United Africa Group

Finalist
Windhoek, Namibia

Namibian private equity firm United Africa Group has grown from humble beginnings in 1992 to own 42 companies in four areas: real estate (office buildings), hospitality (12 hotels), financial services (pension management), and energy (oil, wind power). The private company, based in Windhoek, employs 480 directly and has revenues of nearly $4 million. The Namibian government is a key customer. UAG's latest push is in renewable energy. The firm plans to build a major wind farm in southwest Namibia and also is considering a desalination plant.

Executive Director Haddis Tilahun was born in Ethiopia and spent time in the U.S., but has lived in Namibia for 18 years. He runs UAG with his wife, Martha Namundjebo, and also serves as a director or trustee to multiple companies and as a member of the Presidential Advisory Council on economic issues. "Yes, you might have difficulties investing in Africa," Tilahun says, "but the returns are so high." He figures many projects in Africa, such as mining, real estate, and information technology, can produce investment returns of 20% or higher. "Africa has the opportunity to create wealth for those who would take the risk and invest in this environment."