Senegalia senegal (L.) Britton is a multi-purpose dryland tree species that produces gum arabic, a commercially valuable product. However, this resource is underused in Ethiopian dryland areas. The aim of this study was to evaluate the population status and potential gum yield of S. senegal growing in natural stands in South Omo Zone, Ethiopia. Forty-five sample plots, each measuring 20 × 20 m, were established at 500 m intervals along transects, with 1 m2 subplots located within the main plots to determine regeneration. S. senegal trees with a diameter at breast height of between 2 and 12 cm were most prevalent. Forty-two tree species were associated with S. senegal, of which 16 were gum- and resin-producing species. S. senegal was positively associated with Vachellia tortilis, Senegalia mellifera, Vachellia nilotica, Commiphora edulis, and Dobera glabra. Senegalia senegal comprised approximately 35% of regenerating trees. The maximum gum arabic yield obtained was 3948 g tree−1. Linear models of dendrometric variables indicated that gum arabic yield is better predicted by tree diameter than by height. Despite the limitations of this pioneer survey, the population status and yield potential suggest that gum arabic could be sustainably produced and commercialized in natural stands of S. senegal in the studied dryland areas, providing local communities with supplementary seasonal incomes.