Ethiopia’s richest man Mohammed Al-Amoudi loses $160 million in 3 weeks

Ethiopia’s richest person Mohammed Al-Amoudi, who had seen steady growth in his wealth this year, faced a setback with a significant drop of $160 million in his net worth over the last three weeks

According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s top 500 billionaires, Al-Amoudi’s fortune has dwindled from $9.29 billion on Feb. 25 to $9.13 billion.

This abrupt shift marks a reversal from the trend earlier in the year, when Al-Amoudi’s wealth surged by $240 million between Jan. 1 and Feb. 25. This was spurred by heightened interest from institutional investors in his privately held oil and energy portfolio, driving the valuation of his assets to unprecedented levels.

Al-Amoudi’s Svenska Petroleum explores major stake sale with Vaalco Energy in Cote d’Ivoire

In February, reports emerged regarding Al-Amoudi’s Swedish oil and gas company, Svenska Petroleum Exploration AB, engaging in discussions with Houston-based Vaalco Energy concerning a substantial 27.39-percent interest in Block CI-40, located offshore Cote d’Ivoire.

This move aligns with plans of Corral Petroleum Holdings AB (CPH), owned by Al-Amoudi, to sell its subsidiary, Preem Holding AB. Preem, valued at more than $3.5 billion, is one of Sweden’s largest energy companies and a key producer of advanced renewable fuels in Scandinavia.

Mohammed Al-Amoudi slips on Bloomberg’s billionaires list

The recent $160-million decline in Al-Amoudi’s net worth is primarily attributed to the decrease in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden, reflecting fluctuations in publicly traded companies in the global equity market.

Despite this setback, Al-Amoudi still holds his position as one of Africa’s richest individuals and Ethiopia’s wealthiest person. However, he has slipped to the 271st spot on Bloomberg’s list of the world’s 500 wealthiest billionaires. The recent decline in his fortune is linked to the decrease in his stake in Preem, Sweden’s energy giant, with an annual crude oil refining capacity exceeding 18 million cubic meters.

Al-Amoudi’s extensive wealth portfolio includes major stakes in Midroc Gold, Svenska Petroleum, Samir, and Okote Gold, contributing significantly to his net worth. Notably, he holds a $1.04-billion stake in Svenska Petroleum Exploration, a 67-percent share in Morocco’s sole oil refiner, Samir, and a $1.01-billion stake in Okote Gold.