Ethiopia’s richest man, Mohammed Al Amoudi, has regained a place among the world’s top 400 richest people according to Bloomberg after his fortune climbed back above $10 billion, supported by gains across his holdings and a fresh expansion into Ethiopia’s hospitality sector.

Diversified investments drive wealth growth

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s wealthiest individuals, Al Amoudi has added $1.63 billion to his wealth since the start of the year. His net worth has risen from $8.47 billion on Jan. 1 to $10.1 billion, returning above the $10 billion mark after falling below that level earlier this year.

The increase reflects the value of Al Amoudi’s diversified portfolio, particularly his industrial assets in Sweden, Saudi Arabia and Ethiopia. Through MIDROC Investment Group, Ethiopia’s largest private-sector conglomerate, he owns Preem, Sweden’s largest oil refinery, and also holds a minority stake in Granitor, a Swedish holding company with operations spanning infrastructure, construction and property development.

MIDROC deepens Ethiopia hospitality investments

Beyond his extensive business interests in Sweden and Saudi Arabia, Mohammed Al Amoudi’s empire also spans Ethiopia, where he owns an oil company as well as coffee and rice farms. More recently, MIDROC Investment Group has stepped up its expansion into hospitality, reflecting the conglomerate’s continued investment in its home market and its push to capitalize on Ethiopia’s growing tourism industry.

As part of that effort, MIDROC Investment Group signed a master development agreement with Dubai-based First Group Hospitality to develop and operate 10 hotels across Ethiopia. The agreement marks First Group Hospitality’s first investment in Africa and is one of the largest hospitality developments announced for Ethiopia’s tourism sector.

The project will add about 1,140 rooms across Addis Ababa, Hawassa, Bahir Dar, Jimma, Langano and Danbi. It will combine independently operated properties with franchised hotels under Marriott International brands, with phased openings planned between 2026 and 2031.

$80 million fuels hotel expansion

The hospitality expansion has also attracted fresh financing. MIDROC Ethiopia, the hospitality arm of MIDROC Investment Group, secured an $80 million long-term A-loan to help fund the refurbishment of the Sheraton Addis, a Luxury Collection hotel, and the development of a new Sheraton-branded property in Addis Ababa. The financing will support the broader $116 million investment, reinforcing commitment to expanding Ethiopia’s high-end hospitality market.