Ethiopia’s richest man Mohammed Al-Amoudi gains $220 million within 72 hours

Feyisayo Ajayi -

Ethiopia’s richest man Mohammed Al-Amoudi has further solidified his position as one of the world’s richest Black individuals as his net worth surged by $220 million within 72 hours — further cementing his position as one of the world’s wealthiest individuals.

According to the Bloomberg Billionaires Index — which tracks the fortunes of the world’s 500 wealthiest billionaires — Al-Amoudi’s net worth has surged by $220 million over the past three days, rising from $8.94 billion on Feb. 6 to $9.16 billion on Feb. 9.

The primary driver behind this surge — which translates to an average daily gain of $73.3 million — is attributed to the robust performance of his diverse industrial assets across Sweden, Saudi Arabia, and Ethiopia.

Al-Amoudi rides high on Preem’s recent success

Currently holding the 260th spot on the Bloomberg Billionaires Index, Al-Amoudi derives a significant portion of his wealth from his stake in Preem — Sweden’s largest energy company, which boasts an annual refining capacity exceeding 18 million cubic meters of crude oil. Bloomberg’s figures reveal that the value of his stake in Preem has increased by $190 million, reaching an astounding $3.89 billion from $3.7 billion on Feb. 6.

The Ethiopian billionaire strategically positions himself to leverage the recent upswing in Preem’s valuation spurred by the group’s stellar third-quarter financial performance. He is actively exploring avenues to divest his stake in Preem, maximizing returns and further solidifying his position as one of Africa’s wealthiest individuals.

Al-Amoudi’s expansive wealth: A strategic portfolio beyond Preem

In addition to his holdings in Preem, Al-Amoudi maintains significant shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold. Notably, his $1.04-billion stake in Svenska Petroleum Exploration, 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.

While Midroc Gold — Ethiopia’s premier mining company which has diversified into the hotel, oil, and agro-allied industries — remained stable, the overall surge has propelled Al-Amoudi from the 263rd to the 260th spot on the esteemed list of the world’s 500 wealthiest billionaires tracked by Bloomberg.