What is Mohammed Hamid Net worth?
| Mohammed Hamid Net Worth: | $1.2 billion |
| Born: | 1976 |
| Country of Origin: | Uganda |
| Source of Wealth: | Business, investment |
| Education: | Makerere University |
| First Hit Project: | Wheat Milling |
Uganda as an African country has over the years competed with other top African countries in terms of economy, owing to her numerous business tycoons who have recorded huge successes in their business and have even ranked on Forbes list of wealthiest persons.
One of such persons that have contributed to the maximization of Uganda’s economy is Mohammed Hamid.
He is a Ugandan business mogul, investor, and philanthropist who serves as the chairman and founder of Aya Group of Companies.
Mohammed Hamid is currently the second wealthiest man on the list of the top 10 richest men in Uganda with a net worth of $1.2 billion and was formally ranked by Forbes to be the second richest in the richest men in Africa list under the age of 40.
I am sure you are yearning to know everything about the successful business mogul, Mohammed Hamid, keep on reading as I bring you everything you need to know about Mohammed Hamid including his early life, business career, and achievements.
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Mohammed Hamid Net worth and Highlights
As of 2021, Mohammed Hamid’s net worth according to Forbes is estimated to be $1.2 billion.
Here are the best highlights of Mohammed Hamid’s business career so far.
- Forbes Listed Mohammed Hamid among the top 5 young African Millionaires to watch, in 2018.
- He was named the second richest African under the age of 40.
- Named Uganda’s second richest person by Forbes.
Mohammed Hamid Biography
Mohammed Hamid was born in 1976, in North Sudan Circa.
His brother Mohammed El Hamid was a resident in Uganda where he was managing his company, Pan Afric Impex which majored in commodity trading.
Mohammed Hamid paid his elder brother Mohammed El Hamid a visit to Uganda in 1987, where he later grew to love the country and decided to settle there with his brother while assisting him in running the company.
Career
It was while working for his brother that Mohammed Hamid decided to establish his own company, having acquired enough knowledge and experience in the commodity trading business.
From his savings, while working for his brother, Mohammed Hamid used to purchase a milling machine from Sudhir Ruparelia owned Premiere Mills.
He later purchased 15 acres of land in Kawempe, Kampala, where he moved his own milling machine and immediately began wheat milling.
With the measure of success he was getting from the wheat milling business, Mohammed Hamid further purchased more milling machines and decided to venture into confectioneries and bread baking.
Furthermore, Mohammed Hamid drifted to another area of business, which was transportation.
He established a truck business called FIFI Transport Uganda Limited, which he later rebranded as Panafric Transport.
Panafric Transport became the leading transportation company in East and Central Africa which boasts of fleets of heavy-duty Scania and Man prime mowers and semi-trailers.
As Mohammed Hamid’s business kept growing into various branches such as milling, logistics, mining, real estate, etc.
He decided to bring together under one umbrella and that gave rise to the Aya Group.
The Aya Group of Companies has become one of Uganda’s largest conglomerates with an interest in mining, biscuit manufacturing, milling, and logistics.
Mohammed Hamid has hired the US-based international hotel and resorts chain Wyndham Hotels & Resorts to take charge of his 5-star Pearl of Africa hotel located in the heart of Kampala in Uganda, East Africa, worth $ 300 million.
The jaw-dropping 20-story Pearl of Africa Hotel, which was erected by Mohammed Hamid’s conglomerate Aya Group over a period of one decade is the tallest complete building in Uganda, which boasts a stunning 253 rooms and 42 suites on seven floors between 31 and 164 square meters.
The magnificent edifice was launched by Yoweri Museveni, the president of Uganda.
The mega-million dollar worth mansion attracted several distinguished personalities including various business moguls such as Sudhir Ruparelia.
The Aya Group has managed the transformation phase of the Pearl of Africa Hotel since its preliminary opening last year in order to ensure a smooth handover to the internationally recognized hotel management company Wyndham Hotel & Resorts.
Wyndham Hotels and Resorts is an international hotel and resort chain based in the USA.
It has branches in Mexico, Colombia, Canada, Ecuador, Germany, Turkey, Great Britain, the Caribbean, and Margarita Island in Venezuela.
The Pearl of Africa will be its first branch in Uganda. The Pearl of Africa Hotel is an iconic landmark on one of the highest hills in Kampala.
Properties such as Pearl of Africa take more than 10 years to erect and Mohammed Hamid, in an interview last year, explained that the hotel took so long to reach completion as he did not want to compromise on quality.
Currently 45 years old, Mohammed Hamid is one of the most successful businessmen in Africa.
Currently, Aya Group is working on building a $4 billion industrial park in Uganda which will become one of Africa’s largest parks when completed.
During an interview with Mfonobong Nsehe from Forbes, regarding what inspired him to erect such a magnificent edifice as Pear of Africa, Mohammed replied by saying:
“As a businessman, I have traveled extensively all across the world and stayed in some of the finest 5-star hotels in the world. So, I spotted a gap in the hospitality industry in Uganda.
The truth is that there are a lot of 3 and 4-star hotels in Uganda masquerading as 5-star hotels. There was no proper 5-star Hotel in Uganda.
I was fed up with extremely expensive hotels in Uganda with lackluster service and outdated infrastructure. Uganda deserves at least one 5-star hotel.
So I got a couple of world-class architects, raised funding, and started building.
It took us 11 years to complete this hotel and it cost a ridiculous amount of money, but it was completely worth it.”-Mohammed Hamid
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Life Lessons From Mohammed Hamid
Never Shift Your Failures to Others
Mohammed Hamid experienced a lot of discouragements and failures while trying to make it to the top in the business world but he never tried to shift his failures to others or blame them, rather he accepted them and worked on them to get better and that’s why he could rightly say:
“I hear some young people blaming others for their failures; from my personal experience, I have learned that the minute you shift responsibility for your failure to others, it means you have surrendered to your failure”.
Always Look out for Opportunity to Succeed in Life
Mohammed Hamid had the desire to become a business tycoon while he was abroad.
When he came down to Uganda where he lived with his brother and helped him in the running of his company, he saw the opportunity of making it big in business, in Uganda.
Then he decided to stay back in Uganda and make good use of the opportunities that presented themselves to him, and today he is the second richest person in Uganda and one of the richest persons in Africa.
Mohammed Hamid Net Worth (Summary)
This is n article that clearly shows the entire life of a man into the world of extreme wealth.
From Mohammed Hamid’s early life and decisions, he looked for opportunities to succeed and as a man of purpose he is, he never shifted his failures to others, but rather embraced them and be a better person through them.
I hope this serves as a motivation for you. Let us know your views in the comment section below
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