Ethiopian billionaire businessman Mohammed Al-Amoudi has seen his net worth fall by $140 million in the past 15 days due to a recent drop in the market value of his stake in Preem, Sweden’s largest oil refiner.
The Ethiopian businessman, who owns valuable industrial assets in Sweden, Saudi Arabia, and Ethiopia, is the richest man in Ethiopia and one of the wealthiest businessmen in Africa, thanks to a portfolio that includes Svenska Petroleum Exploration and Preem.
According to the Bloomberg Billionaires Index, his net worth has dropped from $5.92 billion on Aug. 1 to $5.78 billion at the time of writing this report, a total $140 million drop in his wealth in the last 15 days.
His net worth fell in the first two weeks of August by $140 million after increasing by $230 million in July due to a surge in the valuation of his industrial assets spread across Sweden, Saudi Arabia, and Ethiopia during the period under review.
According to research conducted by Billionaires.Africa, the multimillion-dollar slump in his net worth over the last two weeks can be attributed to a $120-million drop in the market value of his stake in Preem from $1.39 billion at the start of the month to $1.27 billion.
Preem, Sweden’s largest fuel company with a refining capacity of more than 18 million cubic meters of crude oil per year, announced the successful pricing of its inaugural green bond offering of $244 million under its Preem Green Financing Framework almost two months ago.
The green bond will drive investment in renewables refining capacity through retrofitting and converting existing fossil production to renewables, reinforcing Preem’s commitment to ESG principles and its strategic goal of achieving net-zero carbon emissions by 2035 across the relevant value chain.