7 companies owned by Ethiopia’s richest man, Mohammed Al-Amoudi

Feyisayo Ajayi -

Mohammed Al-Amoudi, the visionary founder of Ethiopia-based Midroc Gold, continues to make waves in the business landscape, solidifying his position as the richest man in Ethiopia and setting an example for entrepreneurs across the continent.

Al-Amoudi’s journey to success began in the mid-1980s when he secured a monumental contract to construct Saudi Arabia’s extensive underground oil storage complex, valued at approximately $30 billion in 1988. Since then, he has established his presence in various sectors, including mining, agriculture, energy, and construction.

As a leading figure in the Middle East and Africa, Al-Amoudi’s fortune is derived from diverse business ventures across multiple countries. His conglomerate holdings, Corral Petroleum Holdings and MIDROC, manage his vast industrial assets and play a pivotal role in his financial prosperity.

As one of the largest investors in Sweden, Al-Amoudi owns Preem, Svenska Petroleum Exploration, and Midroc Europe. In his home country of Ethiopia, he holds significant stakes in Midroc Gold, the country’s largest miner, and the undeveloped Okote Gold Mine.

Notably, his Addis Ababa Sheraton stands as a premier hotel in Africa, showcasing his significant influence in the hospitality industry.

Billionaires.Africa has identified seven enterprises under Al-Amoudi’s control, showcasing his significant influence and adept business acumen in driving growth and success.

  1. Preem: Mohammed Al-Amoudi owns Preem, the largest fuel maker in Sweden. Preem is a Swedish company that deals with petroleum and bio-fuels, operating about 570 petrol stations and two oil refineries within the country. Annually, it refines over 18 million metric tons of crude oil. Preem manages a significant portion of the value chain, handling everything from raw material processing to sales.
  1. Corral Petroleum Holding AB: Al-Amoudi is deeply invested in Corral Petroleum Holdings AB, which operates as a holding company with oil refineries under its subsidiaries. The company provides a range of petroleum products, including liquefied petroleum gas, gasoline, diesel, heating oil, fuel oil, jet fuel, kerosene, and naphtha. Corral Petroleum Holdings serves customers globally.
  1. Svenska Petroleum Exploration: venska Petroleum Exploration AB, founded in 1996, is a Swedish oil company specializing in offshore production. It’s a subsidiary of Petroswede AB, fully owned by Al-Amoudi. The company operates in West Africa and Norway, with headquarters in Stockholm and offices in London and Bissau. Al Amoudi’s stake in Svenska is currently valued at $772 million.
  1. Midroc Gold: Al-Amoudi owns Midroc Gold, Ethiopia’s only gold exporter, which runs the Lega Dembi Mine. The company produces approximately 4,500 kilograms of gold and silver each year. Al-Amoudi’s stake in Midroc Gold is currently valued at $1.13 billion, making it his most significant asset.
  1. Okote Gold Mine: The Okote Project is a gold venture in Oromia, Ethiopia’s most populous region. It’s a late-stage pre-development project with the potential for a long-lasting operation, producing 135,000 ounces of gold annually at low operating costs. Al-Amoudi holds an interest in the project worth $993 million, contributing to his substantial fortune of $5.46 billion.
  1. NAFT Services Company Limited: Naft Services Co. is a Saudi company specializing in gas stations and petroleum product distribution in Saudi Arabia. Founded in 1987 and based in Jeddah, it stands out as an early pioneer recognized for superior product quality and reliability. With more than 235 stations in the Kingdom, NAFT continues to thrive. Al-Amoudi presently holds a $326-million interest in the company.
  1. Midroc Properties: Midroc Properties acts as the property holding firm for Al-Amoudi, facilitating the acquisition and management of a diverse portfolio of property assets across Europe and Africa, collectively valued at more than $200 million.