Mohammed Al-Amoudi, Ethiopia’s richest man, has had his net worth fall by $100 million in just six days, the latest in a series of wealth reductions.
Al-Amoudi’s fortune currently stands at $9.1 billion, down from $9.2 billion on March 27 (Bloomberg Billionaires Index).
Between Feb. 25 and March 18, his net worth decreased by $160 million, from $9.29 billion to $9.13 billion. Analysts attribute the drop mostly to changes in the value of his privately held oil and energy holdings.
The overall reduction in Al-Amoudi’s fortune reflects a drop in the market value of his industrial holdings in Ethiopia, Saudi Arabia, and Sweden.
Al-Amoudi’s recent wealth decrease reflects asset selling intentions. In February, Al-Amoudi’s Svenska Petroleum Exploration AB and Houston-based Vaalco Energy discussed selling a significant share in Cote d’Ivoire’s offshore Block CI-40.
Al-Amoudi plans to sell his interest in Preem Holding AB, worth more than $3.5 billion. Preem is a major actor in Sweden’s energy sector, with large crude oil refining capacity and an important role in advanced renewable fuel generation throughout Scandinavia.
Mohammed Al-Amoudi, although sliding to 280th on the Bloomberg Billionaires Index, is Ethiopia’s wealthiest person. His influence in the Middle East and Africa remains strong due to his diverse interests in mining, oil, and construction.
Aside from Preem, Al-Amoudi’s extensive portfolio includes large investments in Midroc Gold, Samir, Okote Gold, and Svenska Petroleum Exploration (all valued at $1.04 billion), demonstrating his comprehensive investment strategy across multiple sectors.