Home » Ethiopia’s richest man loses $100 million in just 6 days

Ethiopia’s richest man loses $100 million in just 6 days

Recent wealth decline for Mohammed Al-Amoudi follows asset divestment plans

by Omokolade Ajayi
Mohammed Al-Amoudi

Ethiopia’s richest man Mohammed Al-Amoudi’s net worth has declined by $100 million in just six days, the latest setback in a string of wealth declines.

According to the Bloomberg Billionaires Index, Al-Amoudi’s fortune sits at $9.1 billion at the time of drafting this report, down from $9.2 billion on March 27.

This follows a previous decline of $160 million between Feb. 25 and March 18, when his net worth dipped from $9.29 billion to $9.13 billion. Analysts attribute the plunge primarily to fluctuations in the valuation of his privately held oil and energy assets.

The broader downturn in Al-Amoudi’s fortune reflects a decline in the market value of his industrial holdings across Ethiopia, Saudi Arabia, and Sweden.

Al-Amoudi’s wealth dips as asset sales take shape

Recent wealth decline for Al-Amoudi follows asset divestment plans. In February, discussions emerged between Al-Amoudi’s Svenska Petroleum Exploration AB and Vaalco Energy, based in Houston, regarding the potential sale of a substantial stake in offshore Block CI-40, located in Cote d’Ivoire.

Additionally, Al-Amoudi intends to divest his stake in Preem Holding AB, valued at more than $3.5 billion. Preem is a key player in Sweden’s energy sector, with significant crude oil refining capacity and a crucial role in advanced renewable fuel production across Scandinavia.

Ethiopia’s richest man slides on index

Mohammed Al-Amoudi, despite falling to 280th on the Bloomberg Billionaires Index, remains Ethiopia’s wealthiest individual. His influence across the Middle East and Africa persists due to his diversified holdings in mining, energy, and construction.

Aside from his stake in Preem, Al-Amoudi’s vast portfolio includes significant stakes in Midroc Gold, Samir, Okote Gold, and Svenska Petroleum Exploration (valued at $1.04 billion alone), highlighting his broad investment strategy across various sectors.

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