Ethiopia’s richest individual, Mohammed Al-Amoudi, who had witnessed continuous development in his wealth this year, had a setback with a dramatic dip of $160 million in his net worth over the last three weeks.
The Bloomberg Billionaires Index, which counts the wealth of the world’s top 500 billionaires, shows Al-Amoudi’s fortune has decreased from $9.29 billion on Feb. 25 to $9.13 billion.
Earlier this year, Al-Amoudi’s fortune increased by $240 million between Jan. 1 and Feb. 25. However, this sudden move has reversed the trend. This was fueled by increased institutional investor interest in his privately owned oil and energy portfolio, which drove asset valuations to new highs.
In February, it was reported that Al-Amoudi’s Swedish oil and gas company, Svenska Petroleum Exploration AB, was in talks with Houston-based Vaalco Energy about acquiring a 27.39-percent stake in Block CI-40 offshore Cote d’Ivoire.
Al-Amoudi-owned Corral Petroleum Holdings AB (CPH) aims to sell its subsidiary, Preem Holding AB, which corresponds with this action. Preem, worth more than $3.5 billion, is one of Sweden’s largest energy corporations and a leading producer of innovative renewable fuels in Scandinavia.
The recent $160-million loss in Al-Amoudi’s net worth is mostly due to a drop in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, which reflects swings in publicly traded corporations in the global equities market.
Despite this setback, Al-Amoudi remains one of Africa’s richest people and Ethiopia’s wealthiest. However, he has dropped to 271st place on Bloomberg’s ranking of the world’s 500 richest billionaires. The recent reduction in his riches is linked to a decrease in his shareholding in Preem, Sweden’s energy behemoth with an annual crude oil refining capacity of almost 18 million cubic meters.
Al-Amoudi’s large wealth portfolio includes major investments in Midroc Gold, Svenska Petroleum, Samir, and Okote Gold, contributing significantly to his net worth. Notably, he owns a $1.04 billion holding in Svenska Petroleum Exploration, 67 percent of Morocco’s sole oil refiner, Samir, and a $1.01 billion stake in Okote Gold.