Saudi Billionaires Reinstated on Forbes List After 8 Years – But Mohammed Al Amoudi Still Left Out

Saudi Billionaires Reinstated on Forbes List After 8 Years – But Mohammed Al Amoudi Still Left Out In a surprising yet symbolic development, Forbes has reinstated 15 Saudi billionaires in its 2025 World’s Billionaires List after an eight-year exclusion that began in 2018. The move signals a thaw in the opacity that once surrounded the Kingdom’s financial elite following the sweeping 2017 anti-corruption purge. However, while the list now features a new wave of Saudi billionaires and familiar names like Prince Alwaleed bin Talal, one notable figure is still missing: Mohammed Hussein Al Amoudi. Why Were Saudis Excluded for 8 Years? In November 2017, Crown Prince Mohammed bin Salman launched a controversial anti-corruption crackdown that resulted in the arrest and detainment of hundreds of princes, businessmen, and officials. Many were held at the Ritz-Carlton in Riyadh and only released after handing over significant portions of their wealth. In 2018, Forbes decided to remove Saudi billionaires from its annual ranking, citing the lack of transparency, the unclear status of assets, and the inability to accurately assess wealth amidst ongoing settlements and asset transfers. The freeze lasted for eight years. In 2025, Forbes acknowledged that “greater clarity around wealth holdings” had emerged, enabling them to reintroduce Saudi billionaires to their official rankings. The Comeback Billionaires: Who Made the 2025 List Still Missing: Mohammed Hussein Al Amoudi Despite his enormous wealth and global influence, Mohammed Hussein Al Amoudi remains excluded from the 2025 Forbes list. Net Worth: $10.6 billion (Bloomberg Billionaires Index) Global Rank: #276 (as of April 2025) Sectors: Construction, Energy, Real Estate, Agriculture Citizenship: Saudi Arabia, Ethiopia Al Amoudi is the largest individual foreign investor in Ethiopia and has amassed his fortune through companies such as MIDROC, Preem, and SAMIR. Although detained during the 2017 purge, he was released in 2019. Bloomberg continues to rank him among the world’s wealthiest, yet Forbes has not reinstated his profile. What His Absence Suggests His absence reveals the gap between different wealth assessment platforms. Forbes relies on verified public assets, private company estimates, and direct confirmation, which may be harder to obtain from Al Amoudi’s team. Conversely, Bloomberg’s ongoing inclusion of his wealth suggests that the data is still traceable and reliable. The return of Saudi billionaires to Forbes marks a new era of transparency and global economic engagement for the Kingdom. Yet the notable omission of Mohammed Al Amoudi reveals how even immense fortunes can be rendered invisible by data complexity and geopolitical caution. As Saudi Arabia continues its journey toward economic diversification, the question remains: Will Forbes once again recognize one of its richest sons—or will Al Amoudi remain a billionaire in the shadows?

National Bank of Ethiopia to Launch Regular Foreign Exchange Auctions

National Bank of Ethiopia to Launch Regular Foreign Exchange Auctions Addis Ababa, March 31, 2025 – The National Bank of Ethiopia (NBE) has announced the launch of a bi-weekly foreign exchange auction system aimed at strengthening the country’s foreign exchange market and supporting macroeconomic stability. Starting April 1, 2025, the central bank will conduct foreign exchange (FX) auctions every two weeks, providing the private sector with greater access to hard currency. The initial auction will offer $50 million, with subsequent auctions expected to continue over the coming months. This strategic move comes in the wake of significant improvements in Ethiopia’s balance of payments position, following a comprehensive macroeconomic reform program launched in July 2024. The NBE highlighted rising exports, increased remittances, and higher capital inflows as key contributors to the stronger FX reserves now held by the central bank. Of particular note is the record delivery of high-quality gold to the NBE, the sole authorized gold exporter in the country. This has substantially boosted the central bank’s gold holdings and increased foreign exchange reserves beyond expectations. By conducting regular FX auctions, the NBE aims to ensure continued market stability and support the government’s monetary policy objectives. The auctions will partially release the accumulated reserves at the central bank to meet private sector demand, promoting transparency and predictability in FX availability. Interested parties are required to submit their bids via email between 10 a.m. and 12 noon on auction days. The results will be announced at 3 p.m., with settlements completed by the end of the same day. For bid submissions and inquiries, stakeholders can contact:Email: fxauction@nbe.gov.et

Adey Ababa Stadium to Be Fully Completed with 19 Billion Birr Investment

Adey Ababa Stadium to Be Fully Completed with 19 Billion Birr Investment Addis Ababa – March 31, 2025 In a groundbreaking development for Ethiopia’s sports infrastructure, the Ministry of Culture and Sports has officially signed a contract worth 19 billion birr to fully complete the Adey Ababa Stadium, one of the country’s most anticipated national projects. The agreement was signed today between the Ministry, represented by Minister Shoait Shanka, and a delegate from the China State Construction Engineering Corporation (CSCEC), a globally renowned construction firm. The signing ceremony was also attended by Dr. Mesele Haile, a key advisor to the project. Minister Shanka highlighted that the stadium, which had previously undergone partial renovations to meet CAF Plus standards, will now be fully completed within 18 months. The contract was awarded to CSCEC following a competitive international bidding process. Dr. Mesele confirmed that the project includes Phase 2, Lots 2 and 3, encompassing FIFA-grade roofing, cutting-edge technology installations, and premium spectator seating. The completed stadium will feature 1,200 restrooms, 800 handwashing stations, comprehensive field work, and advanced roofing and technology systems. Once completed, Adey Ababa Stadium will be capable of hosting both national and international sports tournaments, positioning Ethiopia as a key player in the African sports scene. Mr. Xin, project manager at CSCEC, expressed enthusiasm: “We have successfully completed 27 projects with quality and efficiency. We’re honored to take on the Adey Ababa Stadium project and will deliver it on time, as per the government’s vision.” This monumental investment marks a new era for Ethiopian sports and infrastructure, signaling the country’s commitment to global standards and excellence.

Foreign Banks Can Now Enter Ethiopia—But It’ll Cost 5 Billion Birr

Foreign Banks Can Now Enter Ethiopia—But It’ll Cost 5 Billion Birr Foreign Banks Welcome, But on Strict Terms: Ethiopia’s Central Bank Issues Landmark Directive Reshaping Banking Sector Addis Ababa, Ethiopia — March 31, 2025 The National Bank of Ethiopia (NBE) has unveiled a sweeping new directive titled “Requirements for Licensing and Renewal of Banking Business and Representative Office Directive No. SBB/XX/2025”, marking a historic shift in the country’s financial landscape. The directive, which replaces the 2013 regulations, lays the groundwork for opening Ethiopia’s banking sector to foreign banks under tightly controlled and highly regulated conditions. “This isn’t just about opening the doors to foreign banks,” said a senior official from NBE. “It’s about opening the right doors, with the right locks, and only for those who come with the right credentials.” Three Doors to Entry: Subsidiaries, Branches, and Representative Offices The directive categorizes foreign participation into three entry channels: Foreign Bank Subsidiaries – locally incorporated entities under full Ethiopian laws. Foreign Bank Branches – extensions of international banks without separate legal identity. Representative Offices – non-transactional liaison offices limited to market research and promotion. Key Provisions and Capital Requirements Tight Vetting and Multi-Layered Licensing Process Applicants must undergo a three-phase approval process: Pre-Application: Business summary, financial soundness, and board resolution. Application: Full documentation including plans, capital proof, and structure. Commencement: Security, staffing, policies, and physical readiness checks. Limits on Foreign Ownership To avoid dominance, ownership is capped as follows: Strategic investors: max 40% Total foreign shareholding in a bank: 49% Individuals: 7%, Institutions: 10% unless qualified Support for Interest-Free Banking The directive allows interest-free banking models, both full-fledged and as “windows” in conventional banks. It mandates internal Shariah governance structures and product compliance. Data Localization: A Red Line Foreign banks must store and process customer data within Ethiopia. Non-customer data transfers require strict encryption, disclosure, and approval from the NBE. This directive positions Ethiopia to benefit from global financial integration without compromising national sovereignty. By balancing opportunity with caution, the NBE is ensuring that only the most credible players will enter Ethiopia’s banking market of over 120 million people. Bottom Line: Ethiopia is opening its banking sector—but only on its own carefully set terms.

Addis Ababa’s Real Estate Slowdown: What Developers Don’t Want You to Know

Addis Ababa’s Real Estate Slowdown: What Developers Don’t Want You to Know Once a thriving hub for real estate development, Addis Ababa’s housing market is now grappling with a growing crisis. Developers who once raced to meet the seemingly endless demand for high-end apartments are now facing unsold units and growing inventories of luxury properties. Despite a surge in property prices over the past few years, the market has slowed significantly, leaving many to question the future of real estate in Ethiopia’s capital. As of early 2025, the average price of a home in Addis Ababa stands at a staggering 15.92 million Ethiopian Birr (ETB), according to the Ethiopian Property Centre. The cost per square meter is reported to be around $1,680—a figure that has tripled in just two years. Residential property prices vary widely: the most expensive homes are listed at 35 million Birr, while more affordable options start as low as 230,000 Birr. According to Statista, Ethiopia’s real estate market is expected to reach a value of US$1.33 trillion by 2025. Among the segments, residential real estate holds the largest share, projected to reach US$1.15 trillion in market volume. The market is anticipated to grow at an annual rate of 6.20% from 2025 to 2029, reaching US$1.69 trillion by 2029. While these projections suggest optimism, a significant downturn is already sweeping through the sector. The once-vibrant real estate market in the capital is beginning to show signs of strain. The surge in property prices, which had seemed unstoppable just a year ago, has now met with stagnation. High-end apartments and luxury villas have flooded the market, but demand for these premium properties has fallen sharply. Developers who previously raced to meet an insatiable appetite for new housing now face prolonged sales cycles and increasing inventories of unsold units. This slowdown has forced developers to slash prices in a desperate attempt to attract buyers. While year-on-year sales may show an apparent uptick, developers caution that this is not a sign of recovery—but rather the result of steep price cuts made to stay afloat. Several factors contribute to this market contraction and must be understood in the context of broader economic challenges. First, inflationary pressures have severely eroded the purchasing power of households. With rising consumer prices across various sectors, housing affordability has become a major issue—particularly for middle- and lower-income groups. For many, the dream of owning property is increasingly out of reach. Meanwhile, developers continue to push forward with luxury developments, even as demand for such properties weakens, resulting in a glut of high-value, unsold inventory. This problem is further compounded by tighter credit conditions, making it more difficult for individuals to secure loans for property purchases. Regulatory uncertainty and recent policy shifts also play a significant role. Real estate developers and investors thrive on stability. Any disruption or ambiguity in the legal or financial landscape creates hesitation. Sudden regulatory changes have fueled uncertainty, making it difficult for buyers and developers to plan with confidence. Without consistent and transparent policies, investments in high-end properties are seen as risky, and speculative investment is already beginning to lose its appeal. Traditional financing models—relying heavily on large down payments and prepayments—are also becoming unsustainable. These structures are increasingly out of reach for many prospective buyers, especially with rising interest rates and the National Bank of Ethiopia’s credit cap. As a result, both buyers and developers are being forced to rethink their financial strategies. The construction sector’s overreliance on speculative investment and luxury housing has also failed to meet the real demand, which lies in more affordable housing solutions. The effects of the slowdown are already evident in the falling number of property sales. Some developers report that less than a quarter of completed units have been sold, signaling a deepening market crisis. Even newly completed projects remain vacant, contributing to an oversupply of high-end housing in a city where market vibrancy is waning. As these challenges persist, the focus is slowly shifting. Developers are beginning to explore more affordable housing options to meet the needs of a broader portion of the population. The move from luxury properties to budget-friendly housing may offer a path forward, but a key challenge remains: restoring market confidence and stabilizing demand. A new complication could worsen the real estate market’s situation. With the recent approval of the Asset Recovery Proclamation, the landscape for future property investment might shift. Although developers may not feel the immediate effects—since most properties have already been sold—the law could erode buyer confidence. The prospect of asset scrutiny and potential seizure may deter prospective buyers. This added layer of uncertainty could affect long-term market sentiment, particularly among high-net-worth individuals and foreign investors who have historically driven demand for luxury real estate in Addis Ababa. With reduced demand, developers may be forced to lower prices even further to attract increasingly risk-averse buyers. Looking ahead, many banks—including the state-owned Commercial Bank of Ethiopia—have adjusted their loan interest rates. This tightening of credit could pose additional challenges. With higher borrowing costs, buyer hesitation is likely to increase, which may further slow demand, especially at a time when the broader economy is under strain. If this trend continues, it could deepen the current downturn and hinder any meaningful recovery in the short to medium term. The real estate sector now faces an uphill battle to regain stability, and its future will depend on how effectively it adapts to these mounting financial and economic pressures.

Ethiopia’s Koysha Hydropower Dam Reaches 65% Completion

Ethiopia’s Koysha Hydropower Dam Reaches 65% Completion Ethiopia’s bold push toward energy self-sufficiency and regional power exportation continues with major progress on the Koysha Hydropower Dam, now 65% complete as of March 2025. Located in South West Ethiopia on the Omo River, the Koysha project is one of the country’s largest and most ambitious energy undertakings to date, with an expected capacity of 1,800 megawatts (MW). A Game-Changing Project for Ethiopia Spearheaded by Ethiopian Electric Power (EEP), the $2.7 billion dam includes a 200-square-kilometre artificial lake. Upon completion, it is expected to significantly boost Ethiopia’s electricity generation capacity, meeting the country’s growing energy demand and supporting regional power exports. More than just a power plant, Koysha promises to deliver wide-reaching socio-economic benefits—such as job creation, improved irrigation, fishing opportunities, and increased tourism potential. Overcoming Financial Hurdles Despite its massive potential, the Koysha Dam project has not been without challenges. Initially funded with a €340 million loan from a consortium of three banks, the project encountered significant delays due to financing gaps. In August 2024, Ethiopia secured a non-concessional loan to inject over $950 million, ensuring that the final phase of construction could continue without disruption. Hydropower at the Heart of Ethiopia’s Energy Strategy Koysha is part of Ethiopia’s broader strategy to harness its abundant renewable resources, especially hydropower. With a population of over 126 million and one of the richest freshwater networks in Africa, Ethiopia has long viewed energy as a lever for development. The country’s total generation capacity exceeded 6,000 MW by late 2024—driven largely by hydropower—and the government aims to double this to 13,000 MW by 2028. Ethiopia’s hydropower capacity potential is immense, estimated at 45,000 MW across eight major river basins. However, only a fraction of this potential has been tapped. Projects like Koysha—and its even larger counterpart, the Grand Ethiopian Renaissance Dam (GERD)—are crucial to closing this gap. Regional Leadership in Renewable Energy Ethiopia’s progress in hydropower development places it at the forefront of Africa’s renewable energy drive, alongside countries like Zambia, Mozambique, and the Democratic Republic of the Congo. The successful completion of the Koysha Dam will further reinforce the country’s position as a continental leader in clean energy infrastructure and sustainable development. As the world moves toward greener energy sources, Ethiopia’s continued investment in hydropower infrastructure is not only pivotal to national development but also a key contribution to the regional energy mix and environmental sustainability. With 35% of construction still remaining, stakeholders are cautiously optimistic about timely completion, thanks to renewed financial commitments and ongoing government oversight. Once operational, the Koysha Dam will not only light homes and power industries but also stand as a testament to Ethiopia’s determination to build a greener, more energy-secure future.

Ethiopian Airlines Partners with Archer Aviation to Launch Electric Air Taxi Network in Africa

Ethiopian Airlines Partners with Archer Aviation to Launch Electric Air Taxi Network in Africa ADDIS ABABA, March 27, 2025 — Ethiopian Airlines, Africa’s largest carrier and a Star Alliance member, has entered into a groundbreaking agreement with Archer Aviation (NYSE: ACHR) to deploy Archer’s electric vertical takeoff and landing (eVTOL) aircraft, Midnight, under Archer’s recently announced “Launch Edition” program. The deal is valued at up to $30 million. The partnership marks a significant milestone in advancing sustainable aviation on the African continent. The two companies plan to deploy an initial fleet of Midnight aircraft in Ethiopia, establishing the country’s first electric air taxi network. Archer will provide Ethiopian Airlines with a dedicated team of pilots, technicians, and engineers to support the launch phase, along with booking applications and backend software for operations. “This partnership with Archer Aviation marks an important step in bringing cutting-edge eVTOL technology to Ethiopia,” said Mesfin Tasew, Group CEO of Ethiopian Airlines. “We are committed to pioneering advanced air mobility solutions that enhance connectivity and drive sustainable aviation in Africa.” The collaboration also includes exploring broader use cases for Midnight, such as eco-tourism and short-haul regional flights, positioning Ethiopia at the forefront of green aviation innovation in Africa. Archer CEO Adam Goldstein highlighted the significance of this partnership: “Africa presents an untapped opportunity in advanced air mobility, and I’m proud to be taking this step forward with Ethiopian Airlines.” The announcement follows Archer’s February 2025 launch of the “Launch Edition” program, which aims to introduce scalable commercialization of eVTOL aircraft in early adopter markets. Ethiopian Airlines becomes the second partner in this program, after Abu Dhabi Aviation. U.S. Embassy Commercial Attaché Nathan Stickney praised the move, calling it a “win for American innovation and prosperity” and a “leap toward a more connected and sustainable Africa.” Designed for quick, back-to-back flights with minimal charging time, Archer’s Midnight aircraft can carry four passengers plus a pilot. Flights are expected to reduce typical 60–90-minute car commutes to just 10–20 minutes. The signing ceremony took place this week in Addis Ababa, with both parties committing to work closely with the Ethiopian Civil Aviation Authority to ensure the safe and efficient rollout of the project. About Archer AviationArcher is a U.S.-based leader in electric aviation, developing eVTOL aircraft aimed at transforming urban transportation. More at www.archer.com. About Ethiopian AirlinesA true African success story, Ethiopian Airlines operates over 140 destinations worldwide. The airline is committed to environmental sustainability through investments in modern aircraft, reforestation, and eco-friendly operations. Learn more at www.ethiopianairlines.com.

Commercial Bank of Ethiopia Launches MasterCard Payment System to Boost Digital Transaction

Commercial Bank of Ethiopia Launches MasterCard Payment System to Boost Digital Transaction In a significant step toward enhancing the country’s digital financial infrastructure, the Commercial Bank of Ethiopia (CBE) has officially launched a MasterCard payment system in collaboration with the global payments giant, MasterCard. According to the bank, the newly introduced system is expected to play a pivotal role in advancing digital payment services across Ethiopia. It will provide CBE customers with broader access to secure, convenient, and globally recognized electronic payment solutions, including international transactions—an area that has traditionally been limited in the Ethiopian banking landscape. Speaking at the launch event, CBE President Abe Sano emphasized the importance of this partnership in modernizing the bank’s service offerings and aligning them with international standards. He highlighted that the integration of MasterCard’s technology will facilitate seamless transactions for both domestic and international users, ultimately supporting Ethiopia’s transition toward a cashless economy. Mark Elliot, President of MasterCard Africa, echoed this sentiment, noting that the collaboration reflects MasterCard’s ongoing commitment to financial inclusion in Africa. He added that the company is proud to support Ethiopia’s growing demand for modern, secure payment infrastructure. This isn’t the first collaboration between CBE and MasterCard. The two institutions have worked together in the past on various initiatives within the financial sector. However, this new launch marks a milestone in deepening their relationship and expanding CBE’s capabilities in digital banking. The launch event was jointly presided over by Abe Sano and Mark Elliot, symbolizing the strength of this partnership and their shared vision for a digitally empowered financial ecosystem in Ethiopia.

National Bank of Ethiopia Sees Inter-Bank Transactions Hit Birr 338.8B

National Bank of Ethiopia Sees Inter-Bank Transactions Hit Birr 338.8B On March 25, 2025, the Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) convened for its second meeting of the year. The meeting, in line with the NBE’s primary objective of maintaining price stability while supporting economic growth, focused on reviewing inflation dynamics, the financial sector, and global economic conditions. Key Developments and Economic Outlook Inflation, a major focus of the MPC, showed signs of improvement. The inflation rate for February 2025 stood at 15%, marking a decrease from the previous period. This positive trend was attributed to tight monetary policies, improved agricultural production, and controlled adjustments in administered prices. Notably, food inflation decreased significantly from 31% a year ago to 14.6%, while non-food inflation also declined to 15.6%. The month-on-month inflation rate of 0.5% in February signals an easing of price pressures. Economic activity, as measured by the Composite Index of Economic Activity (CIEA), remains strong. Indicators from key sectors, including agriculture, industry, and services, point to sustained growth. A favorable rainy season has bolstered agricultural output, while easing foreign exchange constraints have supported industrial activity. The export sector, particularly in coffee and gold, continues to perform well, and services such as air transport and tourism have seen strong performance. Monetary and Banking Sector Developments The MPC also reviewed monetary aggregates, noting a significant increase in broad money and base money growth, which stood at 22.8% and 42.0%, respectively, as of January 2025. This growth reflects a moderate easing of credit policies and recent fiscal and external sector developments. Meanwhile, domestic credit growth remained stable at 19.8%. In terms of interest rates, the MPC noted that short-term market rates have turned positive in real terms. The weighted average yield on 364-day T-bills rose to 17.7% in February 2025, up from 15.9% at the end of 2024. The inter-bank money market also showed growth, with transaction volumes reaching Birr 338.8 billion by the end of February. The banking sector remains stable with low non-performing loans (NPLs) and adequate capital, although some institutions continue to face liquidity challenges. To address these, the NBE has introduced measures like the inter-bank money market and a Standing Lending Facility. Fiscal and External Sector Performance The fiscal stance remains prudent, with zero monetary financing of the deficit for the fiscal year. The external sector also saw improvements, marked by strong export growth, increased remittances, and higher capital inflows following exchange rate reforms in July 2024. These developments contributed to a current account surplus and boosted foreign exchange reserves. Global Economic Conditions Global growth projections for 2025 and 2026 are steady, at 3.3%, according to the IMF. Global inflation is expected to gradually decline, although geopolitical developments and trade uncertainties pose risks to global tariffs and trade flows. On the positive side, global commodity prices have been favorable for Ethiopia, with oil prices declining by 9% and the prices for key exports, including coffee and gold, remaining strong. Monetary Policy Stance Despite the progress in reducing inflation, the MPC acknowledged that inflation remains above the target. As such, the Committee decided to maintain a disinflationary stance in its monetary policy. To avoid any unintended loosening, the management of foreign exchange inflows will require careful attention. The MPC’s recommendations, which the NBE Board approved, include keeping the National Bank Rate (NBR) unchanged at 15%, maintaining the 18% cap on annual credit growth, and leaving existing rates for the Standing Deposit Facility and Standing Lending Facility unchanged. The MPC will continue to monitor inflation trends and broader economic developments, with its next meeting scheduled for the end of June 2025. For more details, refer to the official statement from the National Bank of Ethiopia.