Preem/Varo Energy Deal - Major Step In Strategic Re-orientation of Mohammed Al Amoudi Business Interests

16 January 2026

In October 2023, it was announced that Mohammed Al Amoudi as beneficial owner of Preem had approved an investigation into various options for the future of the company in light of both the company’s needs and a proposed change in the strategic direction of Mohammed’s investments. Deutsche Bank pre-empted this investigation as it was being concluded by initiating an involuntary sale which, in the opinion of Mohammed, significantly reduced the ability to achieve full valuation for the asset.

However, this led to Deutsche Bank accepting an offer for Preem by Varo Energy. After appropriate due diligence and regulatory approvals, the proposed deal has now been closed. Despite the regrettable circumstances of the sale, it satisfies his concern to ensure the continuation of past commitments to the European Green Transition and to the broader strategic interests of Sweden.

At the time of his initial announcement, Mohammed said that the investigation had arisen from a “commitment to remove the debt burden on my businesses and ensure a smoother succession process in the future”. Both those strategic aims remain in force. Mohammed will now turn his main focus towards his home markets in Saudi Arabia and Ethiopia although still maintaining his interest in green energy and other high technology industries. The process of dealing with all outstanding matters related directly or indirectly to the divestment of Preem and the debt reduction is expected to take about 12-18 months from the completion of the Preem/Varo deal.

This information provides background on Mohammed Hussein Al Amoudi's business interests, direct and indirect philanthropic and academic grants and his personal honours. Occasionally links to new or updated business websites may be provided. However, these updates are not intended to provide up to date or comprehensive information about Mr Al Amoudi's business interests. Any links to websites that represent the philanthropic, academic or commercial interests are provided on this website for ease of reference only.

 

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