Ethiopia’s $10 billion man orders MIDROC to hire 40,000 local workers

Mohammed Al-Amoudi, Ethiopia’s richest man with a fortune exceeding $10 billion, has ordered his privately owned MIDROC Investment Group to increase its workforce from about 80,000 employees to between 100,000 and 120,000. The directive could create as many as 40,000 jobs in one of Ethiopia’s largest private-sector hiring drives.

The instruction was delivered to MIDROC Chief Executive Officer Jemal Ahmed and the wider executive team during an Ethiopian New Year address to executives, board members and workforce representatives. Reaching the upper end of the target would increase MIDROC’s workforce by roughly 50 percent from its current level.

Jobs take center stage

Al-Amoudi framed the hiring target as part of MIDROC’s broader responsibility to Ethiopia, saying the group exists for the Ethiopian people and government. According to Addis Insight, he said MIDROC would continue its development work in line with the national roadmap set by the Ethiopian government.

He also linked employment with peace among young Ethiopians, arguing that securing jobs and peace for young people would help secure peace for the country. The comments make employment an explicit management objective rather than simply a byproduct of MIDROC’s expansion.

Ahmed, who leads MIDROC, has spent much of his career in the group’s agricultural businesses. Agriculture is among four sectors Al-Amoudi has directed management to prioritize, alongside manufacturing, health care and infrastructure, while avoiding businesses he considers socially harmful or inconsistent with the group’s values.

Hospitality drives expansion

The employment target comes as MIDROC expands across Ethiopia, including a major hospitality push. In May, the group signed a master development agreement with Dubai-based First Group Hospitality to develop and operate 10 hotels across Ethiopia, covering about 1,140 rooms in six locations.

The portfolio spans Addis Ababa, Hawassa, Bahir Dar, Jimma, Langano and Danbi, with independent properties and franchised hotels under Marriott International brands. Openings are planned in phases from 2026 to 2031, adding construction and hospitality projects to MIDROC’s existing operations.

MIDROC already owns the Sheraton Addis Ababa, the Westin Addis Ababa and the Blue Nile Resort Hotel near Lake Tana. The Blue Nile property is expected to operate under Marriott-affiliated Protea branding in 2027 following renovations.

Al-Amoudi pushes self-funded growth

Al-Amoudi has also instructed management to examine whether employee compensation reflects rising costs for food, housing and transportation. He emphasized stronger internal financial controls and reinvesting profits into productive activities, signaling a preference for funding expansion through the group’s own operations.

Earlier this year, the International Finance Corporation proposed up to $80 million in financing for a $116 million MIDROC hotel project in Addis Ababa. The financing is tied to refurbishing the Sheraton Addis and developing a new Sheraton-branded property.

Four decades of expansion

Al-Amoudi founded MIDROC in the early 1980s after building his fortune in Saudi Arabia through construction and real estate before expanding into oil, mining and manufacturing. Over four decades, he developed a portfolio spanning agriculture, manufacturing, mining and hospitality.

At 80, Al-Amoudi said he remains actively involved in MIDROC’s strategic direction and plans to visit Ethiopia to inspect projects and meet employees. His latest instruction gives management a clear target: expand the workforce from about 80,000 to as many as 120,000, potentially adding 40,000 Ethiopians to MIDROC’s payroll.