By Chris Onuoha
Africa hospitality sector gets a boost as Saudi billionaire, Mohammed Hussein Ali Al-Amoudi concludes plan to invest a $116 million hotel expansion in Ethiopia’s capital.
As Addis Ababa seeks to strengthen its hospitality infrastructure with the International Finance Corporation (IFC) completing an $80 million investment loan, Saudi billionaire, Al-Amoudi picks interest in the city, as one of Africa’s fastest-growing destinations.
The investment comes as Addis Ababa continues to strengthen its position as a regional diplomatic and business centre, hosting the African Union and other international institutions and attracting conferences, business travellers and international visitors.
Mohammed Al-Amoudi is a Saudi citizen, born in Ethiopia. He is one of the world’s wealthiest individuals and Ethiopia’s richest businessman. The latest IFC project disclosure shows that the investment in Al-Amoudi’s MIDROC Ethiopia was completed on September 11, 2026, after the financing was approved in May and signed later that month.
The project will refurbish the existing 294-room Sheraton Addis and build a new 200-room Sheraton hotel to be operated by Marriot International including private villas on 2.5 acres within the existing property. The total project cost is estimated at up to $116 million, with IFC providing an $80 million loan.
The refurbishment of the existing Sheraton Addis had already started when IFC assessed the project and was scheduled for completion in 2026.
IFC expects the investment to support what it describes as “ongoing growth in the hospitality sector in Ethiopia,” while creating formal employment and wider economic activity through local suppliers and businesses. The project will also incorporate green-building standards and EDGE certification.
The expansion will significantly increase the employment footprint of the Sheraton complex. IFC said the existing hotel had 1,336 workers at the time of its assessment, with the new hotel expected to replicate roughly the same workforce. That would bring the combined workforce to about 2,600 people when both hotels are fully operational.
For Al-Amoudi, the investment extends MIDROC Ethiopia’s presence in the country’s hospitality and property sectors. IFC identifies Al-Amoudi as owning 75% of MIDROC Ethiopia, with Sofia Saleh Al-Amoudi holding the remaining 25%.
However, the continent of Africa for some time now, seems to suffer setbacks in the hospitality sector, with tourism and leisure destination dropping in South Africa and some parts of West Africa, due to civil unrest by South African black community and insecurity challenges in parts of West Africa.
South African government and tourism agencies have tried to debunk the claim, claiming that tourism and leisure business was not affected by the xenophobic attacks still ongoing in the land.
But such claims, according to reports shows that the country is employing damage control method to redeem its badly affected image in the global scene.
With much interest in hospitality expansion in the East Africa axis, Rwanda, Kenya, Uganda and Ethiopia stand chances of maintaining the lead in choice destinations, business summit and international peace summit engagements.
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