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Ethiopia’s wealthiest individual, Mohammed Al-Amoudi, has made a remarkable comeback in the global wealth rankings, securing a spot among the world’s 300 richest billionaires, according to the Bloomberg Billionaires Index.
Al-Amoudi’s fortune, which recently surpassed $8.5 billion, marks a significant rebound from earlier in the year when his net worth dipped below $5.2 billion, leading to his exclusion from the list of the world’s 500 richest people.
According to data retrieved from the Bloomberg Billionaires Index, Al-Amoudi now stands as the 262nd wealthiest person globally, a testament to the swift and substantial resurgence of his financial standing.
The driving force behind this resurgence is the remarkable performance of his stake in Preem, Sweden’s largest energy company, boasting an annual refining capacity exceeding 18 million cubic meters of crude oil.
Al-Amoudi’s Preem stake skyrockets by $2.85 billion amid stellar Q3 results
Bloomberg’s figures reveal that the market value of Al-Amoudi’s stake in Preem has surged by a staggering $2.85 billion since October 21, climbing from $726 million to an impressive $3.58 billion.
This surge coincides with Preem’s stellar financial performance in the third quarter of the 2023 fiscal year, reporting a profit of SEK5.07 billion ($478.5 million), a substantial turnaround from the SEK30 million ($2.83 million) loss recorded in the same quarter of 2022.
While Al-Amoudi contemplates divesting his interest in Preem, the company in October announced plans to reduce crude oil usage at its larger refinery starting in 2024, following the completion of a production unit revamp.
This move aligns with global emission-reduction targets and puts Preem in league with industry giants like Shell Plc and Neste Oyj, all striving to decrease crude oil usage in their refineries.
Al-Amoudi’s billion-dollar empire: A diverse portfolio resilient amid global challenges
Apart from his stake in Preem, Al-Amoudi maintains shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold. Notably, his $1.04 billion stake in Svenska, a 67-percent stake in Morocco’s sole oil refiner, Samir, and a $1.01-billion stake in Okote Gold further contribute to his expansive wealth portfolio.
Al-Amoudi’s resurgence in the billionaire ranks not only underlines the resilience of his diversified investment portfolio but also positions him as one of the prominent Black billionaires on the global stage, trailing only Africa’s richest man Aliko Dangote and America’s wealthiest individual, Robert F. Smith.
As he navigates the ever-evolving landscape of global business, Al-Amoudi’s strategic moves and the performance of his diverse assets will undoubtedly continue to be closely watched by industry observers and fellow investors alike.
