Ethiopia’s richest man Mohammed Al-Amoudi loses $260 million in two weeks

In a sudden reversal of fortune, Mohammed Al-Amoudi, Ethiopia’s wealthiest person and one of the world’s richest Black billionaires, has seen his net worth decline significantly over the past two weeks.

The Bloomberg Billionaires Index shows Al-Amoudi’s fortune declining by $260 million, from $9.38 billion on April 12 to $9.12 billion at the time of drafting this report. This follows a $320-million gain in his net worth between March 28 and April 12.

The recent downturn, averaging a daily loss of $18.57 million, is primarily attributed to a decrease in the market value of Al-Amoudi’s industrial holdings across Ethiopia, Saudi Arabia, and Sweden, mirroring the broader correction in global equity markets.

Mohammed Al-Amoudi’s Preem stake slumps $200 million

Al-Amoudi’s year-to-date wealth gains have been trimmed to $67.5 million, down from $327.5 million on April 12. This puts him in line with other African billionaires who have seen their fortunes decline this year.

A significant portion of Al-Amoudi’s wealth is tied to his stake in Preem, Sweden’s leading energy company, which boasts an annual refining capacity exceeding 18 million cubic meters of crude oil. However, his Preem holdings have witnessed a $200 million slump, dropping from $4.09 billion on April 12 to $3.89 billion.

Preem’s 2023 annual report revealed a concerning 14-percent decline in revenue, falling from SEK160.55 billion ($14.75 billion) in 2022 to SEK137.71 billion ($12.65 billion) in 2023, due to a significant decline in petroleum product sales throughout the year.

Al-Amoudi holds firm amid downturn

Despite the recent downturn, Al-Amoudi retains his position as Ethiopia’s richest man and remains a prominent figure among Africa’s billionaires. However, his ranking on the Bloomberg Billionaires Index has slipped to 269th among the world’s 500 richest individuals.

Al-Amoudi’s vast portfolio includes significant stakes in Midroc Gold, Svenska Petroleum, Samir, and Okote Gold, which continue to contribute substantially 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.