Mohammed Al Amoudi: A Remarkable Surge in Net Worth Driven by Strategic Investments

In a remarkable turn of events, Ethiopia's oil magnate and one of Africa's wealthiest individuals, Mohammed Al Amoudi, has witnessed an extraordinary surge in his net worth, soaring to $8.5 billion. This marks an impressive 61.9% increase within a mere 30 days, according to data tracked on Bloomberg.

Al Amoudi, aged 77, presides over a diverse portfolio of industrial assets spanning Sweden, Saudi Arabia, and Ethiopia. His holdings include Svenska Petroleum Exploration and Preem, Sweden's largest oil refiner. Notably, his investments also extend to Midroc Gold in Ethiopia, a leading mining company in the country, as well as interests in hotels, an oil company, and agricultural ventures in coffee and rice.

The surge in net worth can be attributed to the robust performance of Al Amoudi's industrial assets, particularly his stake in Preem, Sweden's major energy company, boasting an annual refining capacity exceeding 18 million cubic meters of crude oil.

As a prominent investor in Sweden and the beneficial owner of Preem, Al Amoudi is strategically positioned for success, with plans to divest his interest in Preem, aligning with global emission-reduction targets.

Earlier in October, Sweden's Preem AB announced plans to curb the use of crude oil at its larger refinery starting in 2024. This initiative, coupled with Al Amoudi's review of the company, including a potential sale, showcases a commitment to environmental responsibility and aligns with industry trends.

Preem recently reported its strongest quarter, driven by exceptional performance in the Supply & Refining segment, fueled by robust international refining margins amid favorable market conditions.

In addition to Preem, Al Amoudi owns significant gold assets in Ethiopia, including Midroc Gold and the undeveloped Okote Gold Mine. His involvement in the oil sector dates back to the 1990s through Corral Petroleum, an energy-focused holding group, where he acquired Swedish energy companies and later took control of Morocco's largest oil refineries.

Al Amoudi's strategic investments and foresight in diversifying his portfolio have not only led to substantial personal wealth but also positioned him as a key player in the global energy and mining sectors. The surge in his net worth is a testament to the success of his business strategies and the resilience of his diverse investment ventures.