Ethiopia’s richest man, Mohammed Al-Amoudi, has seen his net worth fall below $10 billion after holding above the threshold throughout September, as a recent revaluation of his industrial assets in Sweden, Saudi Arabia and Ethiopia erased part of his 2026 wealth gains.

On Aug. 27, Al-Amoudi’s fortune climbed to $10.2 billion, according to the Bloomberg Billionaires Index, taking his year-to-date gain to $1.74 billion. Since then, his wealth has fallen by $460 million to $9.74 billion, reducing his gain for the year to $1.28 billion.

Industrial assets lose value

The decline reflects a pullback in the valuation of assets that underpin much of Al-Amoudi’s fortune. His holdings span industrial, property, infrastructure and other businesses across Sweden, Saudi Arabia and Ethiopia, with much of his interests held through MIDROC Investment Group, the private investment company he controls.

In Sweden, Al-Amoudi owns a minority stake in Granitor, a Swedish holding company with interests spanning infrastructure, construction and property development. His broader portfolio also includes stakes in Naft Services Co., MIDROC Ethiopia, MIDROC Invest and MIDROC Properties, alongside substantial cash holdings.

Bloomberg values Al-Amoudi’s stake in Naft Services Co. at about $530 million and his interest in MIDROC Ethiopia at $200 million. His stakes in MIDROC Invest and MIDROC Properties are valued at about $191.9 million and $46.9 million, respectively, while his cash assets stand at roughly $1.63 billion.

MIDROC sets hiring target

Despite the recent decline in his wealth, Al-Amoudi is pushing MIDROC toward a major expansion of its workforce in Ethiopia. In September, he directed the group to increase employment from about 80,000 people to between 100,000 and 120,000, potentially creating as many as 40,000 additional jobs.

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. He also said the company would continue its development work in line with the national roadmap set by the Ethiopian government.

The billionaire linked employment to stability among young Ethiopians, arguing that providing jobs and promoting peace would help strengthen peace across the country. The comments put employment at the center of MIDROC’s management priorities as the group expands its industrial and hospitality operations.

MIDROC plans 10 hotels in Ethiopia

The hiring push comes as MIDROC expands its presence in Ethiopia’s hospitality industry. In May, the group signed a master development agreement with Dubai-based First Group Hospitality to develop and operate 10 hotels across the country, representing about 1,140 rooms in six locations.

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

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 reopen under Marriott-affiliated Protea branding in 2027 after renovations, adding another branded hotel to Al-Amoudi’s expanding Ethiopian hospitality portfolio.