At a Glance
- IFC proposes up to $80 million loan for Sheraton Addis refurbishment and new hotel development.
- Midroc Ethiopia, owned by Mohammed Al-Amoudi, leads landmark $116m hospitality investment.
- Project aims to boost tourism, jobs, and private-sector-led growth in Ethiopia.
The International Finance Corporation has proposed a loan of up to $80 million to Midroc Ethiopia, the investment firm owned by Ethiopian billionaire Mohammed Al-Amoudi, to support a $116 million Sheraton hotel project in Addis Ababa.
The financing, disclosed by the World Bank Group’s private-sector arm, will fund the refurbishment of the Sheraton Addis and the development of a new Sheraton-branded hotel. The loan will be structured as an A-loan to Midroc Ethiopia PLC.
Midroc Ethiopia expands Sheraton Addis footprint
Midroc Ethiopia is owned by Al-Amoudi, who holds a 75 percent stake, alongside Sofia Saleh Al-Amoudi, who owns the remaining 25 percent. The group is one of Ethiopia’s largest private-sector investors, with operations spanning mining, energy, construction, agriculture, manufacturing, real estate, and hospitality.
The Sheraton Addis, long regarded as one of Africa’s most prominent luxury hotels, serves diplomats, business travelers, and international organizations. The IFC-backed project aims to modernize the property, improve service standards, and expand room capacity through the new hotel development.
Al-Amoudi reinforces long-term Ethiopia commitment
Construction and operational phases are expected to generate employment while strengthening local supply chains linked to tourism and hospitality. IFC said the investment aligns with its strategy of supporting private-sector-led growth, job creation, and foreign exchange generation in emerging markets.
For Al-Amoudi, whose wealth, according to Forbes, is above $8 billion as business interests stretch across Africa, Europe, and the Middle East, the deal reinforces his long-standing commitment to Ethiopia at a time when the country is seeking new capital to revive economic growth.
The $116 million Sheraton project positions Midroc Ethiopia as a cornerstone investor in the country’s hospitality and real estate sectors and reflects renewed international confidence in Ethiopia’s tourism outlook.
