MIDROC Ethiopia, the hospitality arm of MIDROC Investment Group, has secured an $80 million long-term A-loan to fund the renovation of the Sheraton Addis, a Luxury Collection property, as well as the development of a new Sheraton-branded hotel in Addis Ababa. This financing supports a broader $116 million investment, confirming the Ethiopian conglomerate’s commitment to expanding the upscale segment of the country’s hospitality sector.
MIDROC Investment Group was founded by Mohammed Al Amoudi, the Saudi-Ethiopian billionaire whose fortune has just climbed back above $10 billion, standing at $10.1 billion, according to the Bloomberg Billionaires Index. His wealth has risen by $1.63 billion since the start of the year, driven by the performance of his diversified industrial assets in Sweden, Saudi Arabia and Ethiopia, allowing him to rejoin the ranking of the world’s 400 richest people.
This new financing forms part of a broader acceleration in hospitality investment by MIDROC Investment Group, one of Ethiopia’s leading private conglomerates, which is stepping up initiatives to capture the country’s tourism growth. The Group had notably signed a master agreement with The First Group Hospitality, a Dubai-based hotel management company, for the development of ten properties across Ethiopia, representing approximately 1,140 rooms.
At a Glance
MIDROC Ethiopia — Sheraton Addis Financing
$80M long-term A-loan secured to fund refurbishment of the Sheraton Addis (Luxury Collection) and a new Sheraton-branded property in Addis Ababa
Part of a broader $116M investment in Ethiopia’s high-end hospitality market
Builds on MIDROC’s wider hospitality push, including its 10-hotel master agreement with The First Group Hospitality
