Ethiopia’s richest man, Mohammed Al Amoudi, loses $270 million in 23 days

After beginning the year on a steady note that lifted his fortune to $9.4 billion, Ethiopian-born Saudi billionaire businessman Mohammed Al Amoudi, who ranks as Ethiopia’s richest man, is now facing a measured pullback. Over the past 23 days, his net worth has declined by $270 million, a shift tied to a revaluation of his industrial holdings across Sweden and Saudi Arabia.

Preem stake drives wealth decline

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest billionaires, Al Amoudi’s wealth slipped from $9.4 billion on February 11 to $9.13 billion at the time of writing. The change follows weeks of gains that had added to his standing among African billionaires, reflecting how closely his fortune is tied to the performance of key assets.

At the center of the recent decline is his stake in Preem, Sweden’s largest oil refiner, which remains a core pillar of his portfolio. This marks a reversal from the start of the year, when his net worth climbed by $930 million between January 1 and February 11, rising from $8.47 billion to $9.4 billion. Even with the latest adjustment, his year-to-date gains stand at $664 million, reflecting both the scale of his holdings and the sensitivity of his wealth to shifts in valuation.

From construction roots to diversified empire

Born in 1946, Al Amoudi grew up in Ethiopia before relocating to Saudi Arabia at 19, where he later became a citizen. He built his fortune through construction and real estate, securing contracts that laid the foundation for his business empire. In the early 1980s, he established Midroc, and by 1988, its construction arm had secured a contract to build an underground oil storage complex in Saudi Arabia, a project that signaled his growing reach in the energy sector.

He later expanded back into Ethiopia, where he remains the largest private foreign investor. His interests span gold mining, agriculture, manufacturing and construction, reflecting a diversified approach that has long defined his business strategy. Through Corral Petroleum, he moved deeper into oil, acquiring Preem Petroleum and Svenska Petroleum in 1994, and later forming Samir. His land investments in Ethiopia have drawn criticism from the Oakland Institute, while authorities have maintained that resettlement tied to those projects was voluntary.

Mohammed Al Amoudi’s diversified investment portfolio

Today, Al Amoudi’s wealth is spread across a mix of industrial stakes and private investments. His holdings include a $6.54 billion stake in Preem and cash reserves totaling $1.53 billion. His private investments extend to a $573 million stake in Naft Services Company, an interest in Midro Invest valued at $229 million, Midro Ethiopia assets worth $200 million, and Midroc Properties valued at $61.1 million at the time of drafting this report. Together, these assets continue to define the financial position of a businessman whose fortune, while substantial, remains closely linked to the performance of a concentrated set of industrial interests.