Table of Contents
Key Points
- Ethiopia’s richest man, Mohammed Al-Amoudi, saw his net worth drop by $1.07 billion, now totaling $8.76 billion, according to Bloomberg.
- Al-Amoudi's Preem stake lost $1 billion in value, reducing his top asset to $3.34 billion amid declines in energy market valuations.
- Corral Group eyes sale of Preem, as Al-Amoudi shifts focus to renewables amid recent financial and legal challenges.
Mohammed Al-Amoudi, Ethiopia's wealthiest individual, has seen a reversal of fortune, with his net worth slipping by more than a billion dollars over the past few months, according to Bloomberg.
As of June 7, Al-Amoudi's net worth peaked at $9.83 billion, reflecting gains earlier in 2024. However, his wealth has since dropped by $1.07 billion, reaching $8.76 billion, a shift that erases previous gains and leaves him with a year-to-date decline of $290 million.
A significant factor behind this downturn is the decreased value of his stake in Preem, Sweden's largest energy company, which boasts an annual refining capacity of over 18 million cubic meters of crude oil.
Al-Amoudi’s Preem holdings drop $1 billion
Al-Amoudi’s stake in Preem, which climbed from $3.74 billion in January to $4.34 billion by June, now stands at $3.34 billion, marking a substantial dip.
Despite the drop, Preem remains Al-Amoudi's most valuable asset, outweighing other significant investments such as his interests in oil exploration firm Svenska Petroleum, valued at $1.04 billion, and the construction and undeveloped gold asset Okote Gold, valued at $1.01 billion.
Adding to his recent challenges, Al-Amoudi also faces legal hurdles linked to his interests in Morocco. His firm Corral Group recently saw a $2.7-billion compensation claim dismissed by the International Center for Settlement of Investment Disputes in Washington, D.C.
Al-Amoudi eyes deals in oil, renewables
The 77-year-old Al-Amoudi, who was briefly detained during Saudi Arabia’s anti-corruption crackdown in 2017, has shown no signs of slowing down his business ventures.
In February, his oil and gas company Svenska Petroleum was reportedly engaged in negotiations with U.S.-based Vaalco Energy regarding the sale of a 27.39-percent stake in Block CI-40, an oil field off the coast of Côte d'Ivoire. If completed, this acquisition could bolster Svenska’s position in Africa’s energy sector.
Meanwhile, Al-Amoudi’s holding company, Corral Group, is exploring the potential sale of its subsidiary, Preem, a key player in Scandinavia's renewable fuels market.
