Ugandan moneybags, Mohammed Hamid has been named among Africa’s five young millionaire (dollar terms) whose rise on the wealth ladder will soon shatter all ceilings.
According to the latest Forbes list of African tycoons under the age of 45, who have built 8 and 9-figure fortunes, Hamid ranks first.
Hamid is one of Uganda’s most successful young entrepreneurs, and is the founder of the Aya Group, a $650 million (annual revenues) conglomerate with interests in mining, milling, food manufacturing, commodity trading, transportation, agriculture, biscuits manufacturing, bakeries, and luxury real estate.
Last year, Aya Group launched Pearl Of Africa, a landmark 5-star hotel in Kampala which cost hundreds of millions of dollars to build. Aya Group is said to be in the process of constructing a $4 billion industrial park in Uganda.
The luxurious 20-storey Pearl of Africa Hotel, which was built over a 10-year period by Mohammed Hamid’s conglomerate, Aya Group, is the tallest completed building in Uganda and comprises 253 rooms and 42 suites in seven levels of accommodation, ranging between 31 and 164 square meters in size. Ugandan President Yoweri Museveni officially launched the soft opening of the hotel in October last year at a colorful ceremony which was attended by leading government functionaries, prominent business moguls and local celebrities.
Aya Group has managed the transition period of Pearl of Africa Hotel since its soft opening last year, to ensure a smooth hand over to the internationally renowned hotel management company, Wyndham Hotel & Resorts.
The pearl of Africa Hotel is an iconic landmark hotel situated on one of Kampala’s top hills. The property took more than 10 years to build and Mohammed Hamid, in an interview last year explained that the hotel took so long to complete as he did not want to compromise on quality.