Saudi-Ethiopian billionaire Mohammed Al Amoudi's MIDROC secures $80 million for Sheraton Addis upgrade

MIDROC Ethiopia, the hospitality arm of the conglomerate owned by Saudi-Ethiopian billionaire Sheikh Mohammed Hussein Ali Al-Amoudi, has signed an $80 million long-term loan agreement with the International Finance Corporation to fund the refurbishment of the Sheraton Addis and the construction of a new Sheraton-branded hotel in Addis Ababa.

The IFC, a member of the World Bank Group, formally closed the financing on June 10, 2026, following a proposal first disclosed in January and due diligence conducted between June and July 2025. The total project cost is estimated at $116 million, with MIDROC funding the $36 million balance from its own resources.

The financing will cover a comprehensive renovation of the Sheraton Addis, which opened in 1998 at a cost of $200 million and operates under Marriott International's Luxury Collection brand, and the development of an adjacent new Sheraton property. The two developments will introduce Ethiopia's first green-certified hotels, aligning with international sustainability standards and supporting the country's preparation to host major international events including the United Nations Climate Change Conference scheduled for 2027.

The project is expected to generate more than 9,400 direct and indirect jobs, with particular focus on employment for women and young people in Ethiopia's hospitality and services sector.

Jemal Ahmed Abdu, CEO of MIDROC Investment Group, described the agreement as a major step in modernising Ethiopia's hospitality sector. "This collaboration will play a pivotal role in modernizing the domestic hospitality sector while delivering a sustained and meaningful impact on job creation," he said.

Ethiopis Tafara, IFC Regional Vice President for Africa, said the investment reflects how the IFC works best with strong partners on assets that anchor growth. "Tourism is a powerful engine for jobs and revenue," he said.

The IFC noted that the investment is part of its broader engagement with MIDROC across key sectors of Ethiopia's economy including agribusiness, manufacturing and healthcare. The project falls within the World Bank Group's Country Partnership Framework, which positions tourism as a primary driver of macroeconomic growth in Ethiopia, where tourism contributes approximately 10 percent of GDP.

Al-Amoudi, who holds a 75 percent stake in MIDROC alongside Sofia Saleh Al-Amoudi with 25 percent, is one of the wealthiest people of African descent in the world, with a net worth estimated by Forbes at approximately $8.4 billion. He was born in Ethiopia to a Yemeni father and an Ethiopian mother, built his fortune through construction contracts in Saudi Arabia and has since expanded into mining, agriculture, energy and hospitality across Ethiopia, Saudi Arabia and other markets. He was detained in Saudi Arabia as part of the 2017 anti-corruption crackdown led by Crown Prince Mohammed bin Salman and released in 2019 following a financial settlement.

The Sheraton Addis has historically served as the preferred accommodation for visiting heads of state, international investors and multilateral institution officials in Addis Ababa, where it remains one of the few internationally branded luxury properties. The renovation and new build are expected to significantly expand the city's premium hotel capacity ahead of the expected increase in international visitor traffic linked to the 2027 COP conference.