Ethiopian billionaire businessman Mohammed Al-Amoudi has seen a notable surge in his net worth over the past 47 days, owing to a steady rise in the market value of his industrial assets.
According to data tracked by the Bloomberg Billionaire Index — a platform that constantly monitors and evaluates the fortunes of the top 500 wealthiest individuals worldwide — Al-Amoudi’s net worth has risen by $160 million from $5.16 billion on March 16 to $5.32 billion as of the time of writing this report.
With the recent surge of $160 million in net worth, he has successfully reduced the $460 million wealth loss he suffered from Feb. 21 to March 16.
The remarkable recovery solidifies his position as one of the wealthiest businessmen not only in Ethiopia but also across the African continent and the Arab world.
The boost in his net worth can be attributed to the exceptional performance of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, which have consistently tracked the growth of publicly traded companies in the global equity market.
As of writing this report, Al-Amoudi’s valuable industrial assets, including Preem, Midroc Gold, and Okote Gold, are valued at $824 million, $1.13 billion, and $993 million, respectively.
Additionally, his stakes in Svenska and Midroc Properties are valued at $772 million and $229 million, respectively.
The surge in his net worth can be attributed to his significant stake in Preem, Sweden’s largest oil refiner, which has recently increased in value by $124 million, rising from $700 million on March 16 to its current value of $824 million.
Preem has played a significant role in supporting Sweden’s efforts to reduce carbon emissions, with an impressive refining capacity of over 18 million cubic meters of crude oil per year.
The company has demonstrated its commitment to achieving an environmentally sustainable future by investing millions of dollars towards balancing the greenhouse gases produced and removed from the atmosphere.