Ethiopia gets a USD 116 million hotel expansion Project for Addis Ababa, through Saudi Arabia Billionaire

Mohammed Hussein Ali Al-Amoudi, the Billionaire of Saudi Arabia, is reportedly backing a $116 million hotel expansion in Addis Ababa Ethiopia.

The deal hatched with the International Finance Corporation (IFC) is completing an US$80 million investment as the Ethiopian Capital seeks to strengthen its hospitality infrastructure.

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 may be a Saudi citizen, but he happens to have been born in Ethiopia.

His fortune has made him one of the world’s wealthiest individuals and Ethiopia’s richest businessman.

The latest International Finance Corporation (IFC) project disclosure reveals that the investment in Al-Amoudi’s Mohammed International Development Research and Organization Companies (MIDROC) Ethiopia was completed on September 11, 2026.

That was after the financing was approved in May and signed later that month.

The project will refurbish the existing 294-room Sheraton Addis.

Then he will also 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 US$116 million, with IFC providing an US$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.

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

International Finance Corporation 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 Excellence in Design for Greater Efficiencies (EDGE) certification.

Created by the International Finance Corporation, the EDGE Certification is a globally recognized green building standard that requires at least 20 percent savings in energy, water, and embodied carbon in materials as administered by the Green Business Certification Inc (GBCI).

The expansion will significantly increase the employment footprint of the Sheraton complex.

IFC stated that 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 Mohammed International Development Research and Organization Companies (MIDROC) Ethiopia’s presence in the country’s hospitality and property sectors.

IFC identifies Al-Amoudi as owning 75 percent of MIDROC Ethiopia, with Sofia Saleh Al-Amoudi holding the remaining 25 percent.

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.