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Ethiopian-born Saudi billionaire Mohammed Al-Amoudi signals a return with new mega projects under MIDROC, pledging jobs and investment as Ethiopia eyes middle-income status.
Preem reports Q2 revenue below $3 billion and swings to a $93.6 million loss as refinery downtime and weaker margins weigh.
Mohammed Al-Amoudi’s fortune rises $2.2 billion after Svenska sale, pushing his net worth toward $8 billion.
Sudan's richest family, the Elnefeidis, is seeking a $19 million facility from the International Finance Corporation to support wheat imports for its Cameroon business.
The $1 billion rebound not only brought him back onto the list but pushed him up to 455th place.
Preem's Q1 2025 sales dropped 8.3% to $3.29 billion, with weaker margins and downtime impacting profits.
From fixing roofs in Addis Ababa to developing sub-Saharan Africa’s first Marriott hotel, Tafesse has become one of Ethiopia’s top businessmen.
This acquisition signals the end of Ethiopian billionaire Mohammed Al-Amoudi’s long-standing role in Sweden’s energy sector.
Ethiopian businessman Belayneh Kindie launches 100 locally assembled electric buses in Addis Ababa, advancing Ethiopia’s clean transit and electric mobility goals.
Preem’s newly published 2024 annual report provided fresh insights into its valuation, driving up the value of Mohammed Al-Amoudi’s stake.
The company reported lower revenue and profit for the second straight year, reflecting weaker refining margins and a challenging market environment.
These business leaders are not just accumulating wealth; they are pivotal players in Ethiopia’s transformation.
His net worth now stands at $9.4 billion, reinforcing his status among the world’s wealthiest individuals.
The move is expected to double the facility’s annual capacity to 5 million tonnes, strengthening Dangote Cement Plc’s position as Africa’s leading cement manufacturer.
The partnership aims to tackle financial access barriers in Africa, Asia, and Latin America, where millions are excluded from traditional banking systems.
Ethiopia’s wealthiest man, Mohammed Al-Amoudi, lost over $1 billion in recent months, with his net worth dropping to $8.76 billion.