Mohammed Al-Amoudi, Ethiopian Richest Man, Records $161 million Net Worth Boost

Ethiopia’s richest man, Mohammed Al Amoudi has witnessed a $161 million increase in his net worth. This increase comes at a time when the global equity market is experiencing a lift after the dull performance of the previous year.

Al Amoudi who is currently the 447th richest man in the world has seen his net worth grow from $5.46 billion on Jan. 1 to $5.62 billion on Feb.23.

The Ethiopian billionaire’s net worth in 2022 decreased from $6.71 billion to $5.46 billion, a $1.25 billion loss.

This increase, described as a recovery development, further solidifies his position as the richest man in Ethiopia and one of the richest billionaires in Africa.

What is the reason for Al-Almoudi’s $161 million increase?

The $161 million increase in his fortune is closely linked to the vibrant performance of Al-Amoudi’s industrial assets in Ethiopia, Saudi Arabia, and Sweden. Some of which include Preem(Sweden’s largest oil refinery) Midroc Gold, and Okote Gold.

Reports say his stakes in Svenska and Midroc Properties are now worth $772 million and $229 million, respectively.

Who is Ethiopia’s richest man?

Mohammed Al Amoudi is the son of a Saudi father and an Ethiopian mother, who acquired his initial fortune in construction in Saudi Arabia.

One of his most valuable assets is oil refiner Preem, which is one of the largest fuel companies in Sweden. The oil company is also known to openly support  Sweden’s recent fight against carbon emissions. It has also pledged millions of dollars to achieve a balance between the amount of greenhouse gas produced and the amount removed from the environment.

The Ethiopian businessman has also invested in agriculture.  His firm Saudi Star Agricultural Development has cultivated thousands of acres of land for fruits, vegetables, cereals, coffee, tea, flowers, and rice fields for customers in Ethiopia and abroad. 

He also owns Ethiopia-based Midroc Gold, the country’s biggest miner, and a 67-per cent stake in Samir, Morocco’s sole oil refinery.