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Ethiopia’s wealthiest man Mohammed Al-Amoudi has seen his net worth take a hit of more than $1.25 billion since the start of the year due to a decrease in the value of his industrial holdings in Europe, the Middle East, and North Africa
Data retrieved from the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, revealed that Al-Amoudi’s net worth has decreased by $1.25 billion from $6.71 billion at the beginning of the year to $5.47 billion at the time of writing.
The billion-dollar decline in his net worth can be attributed to a decrease in the value of his industrial holdings in Sweden, Saudi Arabia, and Ethiopia.
Al-Amoudi’s fortune is mainly derived from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another oil exploration, and production business.
Additionally, he owns stakes in Midroc Gold, Ethiopia’s largest miner, and a 67-percent stake in Samir, Morocco’s only oil refinery.
At the time of writing, Al-Amoudi’s most valuable industrial assets — Preem, Midroc Gold, and Okote Gold — are worth $1.08 billion, $1.13 billion, and $993 million, respectively. His stakes in Svenska and Midroc Gold are now worth $772 million and $200 million, respectively.
The market value of Al-Amoudi’s Preem shareholding has dropped from $1.7 billion to $1.08 billion due to a revaluation of the company’s assets and earnings potential.
Similarly, his stake in Midroc Gold has fallen from $1.3 billion at the start of the year to $1.13 billion due to a decline in gold prices.
Al-Amoudi’s other investments have also taken a hit, with his holdings in Samir, Svenska, and Okote Gold all declining in value. Despite this, the billionaire remains one of the wealthiest individuals in Africa, and his fortune of $5.47 billion makes him the 431st richest man in the world.
