Saudi billionaire, Al-Amoudi picks one of Africa’s fastest-growing destinations for a $116 million hotel expansion

Saudi billionaire Mohammed Al-Amoudi is backing a $116 million hotel expansion in Addis Ababa, Ethiopia, with IFC providing $80 million in financing.

The project includes refurbishing the existing 294-room Sheraton Addis and constructing a new 200-room hotel and private villas within the property.

The expansion, operated by Marriott International, will incorporate green-building standards and is expected to be completed in 2026.

The combined Sheraton complex will employ about 2,600 people, doubling the current workforce and supporting local suppliers and businesses.

Mohammed Al-Amoudi is a Saudi citizen, though born in Ethiopia. His fortune has made him 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 and 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.

A bigger hospitality bet for Addis Ababa

The refurbishment of the existing Sheraton Addis had already started when IFC assessed the project and was scheduled for completion in 2026. The new hotel will be built next to the existing property and operated by Marriott International.

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.

Construction is expected to employ up to 150 workers at the new hotel site and another 50 during refurbishment of the existing Sheraton.

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%.

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.