Government, coupled with an active private sector operating on the ground, is helping Somalia away from its war-tom image, to a country creating new economic and employment opportunities for the its people.

According to Abdirashid Duale, CEO of Dahabshiil, the largest international remittance business in the Horn of Africa, recognition and support from the international community is now imperative for consolidating stability in Somalia and helping its private sector succeed in the reconstruction and development of Somalia.

Duale has worked for Dahabshiil for 20 years since his school days, helping his father Mohamed develop a small family business from Somalia into a global firm that employs more than 2,000 people across 144 countries and one that launched the first ever debit card service in Somalia. He is an expert on Somali businesses and the remittance industry, and is a regular and competent keynote speaker at both international and regional conferences on issues such as remittance, emerging markets and development finance.

He recently spoke at the Political, Security and Reconstruction Conference for Somalia, co-hosted by the Turkish government and United Nations Secretary-General, Ban Ki-moon, in Istanbul, Turkey.

Over 95 per cent of the international organisations in Somalia, including the United Nations, World Health Organisation, World Bank, Oxfam and Save the Children, rely on Dahabshiil to provide payment services for their staff, contractors, government institutions and partner NGOs.

He has established a reputation as an expert in the remittance industry, and has vast experience in all areas of money transfer operations. His network includes associates in Africa, Europe, the Middle East and North America. Duale is trained in international trade and finance, invented and developed the Dahabcard loyalty scheme, and is involved in development schemes in Africa; to which Dahabshiil donate 5 per cent of profits every year.

Over a period of 20 years, Duale has founded new companies in Africa and the Middle East, and has gained a reputation as a regular keynote speaker at both international and regional conferences on issues such as remittance, emerging markets and development finance. TABJ spoke to Duale about the success and outcome of the conference.

TABJ: Hello Mr. Duale. Can you give us an idea how the conference went?

AD: The turn-out was excellent. There were representatives from 50 countries present as well as the World Bank, Africa Development Bank and international and Somali business community. We spoke in great detail about the Somalia political situation and reconstruction and redevelopment of the country; specifically, representatives of different regions were consulted as to how the private sector will help in terms of jobs, peace and topics related to those subjects. We were personally present for the third day of talks when the focus was when was on reconstruction development.

TABJ: What was some of the outcome? How can entrepreneurs help the development of the country?

AD: In certain regions were fighting is a sad reality, jobs and technical training would provide an alternate for people who feel they have no recourse. Reconstruction development is the key for change. All the international institutions I mentioned agree and are eager to work with companies like ours to create investment and jobs.

We will have a follow up meeting with the World Bank to discuss in detail how to implement plans that came out of the conference. The relation will make life easier for business to operate in Somali. Regulations will help international businesses to easily invest in the country, and also Somalian businesses to do more business internationally.

TABJ: What are the main challenges you see Somalia facing in terms of redevelopment?

AD: Historically, before 1991, Somalia had a communist system, so private and public institutions working together was not in the business culture. That has changed. Institutions are now looking to companies to work together on public roads, ports and airports, and are keen to encourage privatization.


TABJ: What, in your opinion, does Somalia offer the business community abroad?

AD: We have a great culture, certainly! Somali also has a lot of raw materials, and natural resources for export. Given the chance to trade with the world, it will create jobs and create peace and all the things we need desperately there.

TABJ: You must find your work in Somali very rewarding.

AD: Yes, absolutely. Recently, Dahabshiil set up a bank to offer banking services to all Somalis, and other communities in the region, such as Ethiopia and Uganda, who also use our services. The Dahabcard launch has been a very successful system. In many places, a debit card is considered a normal thing to have, but in Somalia, it can be a life-saving service. Debit cards and full banking service is extremely useful in the region. Initially, we didn’t know if it would be successful, but when we launched it, it was a local and regional success.

It has been challenging in certain areas, I have to be honest. It involves a lot of travel, but you can be creative and tackle one day at a time. It has been very good for us to test products we think are useful. We also do lot of corporate responsibility projects which help the Somalian community by donating money to schools and hospitals, so that really is what warms our hearts, and the business also helping our community.
Link
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Old January 16th, 2011, 10:33 AM   #19
Ras Siyan
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Interesting topic guys, keep informing us on the Somali Business community.
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Old January 16th, 2011, 01:02 PM   #20
popa1980
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Quote:
Originally Posted by BUTEMBO21 View Post
Somalians, Nigerian/Igbo, I will add Ethiopians and Congolese/ Eastern Congolese to the list.


Anywho. I have lived next to Somalias and Ethiopians for 10 years. I can tell you that they are business brained. I admire their cohesion/know of business.
And those are the countries with some of the worst histories and instability in Africa. Whereas nations like Zambia have been peaceful- its almost a waste!
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