Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#198 Mohammed Al-Amoudi $7.97B

Random fact: Paid medical bills of the late Ethiopian soccer star, Mengitsu Worku.

Overview

Al Amoudi controls a collection of industrial assets in Sweden, Saudi Arabia and Ethiopia. They include Svenska Petroleum Exploration and Preem, Sweden's biggest oil refiner. He owns Addis Ababa, Ethiopia-based Midroc Gold, the country's biggest miner, as well as hotels, an oil company, and coffee and rice farms.

As of Feb. 24, 2018:
Last change +$47.1M (+0.6%)
YTD change +$171M (+2.2%)
Industry Energy
Biggest asset Preem
Citizenship Saudi Arabia
Age 71
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mohammed Al-Amoudi's net worth of $7.97B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Al Amoudi's fortune is derived mainly from closely held companies in Sweden, Saudi Arabia and Ethiopia. The analysis assumes the billionaire owns all of the assets because no indication of outside partners has been found.

In Sweden he owns Preem, the country's largest oil refiner according to the company's website, oil explorer Svenska Petroleum and construction and property group Midroc Europe. All three of these businesses disclose financials and are valued using 2016 results. Midroc is valued in three parts: its services units, property unit and its consulting firm, Granitor Invest.

In Saudi Arabia, he owns engineering contractor ABV Rock Group, gas-station operator Naft Services and half of metal fabricator Yanbu Steel. The latter two businesses disclose limited information and are valued using revenue figures calculated based on their publicly traded peers: Naft uses revenue-per-station and Yanbu Steel revenue is derived using fabrication capacity.

Valuation methodologies for these businesses are available to Bloomberg subscribers in the asset note for each company.

In Ethiopia, he owns two gold assets: Midroc Gold, the country's largest miner, according to its website, and the undeveloped Okote Gold Mine. Midroc Gold was first valued in 2013, frozen in 2016 due to a lack of current information about it, and updated in December 2017 using the average enterprise value-to-reserves multiple of its peer group. This led to a $1.3 billion decrease. The Okote project is valued using a discounted cash-flow analysis.

Through Tim Pendry,a spokesman at U.K.-based reputation management consultancy TPPR, Al Amoudi declined to comment on the net worth calculation.

Biography

Birthdate: 1946
Family: Married, 8 children
Education: Addis Ababa University, Graduated

Born in 1946, Al Amoudi grew up in Ethiopia. At the age of 19, he moved to Saudi Arabia, taking Saudi citizenship. There, he built a fortune in the construction and real estate industries, benefiting from government contracts. He created conglomerate Midroc in the early 1980s. In 1988, Midroc's construction arm won a contract to build Saudi Arabia's underground oil storage complex, a multi-billion dollar project.

In the mid-1990s, Al Amoudi also began investing in Ethiopia, forming a close relationship with the ruling party, the Ethiopian People's Revolutionary Democratic Front. He is now the country's single biggest foreign investor, holding a 98 percent stake in Ethiopia's only large-scale gold mine, as well as businesses operating in agriculture, manufacturing, real estate, steel and construction.

Al Amoudi expanded into oil in the 1990s via his energy-focused holding group, Corral Petroleum. He acquired Swedish energy companies OKP (now Preem Petroleum) and Svenska Petroleum in 1994. Five years later, he assumed control of Morocco's two largest oil refineries and merged them to create Samir.

In Ethiopia, he has invested in coffee, rice-growing projects and land, including a 60-year concession on 10,000 hectares in the province of Gambella. The project has attracted criticism from U.S.-based human rights advocacy group, Oakland Institute, which has characterized it as a "land grab" that has forced the relocation of local residents. The government says resettlement has been voluntary and is unrelated to Al Amoudi's development.

In 2005, Al Amoudi was involved in a defamation case in the U.K. after a self-proclaimed terrorist expert, Jean Charles Brisard, published articles accusing him of funding terrorism. The parties settled out of court, and Brisard later apologized, saying his information had been false. In July 2011, a U.K. court awarded Al Amoudi $282,000 in damages in a defamation case against Elias Kifle, publisher of the website Ethiopian Review. In an article, Kifle had also accused Al Amoudi of sponsoring a terrorist organization.

Al Amoudi has been awarded the Order of the Polar Star by King Carl XVI Gustav of Sweden and an honorary doctorate from Addis Ababa University in Ethiopia. He is married and divides his time between residences in Saudi Arabia and the U.K.

Milestones
  • 1946 Mohammed Al Amoudi is born in Ethiopia.
  • 1970 Moves to Saudi Arabia at age 19.
  • 1988 Wins contract to build underground oil storage in Saudi Arabia.
  • 1991 Acquires Unity University, Ethiopia's first privately-owned college.
  • 1994 Acquires Sweden's OK Petroleum, renames it Preem.
  • 1999 Assumes control of Morocco's two largest oil refineries.
  • 2011 Announces plan to invest $2.5 billion in Ethiopian rice projects.
  • 2012 National Mining announces new gold discovery at Okote mine.