Following a $520-million slump in his fortune in September, Ethiopian billionaire businessman Mohammed Al-Amoudi’s fortune has increased significantly due to a recent increase in the market value of his industrial assets.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 wealthiest people, Al-Amoudi’s net worth has increased by $130 million in the past 30 days, rising from $5.02 billion on Sept. 26 to $5.15 billion on Oct. 26.
The recent bump in his net worth is due to a rebound in the market value of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, as shares in publicly traded companies rallied strongly after falling to their lowest level in September.
Al-Amoudi, Ethiopia’s richest man and one of Africa’s richest billionaires, derives the majority of his fortune from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another Swedish oil and gas exploration, and production company
Aside from his broad base investments in Sweden and Morocco, he also owns Ethiopia-based Midroc Gold, the country’s largest miner, as well as active investments in the hotel, oil, and agro-allied industries.
The $130-million surge in his net worth can be attributed to a recent increase in the market value of his industrial assets, specifically his stakes in Preem, and Svenska Petroleum Exploration.
Despite recent $130 million wealth gains in the last 30 days, his net worth is still down by more than $1.5 billion, owing primarily to a drop in the market value of his stake in Preem, which fell from more than $1.8 billion at the start of business this year to $776 million at the time of writing this report.
Preem announced the successful pricing of its inaugural green bond offering of $244 million under its Green Financing Framework as part of its efforts to drive investment in renewable energy.