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Nigeria's United Capital Group has secured Ethiopia's first investment banking licence ever issued to a foreign institution, committing over $1.5 million to launch local operations.
Mohammed Al-Amoudi’s fortune rises $2.2 billion after Svenska sale, pushing his net worth toward $8 billion.
Aliko Dangote signs $2.5 billion fertilizer deal with Ethiopia to cut costly imports, boost food security and expand Africa’s farm output.
Ethiopian businessman Belayneh Kindie launches 100 locally assembled electric buses in Addis Ababa, advancing Ethiopia’s clean transit and electric mobility goals.
These business leaders are not just accumulating wealth; they are pivotal players in Ethiopia’s transformation.
The move aims to strengthen regional financial inclusion and boost economic activity across borders.
The recent uptick in his fortune is mainly credited to the strong performance of his broad industrial investments in Sweden, Saudi Arabia, and Ethiopia.
Zemen Bank, established in 2008, has emerged as a key player in Ethiopia’s financial services industry.
The primary driver behind this surge is attributed to the robust performance of his diverse industrial assets across Sweden, Saudi Arabia, and Ethiopia.
The $3.6-billion surge in Al-Amoudi’s fortune represents a daily average gain of $10 million throughout the year.
The primary driver behind this surge is attributed to the robust performance of his diverse industrial assets across Sweden, Saudi Arabia, and Ethiopia.
Forbes acknowledged Ashenafi’s financial prowess in 2017, listing him among the wealthiest individuals in Ethiopia.
Apart from his stake in Preem, Al-Amoudi maintains shares in Midroc Gold, Svenska Petroleum Exploration, Samir, and Okote Gold.
In an effort to unlock value from his early investments, Al-Amoudi is presently exploring the sale of his interest in Preem.
As one of the largest investors in Sweden, Al-Amoudi owns Preem, Svenska Petroleum Exploration, and Midroc Europe.