Ethiopian billionaire Mohammed Al-Amoudi’s net worth has increased by millions of dollars in the past 51 days, as the market value of his industrial assets and investments rebounded sharply after falling significantly in September.
Al-Amoudi’s net worth has risen by $340 million in the past 51 days, rising from $5.02 billion on Sept. 26 to $5.36 billion on Nov. 16, according to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people.
The multimillion-dollar increase in his net worth can be attributed to a rebound in the market value of his industrial assets in Sweden, Saudi Arabia, and Ethiopia, as shares in publicly traded companies rallied sharply after falling to their lowest price levels in September, closely tracking the performance of their industry peers.
Al-Amoudi, Ethiopia’s richest man and one of Africa’s wealthiest 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 business.
The market value of his holding in Preem, Sweden’s largest oil refiner, has soared in the past 51 days from $762 million on Sept. 26 to $973 million at the time of writing this article, owing to a resurgence in its operations despite disruptions in its operating environment.
Preem announced the successful pricing of its $244-million first green bond offering under its Green Financing Framework as part of its efforts to encourage renewable energy investment.
The oil firm has been an active participant in Sweden’s most recent fight against carbon emissions, committing millions of dollars to establish a balance between the amount of greenhouse gas produced and the amount removed from the environment.
In 2020, the oil corporation abandoned plans to expand Sweden’s largest oil refinery, which would have potentially created the country’s largest polluter, and began producing renewable fuels at its Lysekil refinery.