7 Companies Owned by Ethiopia’s Richest Man, Mohammed Al Amoudi

Mohammed Al Amoudi, the visionary founder of Ethiopia-based Midroc Gold, continues to make waves in the business world, cementing his position as Ethiopia’s richest man and setting an example for entrepreneurs across the continent.

Al Amoudi’s journey to success began in the mid-1980s, when he was awarded a massive contract to build Saudi Arabia’s vast underground oil storage complex, which was valued at roughly $30 billion in 1988. Since then, he has made a name for himself in a variety of industries, including mining, agriculture, energy, and construction.

Al Amoudi’s fortune is earned from different commercial activities spanning multiple nations as a significant figure in the Middle East and Africa. Corral Petroleum Holdings and MIDROC, his conglomerate holdings, manage his large industrial assets and play a critical part in his financial success.

Al Amoudi is one of Sweden’s major investors, owning Preem, Svenska Petroleum Exploration, and Midroc Europe. In Ethiopia, he owns a big share in Midroc Gold, the country’s largest miner, as well as the undeveloped Okote Gold Mine.

Notably, his Addis Ababa Sheraton is a prominent African hotel, demonstrating his major influence in the hospitality business.

HowAfrica has identified seven businesses controlled by Al Amoudi, demonstrating his enormous influence and superior business acumen in generating growth and success.

1. Preem

Preem, Sweden’s largest gasoline manufacturer, is owned by Mohammed Al Amoudi. Preem is a Swedish firm that deals with petroleum and biofuels, having 570 gas stations and two oil refineries throughout the country. It refines roughly 18 million metric tons of crude oil each year. Preem oversees a substantial section of the value chain, from raw material processing to sales.

2. Corral Petroleum Holding AB

Mohammed Al Amoudi has a significant stake in Corral Petroleum Holdings AB, a holding firm with oil refineries as subsidiaries. LPG, gasoline, diesel, heating oil, fuel oil, jet fuel, kerosene, and naphtha are among the petroleum products offered by the corporation. Corral Petroleum Holdings services consumers all around the world.

3. Svenska Petroleum Exploration

Svenska Petroleum Exploration AB is a Swedish oil firm that specializes in offshore production. It was created in 1996. It is a subsidiary of Petroswede AB, which is entirely controlled by Mohammed Al Amoudi. With headquarters in Stockholm and offices in London and Bissau, the corporation works in West Africa and Norway. Svenska’s share in Al Amoudi is currently worth $772 million.

4. Midroc Gold

Midroc Gold, Ethiopia’s sole gold exporter, is owned by Mohammed Al Amoudi and operates the Lega Dembi Mine. Each year, the company produces around 4,500 kilograms of gold and silver. Midroc Gold is presently valued at $1.13 billion, making it Al Amoudi’s most valuable asset.

5. Okote Gold Mine

The Okote Project is a gold exploration project in Oromia, Ethiopia’s most populous region. It is a late-stage pre-development project with the potential for a long-term operation, capable of producing 135,000 oz of gold per year at minimal operating costs. Mohammed Al Amoudi presently has a $993 million stake in the project, which contributes to his $5.46 billion fortune.

6. NAFT Services Company Limited

Naft Services Co is a Saudi firm that specializes in gas stations and the distribution of petroleum products in Saudi Arabia. It distinguishes out as an early pioneer acknowledged for exceptional product quality and reliability, having been founded in 1987 and situated in Jeddah. NAFT continues to thrive across the Kingdom, with approximately 235 stations. Mohammed Al Amoudi owns a $326 million stake in the company.

7. Midroc Properties

Midroc Properties serves as Mohammed Al Amoudi’s property holding company, supporting the acquisition and management of a wide portfolio of property assets worth more than $200 million spanning Europe and Africa.

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