Ethiopia’s wealthiest man Mohammed Al-Amoudi gains $111 million in 34 days

Following a $1.25-billion drop in his net worth in 2022, Ethiopia‘s richest man Mohammed Al Amoudi is off to a strong start in the new year, with his net worth increasing by millions of dollars since the start of the year.

According to the Bloomberg Billionaires Index, the Ethiopian billionaire, who is presently ranked 470th in the world, has seen his net worth increase by $111 million since the beginning of the year due to the strong performance of his industrial assets in Sweden, Saudi Arabia, and Ethiopia.

The recent bump in his net worth has seen his wealth figures increase from $5.46 billion on Jan. 1 to $5.57 billion at the time of drafting this report, solidifying his position as one of Africa’s richest billionaires.

Al-Amoudi’s fortune is primarily derived from Preem, Sweden’s largest oil refiner, and Svenska Petroleum Exploration, another oil exploration and production company. He also has a 67-percent stake in Samir, Morocco’s sole oil refinery, and Midroc Gold, Ethiopia’s largest miner.

At the time of writing, Al-Amoudi’s most valuable industrial assets — Preem, Midroc Gold, and Okote Gold — are worth $1.09 billion, $1.13 billion, and $993 million, respectively. His stakes in Svenska and Midroc are now worth $772 million and $229 million, respectively.

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 oil company has been a vocal supporter of Sweden’s recent fight against carbon emissions, pledging millions of dollars to achieve 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, potentially creating the country’s largest polluter, and instead began producing renewable fuels at its Lysekil refinery.