Since becoming the Aga Khan in 1957, Shah Karim al-Hussayni has proven to be one of Africa’s biggest investors and philanthropists.

His Highness (H.H.) The Aga Khan is the 49th and current Imam of Nizari Ismailis, a denomination within Shia Islam.

He enjoys a constant flow of funds in the form of tithes from millions of Ismaili faithful around the world.

Much as he is free to use these funds as he deems fit, he has dedicated his life to impact investments, especially in Asia and Africa.

His socio-economic activities in Africa have been argued to be a better way of lifting millions out of poverty when compared to many Western Aid programs.

The mix of for-profit enterprises and social investment programs provides valuable local employment opportunities and better impact. In most of his companies, junior staff to executive employees are drawn from host countries.

On the contrary, some Western aid programs accord foreign expatriates huge perks and lavish lifestyles in African capitals, inexplicably funded from the same aid.

H.H. The Aga Khan’s efforts have enjoyed tremendous success that besides the billions received in tithes, the Aga Khan Development Network attracts billions more from donor agencies, numerous governments, and international organizations.

Early Childhood and Coronation

Shah Karim al-Hussayni was born in Geneva, Switzerland to Prince Aly Khan and Joan Barbara Yarde-Buller in the year 1937.

Together with his younger brother, the next Aga Khan spent his childhood in Nairobi, attending Madras, and soaking in the day-to-day life of the Ismaili community in Kenya.

Life in Kenya shielded the future Aga Khan from the then ongoing World War II that rocked the entire continent of Europe.

Reminiscing his childhood during a 2007 state visit to Kenya, the Aga Khan had this to say;

“When I speak of places that have played a major role in my life, no place comes to mind more quickly than Kenya. My ties here go back to my “toto” (childhood) days. How can I ever forget our childhood house on Caledonian Road, now named the Denis Pritt Road, and the mega rhubarb I grew up the rain-water drain, or driving down the garden steps in the late Sir Eboo’s car?”

After the war, Shah Karim moved back to Switzerland where he attended the prestigious Le Rosey School and later Harvard University.

Coronation of a new Aga Khan

The Aga Khans are believed to be direct descendants of the Prophet Muhammad through a union between the Prophet’s daughter, Fatimah, and his cousin (son-in-law), Ali ibn Abi Talib who was the first Shia Imam.

While traditionally the title is passed from one generation to the next, the previous Aga Khan, Mahomed Shah, deemed his son, Prince Aly Khan to be unfit for the Hereditary Throne of Imamat.

Prince Aly, a lover of Hollywood’s extravagant life was a socialite who over the years made headlines in the tabloids for all for the ‘wrong’ reasons.

His tumultuous marriage to American actress Rita Hayworth (becoming her third husband), did not make his life any quieter.

The Ismaili community was therefore elated when in his Will, H.H. Aga Khan III, passed over his son, Prince Aly Khan, and appointed his grandson, Shah Karim to succeed him.

The 20-year-old Shah Karim who at the time was a student at Harvard University was thrust into the limelight, attending the first coronation ceremony on October 19th, 1957 in Dar es Salaam, Tanzania.

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This was followed by a series of symbolic coronation ceremonies held in Nairobi, Kampala, Karachi, and Mumbai.

It appears the outgoing Aga Khan’s insights on his ideal successor were on point as since the onset, the new imam placed peace, development and philanthropy at the heart of his actions.

Aga Khan’s business empire in Africa

Through the Aga Khan Fund for Economic Development, H.H. The Aga Khan’s interests, mainly in East and West Africa, cover many industries including; Financial Services, Hospitality, Power Generation, Agriculture, and Manufacturing.

Financial Services

  1. Diamond Trust Bank (DTB) – East Africa

With over 130 branches in Kenya, Tanzania, Uganda, and Burundi, DTB has operated in East Africa for over 75 years and is listed on the Nairobi Stock Exchange.

Institutional shareholders associated with H.H. The Aga Khan control about 50% of the bank.

The bank had over 2,500 employees servicing a clientele portfolio of 876,990 and an asset base of about US$ 4.5 billion as of 2022.

  1. Jubilee Holdings Limited (JHL) – East Africa

Founded in 1937, JHL provides Life insurance, Health Insurance, Property and Casualty Insurance (General Insurance), Retirement Products, and Financial Advisory Services to customers in Kenya, Uganda, Tanzania, Burundi, and Mauritius.

As of 2022, it was the number one Health Insurance provider in the East African Region with total assets of about US$ 1.5 billion.

In 2021, JHL sold a majority stake (66%) of its General Insurance wing to Allianz, one of the world’s leading insurers and asset managers.

Institutional shareholders associated with H.H. The Aga Khan control about 40% of the group.

Hospitality

  1. Serena Hotels – Africa

The Serena Group, majority owned by H.H. The Aga Khan runs 35 high-end properties that include; hotels, resorts, safari lodges, camps, palaces, and forts.

The facilities are spread in cities and tourist destinations in Kenya, Tanzania, Zanzibar, Uganda, Rwanda, DR Congo, and Mozambique (Hotel Polana SA)

Media

  1. Nation Media Group Ltd – Kenya

This is the largest print, broadcast, and online media publication in East and Central Africa.

The Nairobi Stock Exchange listed group and its subsidiaries; Mwananchi Communications Ltd (Tanzania) and Monitor Publications Ltd (Uganda) operate the most popular newspapers and radio stations in the region.

These include; Nation, Business Daily, The East African, The Monitor, Mwananchi and The Citizen Tz among others.

Power Generation

  1. Azito Energie SA – Ivory Coast

The Azito power plant is one of the most powerful, modern, and efficient power plants in West Africa.

It generates electricity using natural gas from the country’s offshore gas fields.

Constructed at about US$ 1 billion, the power plant produces 713 megawatts, accounting for 30% of Ivory Coast’s base load generation.

Through IPS (West Africa), H.H. The Aga Khan has a 23% interest in the plant.

  1. Bujagali Energy Ltd – Uganda

Bujagali Hydro Power Plant generates 250 megawatts contributing 31% of Uganda’s effective energy capacity.

Bujagali Energy Limited is a joint venture between Bujagali Holdings Power Company Ltd (BHPCL) an affiliate of Aga Khan Fund for Economic Development (AKFED); SN Power Invest (a majority-owned subsidiary of Scatec ASA Norway); and the Government of Uganda (GoU).

Agriculture and Food Processing

  1. Farmers Choice Limited – Kenya

Founded in 1980, Farmer’s Choice is the biggest meat processor in East Africa, dealing mainly with processed pork products.

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H.H. The Aga Khan-owned IPS group acquired a majority stake in the company in 2000.

The group has a Halal-certified, state-of-the-art beef slaughterhouse subsidiary trading under the brand ‘Choice Meats’.

Today, the company sells its produce within Kenya, Uganda, Tanzania, Zanzibar, Ethiopia, Muscat, Bahrain, and the United Arab Emirates.

  1. Frigoken Ltd – Kenya

It is the largest export-oriented vegetable processing company in East Africa.

Employing over 3,000 people it exports over 20,000 metric tons of vegetables per year.

  1. Premier Food Industries Ltd – Kenya

Trading under brand names; Peptang, PEP and Orchid Valley, Premier Foods processes sauces, jams, canned vegetables, and juices (concentrate and ready-to-drink) sold in Kenya and Eastern Africa.

  1. West Africa Cotton ginning companies and agricultural extension services in Burkina Faso (Faso Cotton SA) and Ivori Coast (Ivoire Coton SA).
  2. Other agricultural-based companies under the group include; Nouvelle Société Sucrière de la Comoe (SN SOSUCO), a sugar company in Burkina Faso, Botanical Extracts EPZ Ltd in Kenya, and Moshi Leather Industries Ltd in Tanzania.

Telecommunications

  1. IPS Cable Systems Limited (Seacom) – Mauritius

IPS Cable Systems Ltd has invested $650 Million in the 17,000 Km Seacom submarine fiber optic cable project.

The project links South Africa, Mozambique, Madagascar, Kenya, Tanzania, France, and India with other international broadband cables, providing low-cost and high-quality broadband capacity.

Real Estate

  1. PDM (Holdings) Limited – Kenya and Uganda

PDM (Holdings) Limited is a real estate company that has operated in East Africa for over 50 years.

PDM’s landmark developments in Nairobi, Kenya include the IPS Building, which was the first high-rise building in Nairobi, the Nation Centre, the Courtyard in Westlands, and Vienna Court.

In Uganda, PDM projects include the Kampala-based DTB Centre and Infinity Court.

Manufacturing

  1. Chimtec SA – West Africa

Chimtec is a leading manufacturer of chemical products, industrial marking, and printing products.

Headquartered in Abidjan, Ivory Coast, it operates in more than 20 countries in West and Central Africa.

Chimtec’s chemical products are used in several industries such as; food, pharmaceutical, water treatment, cosmetics, detergents, plastic, textile, perfumery, paint, drybags, mining, oil, and bitumen.

  1. Filtisac SA – West Africa

Created in 1965, this was the H.H. The Aga Khan’s first project in West Africa.

It started off as a manufacturing unit of jute intended for the packaging of cocoa, coffee, and cashew nuts.

It later diversified to synthetic fiber and plastic packaging and is today the largest industrial packaging company in West Africa

Its products are used for packaging in food exportation, cement production, agriculture, cotton, and mining industries.

  1. Kampala Pharmaceuticals Industries Ltd – Uganda

By output volume, this is the largest pharmaceutical products manufacturer in Uganda.

It manufactures about 60 essential generic products, including anti-microbials, antimalarials, painkillers, and cough syrups for the Ugandan market and for export to East and Central African countries.

  1. Allpack Industries Ltd in Kenya and TLL Printing and Packaging Ltd in Tanzania are involved in the manufacturing of corrugated boxes, inner cartons, labels, and polypropylene bags.
  2. Moztex SA in Mozambique, Alltex EPZ Ltd (Kenya), and Kamyn Industries Ltd (Kenya) are engaged in garment and socks manufacturing.
  3. Other African manufacturing companies in the Aga Khan Development Network portfolio include; Plastics and Rubber Industries Ltd (Kenya), Wire Products Ltd (Kenya), Compagnie de Filature et de Sacherie SA (Senegal), Fûts Métalliques et Plastiques de L’Ouest Africain SA (Senegal), Tanzania Litho Printing Ltd, and Uganda Fishnet Manufacturers Ltd.

Education & Healthcare

Through its agencies; Aga Khan Schools, Aga Khan Universities, and Aga Khan Health Services, the Aga Khan Development Network runs several nonprofit academic institutions and medical facilities in East Africa.

At 87 years old, H.H. The Aga Khan is likely to have settled on his successor.

Whether the next Aga Khan will continue his legacy in Africa remains to be seen.

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