Ethiopia-born billionaire Mohammed Al-Amoudi has recorded a $360-million boost in his net worth in the past 21 days after his wealth fell by $530 million between July and September.
The billionaire, whose real-time fortune of $7.2 billion is derived from closely held companies such as Svenska Petroleum, Midroc Europe (a construction and property group) and Preem (his most valuable asset), has seen his net worth increase by 5.26 percent since Sept. 29.
Data retrieved from the Bloomberg Billionaires Index revealed that his net worth has increased from $6.84 billion on Sept. 29 to $7.20 as of the time of writing, Oct. 21, owing to an increase in the valuation of his assets across Sweden, Saudi Arabia and Ethiopia.
This translates to a net worth gain of $360 million for the billionaire in the past 21 days.
Between July 28 and Sept. 29, his net worth fell from a valuation of $7.37 billion to $6.84 billion.
The recent increase in his net worth is linked to a revaluation of his equity interest in companies, and specifically his ownership interest in Svenska and Preem, the largest fuel company in Sweden, with an annual refining capacity of more than 18 million cubic meters of crude oil.
Recently, Pyrocell, a Preem subsidiary, announced that a biofuel plant producing pyrolysis is under way. This is in line with the group’s commitment to achieving large-scale renewables production.
The plant, which is located in Gavle, Sweden, will produce around 25,000 tonnes of non-fossil pyrolysis per year, which equates to the annual fuel consumption of 15,000 passenger vehicles.
Al-Amoudi’s net worth of $7.20 billion makes him the 387th richest man in the world behind U.S. businessman and investor Tom Gores, who is $20-million richer.
