Billionaire Mohammed Al Amoudi's MIDROC retains name in Ethiopia amid global rebranding

Timilehin Adejumobi -

Key Point

  • MIDROC Ethiopia retains its brand despite MIDROC Sweden rebranding to Granitor to reflect Nordic connections and new ownership dynamics.
  • The change to Granitor reflects a strategic shift to strengthen ties with Nordic markets.
  • Al Amoudi’s net worth rises to $9.63 billion, driven by industrial investments in Ethiopia, Saudi Arabia, and Sweden.

MIDROC Group, Ethiopia’s largest conglomerate owned by the country’s wealthiest individual, Mohammed Al-Amoudi, announced it will retain its name domestically despite a rebranding in Sweden to Granitor.

Granitor: MIDROC Group’s new identity unveiled

The newly launched Granitor brand aims to strengthen MIDROC’s Nordic connection and support the growth of its diverse operations. “We changed our identity from MIDROC to Granitor. The MIDROC brand is currently used by various operations with different ownership structures in Sweden, the Middle East, and Africa. The MIDROC Europe group is owned by Mohammed Al-Amoudi and the Swedish Wikström family,” the group stated.

The rebranding is described as a “natural progression” due to the Wikström family’s increased holdings, with Mohammed Al-Amoudi transitioning to a “long-term minority owner and financier.” Seid Mohammed, head of communications and public relations at MIDROC Ethiopia, confirmed there are no plans to change the company’s name domestically.

Global operations, local stability

“We are MIDROC Group. The only connection between MIDROC in Ethiopia and Sweden is ownership by Sheikh Al-Amoudi. The management is distinct, and there are no plans to rebrand MIDROC Ethiopia to Granitor,” Seid emphasized.

Operating since 1996, MIDROC Group engages in multifaceted business ventures across Africa, Europe, the Middle East, and the United States. Its diverse portfolio includes agriculture, manufacturing, mining, construction, and tourism.

Wealth and expansion

According to the Bloomberg Billionaires Index, Mohammed Al-Amoudi’s net worth has increased by $409 million this year, rising from $9.05 billion on January 1 to $9.46 billion. This financial gain is attributed to his industrial holdings in Ethiopia, Saudi Arabia, and Sweden.

Earlier this year, Al-Amoudi’s Swedish oil and gas company, Svenska Petroleum, was reported to be in discussions with Houston-based Vaalco Energy regarding a potential acquisition of a 27.39-percent stake in Block CI-40, located offshore Côte d’Ivoire.

On the other hand, Al-Amoudi’s holding company, Corral Petroleum Holdings AB (CPH), is exploring the sale of its subsidiary, Preem Holding AB. Preem, valued at nearly $5 billion, is a major player in Scandinavia’s advanced renewable fuels market.