Mohammed Al Amoudi. Photo credit: olatorera.com
By Face2Face Africa
Ethiopia‘s richest man Mohammed Al Amoudi has added $111 million to his net worth since the beginning of the year. His net worth is now estimated at $5.57 billion from $5.46 billion on January 1. In 2022, his net worth dropped by $1.25-billion.
According to Bloomberg Billionaires Index, the gains made by the billionaire follow the strong performance of his industrial assets in Sweden, Saudi Arabia, and Ethiopia; which include venska Petroleum Exploration and Preem, Sweden’s biggest oil refinery.
He owns Ethiopia’s largest mining firm – Addis Ababa, Morocco’s sole oil refinery – Samir, and other businesses including hotels, an oil company, coffee, and rice farms.
A significant portion of his fortune comes from Preem, Sweden’s largest oil refinery – which produces more than 18 million cubic meters of crude oil per year, as well as the oil exploration and production company, Svenska Petroleum Exploration.
According to African Billionaires, his three most valuable assets, Preem, Midroc Gold, and Okote Gold are worth $1.09 billion, $1.13 billion, and $993 million respectively. What’s more, the platform adds that his stakes in Svenska and Midroc are now worth $772 million and $229 million, respectively.
Al Amoudi made his initial fortune in construction and real estate in Saudi Arabia before expanding his portfolio to invest in oil refineries in Sweden and Morocco. In 2017, he was ranked by the Arabian Business as the 6th richest Arab in the world, with a net worth of US$9.2bn.
The Ethio-Saudi tycoon is said to be the biggest foreign investor in Sweden and Ethiopia. His investment cuts across several fields like oil, mining, agriculture, hotels, hospitals, finance, operations, and maintenance. The New York Times once reported that he controls businesses from Ethiopia.
His journey in the business world has not always been a smooth sailing affair, in 2018, he was detained by Saudi officials as part of Crown Prince Mohammed bin Salman’s corruption crackdown. For 400 days, no one knew of his whereabouts, nonetheless, his net worth spiked by 6 percent despite the crackdown.
Mohammed Al-Amoudi is a product of a Saudi father and an Ethiopian mother. He was raised in an Ethiopian town called Woldia, and later migrated to Saudi Arabia to be with his brother. Al Amoudi holds an honorary doctorate in Philosophy from Addis Ababa University and is married with eight children.