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Ethiopia’s richest man Mohammed Al-Amoudi gains $170 million in 15 days

by Feyisayo Ajayi

The primary driver behind this surge is attributed to the robust performance of his diverse industrial assets across Sweden, Saudi Arabia, and …

Ethiopian billionaire Mohammed Al-Amoudi rides high on Preem’s success

Ethiopia’s richest man Mohammed Al-Amoudi has further solidified his position as one of the world’s richest Black individuals as his net worth surged by $170 million over the past 15 days — adding to his billion-dollar fortune and cementing his position as one of Africa’s wealthiest individuals.

According to the Bloomberg Billionaires Index — which tracks the fortunes of the world’s 500 wealthiest billionaires — Al-Amoudi’s net worth has surged by $170 million over the past 15 days, rising from $8.51 billion on Nov. 16 to $8.68 billion at the time of drafting this report.

The primary driver behind this surge — which translates to an average daily gain of $11.33 million — is attributed to the robust performance of his diverse industrial assets across Sweden, Saudi Arabia, and Ethiopia.

Presently holding the 262nd spot on the Bloomberg Billionaires Index, Al-Amoudi derives a significant portion of his wealth from his stake in Preem — Sweden’s largest energy company, which boasts an annual refining capacity exceeding 18 million cubic meters of crude oil.

Bloomberg’s figures reveal that the value of his stake in Preem has further climbed by $270 million, reaching an astounding $3.59 billion from $3.32 million on Nov. 16.

The Ethiopian billionaire strategically positions himself to leverage the recent upswing in Preem’s valuation spurred by the group’s stellar third-quarter financial performance. He is actively exploring avenues to divest his stake in Preem, maximizing returns and further solidifying his position as one of Africa’s wealthiest individuals.

Al-Amoudi’s expansive wealth: A strategic portfolio beyond Preem

In addition to his holdings in Preem, Al-Amoudi maintains significant shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold. Notably, his $1.04 billion stake in Svenska Petroleum Exploration, a 67-percent stake in Morocco’s sole oil refiner, Samir, and a $1.01-billion stake in Okote Gold further contribute to his expansive wealth portfolio.

While Midroc Gold — Ethiopia’s premier mining company which has diversified into the hotel, oil, and agro-allied industries — remained stable over the period of 15 days, the overall surge has propelled Al-Amoudi from the 268th to the 262nd spot on the esteemed list of the world’s 500 wealthiest billionaires tracked by the Bloomberg Billionaires Index.

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