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Mohammed Dewji, 43, was taken by the men who drove him around 6.30 am local time, police said.
The abductors, who are believed to be nationals, have been held open deliberately, Dar es Salaam regional police commissioner Lazaro Mambosaso told CNN.
They said, "The Dar es Salaam regional police commissioner Lazaro Mambosaso.
"They're going to be questioning the staff who were on duty at the time," the commissioner said.
The motive for the kidnapping is still unknown, but police expect this to be a "ransom" kidnapping.
Reports about Dewji being found to be false – have been deployed to discover his whereabouts, according to Mambosaso.
The pan-African conglomerate has massive holdings in textile and food and beverage manufacturing businesses across Africa.
According to Forbes Magazine has a net worth of $ 1.5 billion making him Africa's youngest billionaire.
He served two terms in the Tanzania parliament before he resigned in 2015 to dedicate more time to the family business.
