Ethiopia’s richest man Mohammed Al-Amoudi gains $130 million in two weeks

Ethiopia’s richest man Mohammed Al-Amoudi has seen a notable increase in his fortune over the past two weeks. His wealth has now surpassed $9 billion, further establishing his position among the world’s richest individuals.

According to the Bloomberg Billionaires Index – which tracks the fortunes of the world’s 500 wealthiest billionaires – Al-Amoudi’s net worth has soared by $130 million over the past two weeks, from $9.16 billion on Feb. 9 to $9.29 billion.

Thanks to the strong performance of his diverse industrial assets across Sweden, Saudi Arabia, and Ethiopia, the billionaire has seen a remarkable increase in his wealth. He’s been averaging a daily gain of $9.28 million since Feb. 9, marking a significant milestone for him.

Ethiopia’s richest man surges to 259th spot on global billionaires list

The surge in his fortune propels Al-Amoudi to 259th place on the prestigious list of the world’s 500 wealthiest billionaires, tracked by the Bloomberg Billionaires Index. As one of Africa’s wealthiest, Al-Amoudi’s notable position as Ethiopia’s richest man is further emphasized by this recent surge in his fortune.

With his net worth pegged at $9.16 billion, Al-Amoudi now ranks 259th on Bloomberg’s list of the world’s 500 wealthiest billionaires. This underlines his notable standing as one of Africa’s wealthiest individuals and, notably, as Ethiopia’s richest man.

The boost in Al-Amoudi’s wealth is attributed to the outstanding performance of his holdings in Preem, Sweden’s energy giant, with an annual crude oil refining capacity exceeding 18 million cubic meters.

A close look at his growing $3.95-billion stake and varied investment holdings

As the beneficial owner of Preem and a significant player in Sweden’s investment landscape, Al-Amoudi strategically eyes lucrative opportunities for divestment. In recent times, his stake in Preem has surged by $250-million surge to $3.95 billion from $3.7 billion on Feb. 9.

Apart from his major holdings in Preem, Al-Amoudi also owns significant stakes in Midroc Gold, Svenska Petroleum, Samir, and Okote Gold. These investments contribute to his extensive wealth portfolio. Notably, he holds a $1.04-billion stake in Svenska Petroleum Exploration, a 67-percent share in Morocco’s only oil refiner, Samir, and a $1.01-billion stake in Okote Gold.