Mohammed Al-Amoudian iconic figure in the Ethiopian business world, recently captivated attention by making an extravagant return to the top 300 richest people on the planet, according toBloomberg Billionaires Index. This remarkable rise marks a significant resurgence in her fortune, propelling her to the 262nd richest person in the world.
His net worth, which has exceeded 8.5 billion dollars, marks a clear progression compared to the beginning of the year, when it had fallen below 5.2 billion, relegating him outside the circle of the 500 richest people in the world. This meteoric rise testifies to an impressive financial dynamic.
The catalyst for this resurgence is undoubtedly its stake in Preem, a Swedish energy giant with an annual refining capacity of more than 18 million cubic meters of crude oil. Bloomberg data reveal a dramatic increase in the value of that stake, from $726 million to $3.58 billion, a jump of $2.85 billion since Oct. 21.
This skyrocketing value of Preem coincides with the company’s exceptional financial performance in the third quarter of fiscal year 2023. The company made a profit of SEK 5.07 billion ($478.5 million), marking an impressive turnaround from the SEK 30 million ($2.83 million) loss. registered in the same quarter of the previous year.
However, despite these successes, Al-Amoudi plans to sell its stake in Preem. Meanwhile, the company announced plans in October to reduce its crude consumption at its largest refinery from 2024, in line with global emissions reduction targets. This strategy places Preem alongside other industrial giants, such as Shell Plc and Neste Oyj, which have made a similar move to reduce crude consumption at their refineries.
In addition to his outstanding participation in Preem, Al-Amoudi has shares in several companies, including Midroc Gold, Svenska Petroleum Exploration, Samir and Okote Gold. Its $1.04 billion stake in Svenska, a 67% stake in Samir, Morocco’s only oil refinery, as well as a $1.01 billion stake in Okote Gold help diversify and consolidate its broad portfolio of wealth