Business tycoon invests in Tanzania


  1. Mtheto Lungu, AfricaNews reporter in Lilongwe, Malawi
    Tanzania is going to benefit from the world's fourth richest person, 53 year old Mukesh Ambani, who plans to heavily invest in the country's air transport and hospitality industries in the capital, Dar es Salam.
    Tanzania  announces  new cabinet
    Through his conglomerate, Reliance Industries, Ambani revealed this at the end of talks with the Minister for Natural Resources and Tourism, Mr Ezekiel Maige, at Serengeti National Park (SENAPA) on Sunday he will be sending a special team to look into areas of investment in Tanzania.

    He had just ended his three-day tour of SENAPA on the day which he said was 'God's gift to Tanzania'.

    "We are going to diversify our business by expanding into tourism sector as well. Tanzania is also becoming a very potential area for business," he told journalists, emphasizing he would particularly target luxury hotels chain to boost the growing tourism industry.

    He also has invested over US $8 billion in the construction of a five-star property, the proposed 'Delta Hotel' in Nairobi, Kenya, but considers building several high class hotels in Tanzania. In Tanzania, Reliance Industries owns GAPCO oil.

    Ambani further pledged to spearhead the establishment of direct air flights connecting Dar es Salaam or Kilimanjaro with Mumbai and other Asian destinations including Beijing, Shanghai and Tokyo.

    He said the flights would open up the local tourism industry to Asia and Middle-East countries.

    Tourism minister, Maige, explained Ambani had promised either to go it alone or involve both the Tanzanian and Indian governments to link their important cities over the air in a move to boost tourism and other trading or business opportunities between the two countries.

    An Asian business magnate and the chairperson and managing director of Reliance Industries, described to be the largest private sector enterprise in India and one of the largest private sector conglomerates in the world, has a personal stake in Reliance Industries reported to be at 48 per cent.

    By July 2010, he was named the richest man in Asia and the fourth richest man in the world with a personal wealth of US$29.0 billion, reported the Tanzania Daily News.

    On 29 October 2007, a strong rally in the Indian stock market and the appreciation of the Indian rupee boosted the market capitalization of all Reliance group companies, making Ambani the world's richest man for a while in that year, with net worth climbing to US$63.2 billion, leaving Bill Gates behind at around $56 billion.

    Forbes Magazine forecasted he is expected to regain the title of the richest man in the world in 2014.



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