Somali businessman Abdiweli Hassan to invest $503 million in Kenya’s Tatu City
Somali businessman Abdiweli Hassan plans a $503 million mixed-use project at Kenya’s Tatu City, expanding his footprint from retail into urban development.
Horn of Africa
Ethiopian billionaire Mohammed Al-Amoudi signals return with new mega projects
Ethiopian-born Saudi billionaire Mohammed Al-Amoudi signals a return with new mega projects under MIDROC, pledging jobs and investment as Ethiopia eyes middle-income status.
Preem, linked to Ethiopian billionaire Mohammed Al-Amoudi, posts $2.7 billion in Q2 sales
Preem reports Q2 revenue below $3 billion and swings to a $93.6 million loss as refinery downtime and weaker margins weigh.
Ethiopia’s richest man Mohammed Al-Amoudi gains $2.2 billion; wealth nears $8 billion
Mohammed Al-Amoudi’s fortune rises $2.2 billion after Svenska sale, pushing his net worth toward $8 billion.
Sudan’s richest family, the Elnefeidis, seeks $17 million from the IFC to import wheat
Sudan's richest family, the Elnefeidis, is seeking a $19 million facility from the International Finance Corporation to support wheat imports for its Cameroon business.
Ethiopia’s richest man adds $1 billion, back to Bloomberg list after Preem's deal
The $1 billion rebound not only brought him back onto the list but pushed him up to 455th place.
Preem, formerly owned by Mohammed Al-Amoudi, posts $3.29 billion in Q1 sales
Preem's Q1 2025 sales dropped 8.3% to $3.29 billion, with weaker margins and downtime impacting profits.
Samuel Tafesse: Ethiopian developer behind Africa’s first Marriott hotel
From fixing roofs in Addis Ababa to developing sub-Saharan Africa’s first Marriott hotel, Tafesse has become one of Ethiopia’s top businessmen.
VARO Energy to acquire Preem from Ethiopian billionaire Mohammed Al-Amoudi
This acquisition signals the end of Ethiopian billionaire Mohammed Al-Amoudi’s long-standing role in Sweden’s energy sector.
Belayneh Kindie ventures into Ethiopia’s electric mobility space with 100 e-buses
Ethiopian businessman Belayneh Kindie launches 100 locally assembled electric buses in Addis Ababa, advancing Ethiopia’s clean transit and electric mobility goals.
Ethiopia’s richest man Mohammed Al-Amoudi sees Preem stake soar to $4.7 billion
Preem’s newly published 2024 annual report provided fresh insights into its valuation, driving up the value of Mohammed Al-Amoudi’s stake.
Ethiopian billionaire Mohammed Al-Amoudi’s Preem posts $12.8 billion in 2024 revenue
The company reported lower revenue and profit for the second straight year, reflecting weaker refining margins and a challenging market environment.
Ethiopia’s 10 richest businessmen
These business leaders are not just accumulating wealth; they are pivotal players in Ethiopia’s transformation.
Ethiopia's richest man adds $552 million to his net worth in 2025 after last year's loss
His net worth now stands at $9.4 billion, reinforcing his status among the world’s wealthiest individuals.
Africa’s richest man Aliko Dangote plans $400 million cement expansion in Ethiopia
The move is expected to double the facility’s annual capacity to 5 million tonnes, strengthening Dangote Cement Plc’s position as Africa’s leading cement manufacturer.
Zepz teams up with dLocal after $267 million raise to boost cross-border payments
The partnership aims to tackle financial access barriers in Africa, Asia, and Latin America, where millions are excluded from traditional banking systems.