$420 Million in 11 Weeks: Ethiopia’s Richest Man Mohammed Al-Amoudi Earns Bountifully
The recent surge in the net worth of Ethiopia’s richest man, Mohammed Al-Amoudi is a testament to the power of his diverse and far-reaching portfolio of investments. After seeing his wealth drop by more than $500 million in the first nine months of 2022, Al-Amoudi has managed to recover much of the lost ground, increasing his net worth by $420 million in the past 11 weeks.
The broad-based performance of Al-Amoudi’s industrial and private assets can be attributed to the rebound of global markets and the surge in share prices of companies in which he holds stakes. Shares in publicly traded companies rallied sharply after falling to their lowest price levels in September, closely tracking the performance of their industry peers.
It’s no surprise then that Al-Amoudi’s holding in Sweden’s largest oil refiner Preem has seen its market value soar from $762 million on September 26 to $1 billion at the time of writibdrng this article. The rebound in the oil and gas industry has been a key driver of the rise in the company’s share price.
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Al-Amoudi’s investments in Saudi Arabia and Ethiopia have also contributed to the surge in his net worth. In Saudi Arabia, Al-Amoudi holds several key industrial assets, including a stake in the country’s largest engineering firm, Saudi Binladin Group. The company’s stock has rallied in the past 11 weeks, with its market value increasing from $3.5 billion on September 6 to $4 billion at the time of writing this article.
Mohammed Al-Amoudi has investments in a cement factory and a major stake in a commercial bank in Ethiopia. The cement factory has seen its share price rise from $108 million on September 6 to $123 million at the time of writing this article. Similarly, shares in the commercial bank have risen from $267 million on September 6 to $300 million at the time of writing.
The rise in Al-Amoudi’s net worth is a testament to the power of his diverse and far-reaching portfolio of investments, with his industrial and private assets performing strongly across multiple geographies. Despite the initial setback he experienced in the first nine months of 2022, Al-Amoudi has been able to recover much of the lost ground and increase his wealth by $420 million in the past 11 weeks.
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