In a remarkable financial turnaround, Sheikh Mohammed Hussein Ali Al-Amoudi — the Ethiopian-born Saudi billionaire whose empire spans energy, mining, agriculture, and real estate across three continents — saw his net worth surge past the $10 billion mark on the Bloomberg Billionaires Index in 2025, cementing his status as one of the wealthiest individuals in Africa and the Middle East.
At his peak valuation, Bloomberg placed the 79-year-old tycoon at $10.6 billion with a global ranking of #276, a dramatic rebound from the turbulence that followed his 2017 detention in Saudi Arabia’s anti-corruption crackdown.
Yet the milestone also underscores a curious paradox: while Bloomberg consistently tracks his fortune, rival Forbes has excluded him from its billionaire rankings for eight consecutive years — making Al-Amoudi one of the world’s richest “invisible” billionaires.
The $10 Billion Milestone: How Al-Amoudi Reached the Threshold
Sheikh Mohammed Al-Amoudi’s journey to $10 billion on Bloomberg was neither linear nor predictable. After being released from 14 months of detention in Saudi Arabia in January 2019 without charge, his fortune endured years of volatility driven by asset sales, commodity price swings, and geopolitical uncertainty.
By early 2025, however, several factors converged to push his Bloomberg valuation into double-digit billions:
| Factor | Impact on Net Worth |
|---|---|
| Recovery of gold assets | MIDROC Gold and Okote Gold mine valuations stabilized |
| European property holdings | Granitor and Midroc Europe assets appreciated |
| Ethiopian portfolio growth | Agriculture, cement, and manufacturing expansion |
| Saudi operations | Naft Services gas station network maintained steady cash flow |
The Muslim 500, which tracks influential Muslim figures globally, noted that Bloomberg estimated his fortune at approximately $10.3 billion during 2025.
However, market fluctuations and the sale of his largest European asset — Sweden’s Preem oil refinery — have since caused his Bloomberg valuation to adjust downward to approximately $9.12 billion as of March 2026.
From Dessie to Global Tycoon: The Making of an Empire
Born on July 21, 1946, in Dessie, Ethiopia, to a Yemeni father and an Ethiopian mother from Wollo Province, Al-Amoudi emigrated to Saudi Arabia at age 19 and became a naturalized citizen. He built his initial fortune in construction and real estate through government contracts before making the bold strategic pivots that would define his career.
The Three Pillars of Al-Amoudi’s Fortune
1. Energy: The Preem Era
Al-Amoudi’s most iconic acquisition came in 1994 when he purchased OK Petroleum in Sweden, rebranding it as Preem — the country’s largest oil refiner. At its height, Preem operated two major refineries accounting for 80% of Sweden’s refining capacity and became the crown jewel of his Corral Petroleum Holdings.
The refinery was also at the forefront of Europe’s energy transition, investing heavily in renewable diesel and sustainable aviation fuel production.
In 2025, Al-Amoudi sold Preem to Switzerland-based VARO Energy in a landmark deal that removed his most valuable single asset from the portfolio — a move that initially triggered a sharp drop in his Bloomberg valuation but provided substantial liquidity for reinvestment.
2. Mining: Ethiopia’s Gold King
Through MIDROC Gold, Al-Amoudi controls Ethiopia’s largest private gold mining operation, including the Lega Dembi and Sakaro mines. The company is Ethiopia’s sole gold exporter, producing approximately 4,500 kilograms of gold and silver annually and paying more in government royalties than any other mining firm in the country.
He also holds the undeveloped Okote Gold Mine, representing significant future upside as Ethiopia continues to open its mining sector to international investment.
3. Agriculture & Conglomerates: Feeding Nations
Al-Amoudi’s Saudi Star Agricultural Development operates large-scale farming in Ethiopia’s fertile Gambela region, producing rice, sugar, and cereals aligned with Saudi Arabia’s King Abdullah Food Security Program. His broader MIDROC Investment Group — founded in 1994 — encompasses more than 40 companies across construction, manufacturing, healthcare, hospitality, and aviation, employing over 10,000 people in Ethiopia alone.
The Forbes Paradox: Why One Platform Sees $10 Billion and the Other Sees Nothing
Perhaps no aspect of Al-Amoudi’s financial profile is more puzzling than his complete absence from the Forbes Billionaires List since 2017 — even as Bloomberg tracked him at $10.6 billion in 2025.
The divergence stems from fundamentally different methodologies:
| Bloomberg | Forbes |
|---|---|
| Daily market-driven calculations | Annual snapshot requiring verification |
| Models private assets using comparable public data | Requires documented, auditable assets |
| Does not require subject’s participation | Seeks direct confirmation from wealth holders |
| Transparent modeling of opaque portfolios | Conservative estimates with high burden of proof |
Forbes removed all Saudi billionaires following the 2017 Ritz-Carlton detentions, citing lack of transparency. While Prince Alwaleed bin Talal returned to Forbes in 2025 with a $20 billion valuation, Al-Amoudi remains excluded because his empire is almost entirely privately held, spread across three countries, and lacks the public market anchors that Forbes prefers.
“Forbes is not willing to publish a number it cannot defend,” noted one analysis. “Until Al-Amoudi’s remaining assets become more transparent, the gap between the two rankings will persist.”
The 2017 Detention: A Billionaire in the Ritz-Carlton
In November 2017, Crown Prince Mohammed bin Salman’s sweeping anti-corruption campaign swept up hundreds of Saudi princes, officials, and businessmen. Al-Amoudi was among those detained at Riyadh’s Ritz-Carlton hotel, spending 14 months in custody before his release in January 2019 — without any charges or official explanation ever provided.
The detention had immediate consequences for his global standing:
- Forbes removed him and has not reinstated him since
- European operations continued normally, underscoring the structural separation of his assets
- Wealth trajectory dipped significantly before beginning its post-2019 recovery
Remarkably, his businesses in Sweden and Ethiopia operated without interruption during his detention — a testament to the decentralized, professionally managed structure of his conglomerate.
Recent Strategic Shifts: Selling Preem, Reorganizing the Empire
The period leading to Al-Amoudi’s $10 billion Bloomberg valuation was marked by major portfolio restructuring:
Asset Sales (2024–2025)
- Preem Oil Refinery: Sold to VARO Energy, removing his $5+ billion crown jewel
- Svenska Petroleum Exploration: Divested in early 2024 for over $2 billion
- SAMIR Arbitration Loss: A $2.7 billion compensation claim over Morocco’s collapsed oil refinery was dismissed by international arbitration in 2024
What Remains
Despite these divestitures, Al-Amoudi retains a formidable portfolio:
- Midroc Europe & Granitor: Construction, property, and infrastructure across the Nordic region
- MIDROC Ethiopia: Gold mining, agriculture, cement (Derba Midroc), steel (Tossa), National Oil Ethiopia, and Addis Tyre
- Naft Services: Gas station operations in Saudi Arabia
- Trans Nation Airways: Ethiopian domestic and charter airline
- Healthcare & Hospitality: Hospitals and hotels across Ethiopia
Philanthropy and National Impact
Beyond balance sheets, Al-Amoudi’s influence in Ethiopia is deeply personal. He has funded medical expenses for public figures, supported infrastructure projects, and pledged 1.5 billion birr toward Ethiopia’s Grand Renaissance Dam.
He has received honorary doctorates from Addis Ababa University and been awarded Sweden’s Order of the Polar Star by King Carl XVI Gustaf. His charitable foundation focuses on education, healthcare, and sustainable development — particularly in rural Ethiopia.
What Comes Next? The Road Ahead for Sheikh Al-Amoudi
At 79, Al-Amoudi faces both opportunities and challenges:
Opportunities:
- Ethiopia’s mining liberalization could unlock value at Okote Gold
- Agricultural exports from Saudi Star could expand into Middle Eastern markets
- Post-Preem liquidity provides capital for new energy transition investments
Challenges:
- Forbes exclusion limits his visibility in global wealth rankings
- Geopolitical risks across his multi-jurisdictional portfolio
- Succession planning for a sprawling, family-controlled empire
- Market volatility affecting gold and commodity prices
Bloomberg’s current valuation of approximately $9.3 billion (per Wikipedia’s 2026 update) suggests he remains within striking distance of reclaiming the $10 billion threshold.
Key Facts: Sheikh Mohammed Al-Amoudi at a Glance
| Attribute | Detail |
|---|---|
| Full Name | Mohammed Hussein Ali Al-Amoudi |
| Born | July 21, 1946 (Dessie, Ethiopia) |
| Citizenship | Saudi Arabia (naturalized), Ethiopian origin |
| Peak Bloomberg Net Worth | ~$10.6 billion (2025) |
| Current Bloomberg Net Worth | ~$9.12 billion (March 2026) |
| Bloomberg Global Rank | #276 (at peak) |
| Core Holdings | MIDROC Group, Corral Petroleum, Granitor, Naft Services |
| Key Sectors | Energy, mining, agriculture, construction, real estate |
| Employees | 10,000+ (Ethiopia alone); 70,000+ globally at peak |
| Forbes Status | Excluded since 2017 |
Related Topics
- Prince Alwaleed bin Talal’s $20 Billion Forbes Comeback
- Ethiopia’s Mining Sector Reform and Foreign Investment
- The Rise of African Billionaires on Global Wealth Indexes
- Saudi Arabia’s 2017 Anti-Corruption Campaign: Five Years Later
- Preem Oil Refinery Sale to VARO Energy: What It Means for European Energy
This article was compiled using data from the Bloomberg Billionaires Index, Forbes, The Muslim 500, Addis Insight, and Billionaires.Africa as of August 2026. Net worth figures fluctuate daily based on market conditions and asset valuations.
