Mohammed Al-Amoudi: After A Drop In His Net Worth, Ethiopia‘s Richest Man Gains $111M In Just A Month

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Mohammed Al Amoudi, Ethiopia’s richest man, has increased his net worth by $111 million since the beginning of the year. His net worth has risen to $5.57 billion, up from $5.46 billion on January 1. His net worth fell by $1.25 billion in 2022.

The billionaire’s gains, according to the Bloomberg Billionaires Index, are the result of the strong performance of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, which include venska Petroleum Exploration and Preem, Sweden’s largest oil refinery.

He owns Addis Abeba, Ethiopia’s largest mining firm, Samir, Morocco’s sole oil refinery, and other businesses such as hotels, an oil company, coffee and rice farms.

Preem, Sweden’s largest oil refinery, produces more than 18 million cubic meters of crude oil per year, and Svenska Petroleum Exploration, an oil exploration and production company, contribute significantly to his fortune.

His three most valuable assets, according to African Billionaires, are Preem, Midroc Gold, and Okote Gold, which are worth $1.09 billion, $1.13 billion, and $993 million, respectively. Furthermore, his stakes in Svenska and Midroc are now worth $772 million and $229 million, respectively, according to the platform.

Al Amoudi made his fortune in construction and real estate in Saudi Arabia before diversifying into oil refineries in Sweden and Morocco. With a net worth of US$9.2 billion, he was named the sixth richest Arab in the world by Arabian Business in 2017.

The Ethio-Saudi tycoon is said to be the biggest foreign investor in Sweden and Ethiopia. His investments span several industries, including oil, mining, agriculture, hotels, hospitals, finance, operations, and maintenance. According to the New York Times, he owns businesses in Ethiopia.

His business career has not always been smooth sailing; in 2018, he was detained by Saudi officials as part of Crown Prince Mohammed bin Salman’s anti-corruption campaign. Despite the fact that no one knew where he was for 400 days, his net worth increased by 6% despite the crackdown.

Mohammed Al-Amoudi was born in Saudi Arabia to a Saudi father and an Ethiopian mother. He was raised in the Ethiopian town of Woldia before moving to Saudi Arabia to be with his brother. Al Amoudi is married with eight children and holds an honorary doctorate in philosophy from Addis Abeba University.

 

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