Ethiopia’s richest man, Mohammed Al-Amoudi, is set to revolutionize the country’s retail sector through a major partnership between his conglomerate, Midroc Investment Group, and the French retail giant, Carrefour.
Announced on January 5, 2026, this franchise and supply agreement will mark Carrefour’s much-anticipated entry into the Ethiopian market, one of Africa’s largest and most promising consumer economies.
The first phase of this venture involves converting 13 of Midroc’s existing Queens Supermarket outlets in Addis Ababa into Carrefour Market stores, a process expected to begin in the first half of 2026.
This move is a key part of Carrefour’s “Carrefour 2026” strategic plan, which focuses on expanding into new high-growth countries through local partnerships.
For Carrefour, partnering with Midroc provides immediate scale and invaluable local expertise.
Midroc, Ethiopia’s largest private company, has a vast and diversified portfolio spanning agriculture, mining, manufacturing, and hospitality, including operating the Sheraton and Marriott hotel brands in the country.
This deep experience makes it an ideal partner for navigating Ethiopia’s unique market dynamics.
Jemal Ahmed, CEO of Midroc, highlighted this synergy, stating, “By leveraging our deep knowledge of the local Ethiopian market… and Carrefour’s excellence, we will be able to offer Ethiopian consumers high-quality, affordable products.”
The collaboration aims to do more than just rebrand stores; it plans to transform the consumer experience by introducing modern retail infrastructure, wider product assortments, and more efficient supply chains. The partners have ambitious plans for growth, projecting the opening of 17 additional stores by 2028, which may include larger hypermarket formats.
This expansion is expected to bring significant benefits, including lower prices for consumers and the integration of local Ethiopian products like coffee, spices, and fresh produce into Carrefour’s global supply chain, boosting the country’s agribusiness and export potential.
The deal also capitalizes on recent policy changes, as Ethiopia opened its previously restricted retail and wholesale sectors to foreign investment in 2024 and 2025.
For Al-Amoudi, whose net worth has recently rebounded to over $8.6 billion, the Carrefour deal is another strategic move to strengthen his business empire.
This partnership combines a powerful international brand with deep-rooted local control, a formula poised to unlock significant value in Ethiopia’s rapidly urbanising and growing consumer market.
