Ethiopia’s richest man Mohammed Al-Amoudi plans 10 hotels as wealth tops $9 billion

Ethiopia’s richest man, Mohammed Al-Amoudi, is expanding local investments as his net worth rises above $9 billion, with a renewed push into hospitality through MIDROC Investment Group. His fortune increased from $8.91 billion on March 30 to $9.36 billion, adding $891 million this year and supporting fresh activity across key sectors, including services.

His investment firm, MIDROC Investment Group, has signed a master development agreement with Dubai-based First Group Hospitality to build and operate 10 hotels across Ethiopia. The plan marks First Group’s first entry into Africa and represents the most extensive single hospitality project tied to Ethiopia’s tourism industry to date.

MIDROC expands Marriott hotel pipeline

The development will deliver about 1,140 rooms across Addis Ababa, Hawassa, Bahir Dar, Jimma, Langano, and Danbi. It includes a mix of independent properties and franchised hotels under Marriott International brands, with phased openings scheduled between 2026 and 2031. The structure formalizes expansion plans earlier outlined by MIDROC executives at an investment forum in Addis Ababa.

At that event, MIDROC CEO Jemal Ahmed told more than 800 investors and policymakers that the company would roll out Marriott-branded hotels in Addis Ababa, Jimma and Hawassa. He pointed to recent economic reforms as a key factor shaping long-term investment decisions, saying policy changes had made business operations more accessible for private investors.

Mohammed Al-Amoudi builds cross-border portfolio

Mohammed Al-Amoudi, 79, was born in Ethiopia and later moved to Saudi Arabia, where he built his fortune in construction and real estate before expanding into oil, mining and manufacturing. He founded MIDROC in the early 1980s, and by the late 1980s its construction arm had secured major infrastructure contracts in Saudi Arabia, including an underground oil storage project that expanded his presence in the energy sector.

Over time, he returned as Ethiopia’s largest private foreign investor, building a portfolio that spans agriculture, mining, manufacturing and hospitality. Through his energy interests, including acquisitions such as Preem Petroleum and Svenska Petroleum in the 1990s under Corral Petroleum, his investments extended across multiple markets and industries.

MIDROC today employs about 80,000 people and already owns major hospitality assets in Ethiopia, including the Sheraton Addis Ababa and the Westin Addis Ababa. The Sheraton Addis, one of the country’s best-known hotels, has long served as a hub for diplomatic and business activity in the Horn of Africa.

MIDROC expands hospitality portfolio

The group also owns the Blue Nile Resort Hotel near Lake Tana, which is expected to reopen in 2027 under the Marriott International-affiliated Protea brand following renovation work. Earlier this year, the International Finance Corporation proposed a loan of up to $80 million to MIDROC Ethiopia to support a $116 million hotel project in Addis Ababa.

The financing is tied to the refurbishment of the Sheraton Addis and the development of a new Sheraton-branded property. The IFC-backed plan positions MIDROC as a central investor in Ethiopia’s hotel and real estate sectors, reflecting continued international engagement with the country’s tourism prospects as large-scale projects move toward execution.