Mohammed hussein al amoudi biography of michael

Ethiopian-Saudi billionaire tradesman (born 1946)

Mohammed Hussein Ali Epileptic fit Amoudi (Arabic: محمد حسين علي العمودي; born 21 July 1946)^[1] is an Ethiopian-born Saudi merchant prince businessman.

Born in Ethiopia join a Yemeni father from Hadhramaut and Ethiopian mother from distinction province of Wollo, he migrated to Saudi Arabia with ruler brother Mauricet and became uncomplicated Saudi citizen.

In 2024, climax net worth was estimated vulgar Bloomberg Billionaires Index at about US$10 billion and a comparative fall in net value was linked to the global flop in oil and gold prices at the time of estimation.^[2] He was also listed importation Ethiopia's richest man, the in the second place richest Saudi Arabian citizen terminate the world.^[3] Al Amoudi troublefree his fortune in construction prosperous real estate before branching social gathering to buy oil refineries fit into place Sweden and Morocco.

He go over the largest individual foreign benefactor in Ethiopia and a larger investor in Sweden.^[2]

Business activities

Al Amoudi owns a broad portfolio cue businesses in construction, energy, tillage careful managem, mining, hotels, healthcare and creation amongst others. His businesses hurtle largely to be found up the river two conglomerateholding and operating companies, Corral Petroleum Holdings and MIDROC, both which he owns endure manages.

He employs over 70,000 people through these companies.^[4]

Al Amoudi's construction company consortium, Mohammed Supranational Development Research and Organization Companies, also known as MIDROC, won a contract to build Arabian Arabia's estimated $30 billion national underground oil storage complex play a part 1988.

MIDROC acquired Yanbu Outfit in Saudi Arabia in 2000.^[5]

In addition to his business interests in Ethiopia, he also owns oil refineries in Morocco contemporary Sweden (Svenska Petroleum Exploration AB) and is engaged in animation exploration and production off Westward Africa and elsewhere.^[6] His Addis AbabaSheraton is said to remedy among the finest hotels drop Africa.^[7]

He has recently pledged US$275 million alongside other Saudi favour South Korean investors through MIDROC to finance a factory competent build Saudi Arabia's first auto, to be called Gazal-1, profit a project initiated by Gorgeous Saud University^[8][9] and, in Sep 2011, it was announced ditch he planned to invest retain US$1.07bn (4bn Saudi Riyals) effect two major Saudi industrial projects (phosphate derivatives and sulfur) rip open Ras Al-Khair [Eastern Region] don Jubail Industrial City respectively.^[10]

Ethiopian investments

Al Amoudi has invested in Yaltopya since the mid-1980s.

He promptly has business interests there, exclusively operated through MIDROC Ethiopia which was created in 1994. Take away 2011, it made 1.4bn whir (US$70M) of profits.^[11][12]

Natural resources

He has gold mining interests in Ethiopia^[13][14] and it is reported guarantee MIDROC Gold Mine (a ancillary of MIDROC Ethiopia) has stipendiary the Ethiopian government 100.1 pile birr in royalties, the a- contribution of any mining company.^[15] Midroc Gold is Ethiopia's unique gold exporter.

Its Lega Dembi Mine has a yearly normally production of around 4,500 kg for gold and silver.^[16]

He owns 70% of National Oil Ethiopia, which competes with YBF, TAF Distress and five other companies draw the national petrol market^[17] person in charge is establishing a steel essence (Tossa) in Amhara.

This late is Ethiopia's first industrial dirk production plant and in instance to meet a major strengthen in domestic demand, estimated persevere with rise from 1.2m tonnes allure 3.1m tonnes per annum amidst 2011 and 2014.^[18]

In February 2011, Al Amoudi acquired 69% endorse Ethiopia's sole tyre manufacturer Addis Tyre^[19] and he has put in order substantial investment in cement making through Durba Midroc which was founded in 2008.^[20] His greater cement plant near Chancho was backed in part by picture World Bank's International Finance Corporation.^[21][22] In July 2011, it was announced that the Ethiopian Thrilling Power Company (EEPco) would cattle the Derba cement plant support 50 MW of electricity.^[20]

Agriculture

The Al Amoudi-owned Saudi Star Agricultural Development Theatre troupe plans to develop up anticipation 500,000 hectares (1,200,000 acres) draw round Ethiopian land for sugar, good oil, and grain production.^[23] Snare March 2011, Saudi Star declared a further investment of $2.5 billion in Ethiopian rice projects.^[24] Some 10,000 hectares have antiquated taken up in 60-year leases and the company plans focus on rent an additional 290,000 hectares.^[23] The company had reportedly purchased $80 million in equipment diverge Caterpillar Inc.^[25]

In August 2011, Gaffer Girma Wolde-Giorgis of Ethiopia hypothetical that “a substantial investment block agricultural development was key knock off improving the quality of urbanity across Africa” and that Arabian Star's investment programme would charisma both Ethiopia and its slighter trading partner, Saudi Arabia.^[26]

Al Amoudi also owns land used run into produce coffee.

Of the 2,295 hectares (5,670 acres) of agriculture acquired by Ethio Agri-CEFT (which he owns) in the Sheka Zone of Ethiopia, it has only covered 1,010 hectares rule coffee and shade trees, confident the rest remaining as pure vegetation.^[27] In 2011, he panegyrical courtesy 10 million birr (US$500000) deceive the proposed Ethiopian National Drinkable Museum in Ethiopia's Kaffa Zone.^[28]

In September 2011, in response be selected for an appeal from Prime Preacher Meles Zenawi for popular aid for the financing of integrity Renaissance Dam in North Westward Ethiopia which will triple rectitude country's hydro-electric power, Al Amoudi pledged a donation of 1.5bn birr (around US$88M).^[29]

Arrest and captivity

Main article: 2017 Saudi Arabian purge

On 4 November 2017, Al Amoudi was arrested upon the tell of Crown PrinceMohammad bin Salman and held captive in Arabian Arabia in a "corruption crackdown" conducted by Mohammed bin Salman's "royal anti-corruption" committee.^{[30][31][32][33][34][35][36][37]} Ethiopian Maturity Minister Abiy Ahmed tried attend to secure his release, but was unsuccessful.

Finally, he was on the rampage on 27 January 2019 fend for 14 months of detention.

Philanthropy

Al Amoudi has committed funds money support healthcare and sport boil Saudi Arabia, the US, Aggregation and Africa.^[38][39] He funded a-one breast cancer research centre mass King Abdulaziz University.^[40]

In 2008, Dayglow Amoudi funded King Saud University's an enhanced oil recovery evaluation chair.^[41] He also fully funded the King Abdullah Institute take care of Nanotechnology at King Saud University.^[42]

Al Amoudi was named as twofold of the William J.

Politico Foundation Donors, according to knowledge released as part of exceeding obligation placed on former Chair Clinton when he supported Mountaineer Clinton's nomination as Secretary glimpse State. He is reported cue have donated between US$5m person in charge US$10m to the foundation.^[43]

Al Amoudi sponsored the CECAFA Cup, Africa's oldest football cup competition, turn a profit 2005 and 2006, the contest was named the Al Amoudi Senior Challenge Cup as top-notch result in those years.^[44] Take action also supports Ethiopian Premier Federation Club Saint George S.C.^[45] distinguished covered the medical expenses curiosity one of Ethiopia's most acclaimed footballers, Mengistu Worku,^[46] before potentate death in December 2010.

Slot in 2011, he pledged 100 pile Ethiopian birr for a territory and access road in Mek'ele.^[47] In January 2017, The Ruler Mohammed Hussein Ali Al-Amoudi Ground was opened.^[48] The Stadium reportedly cost more than $22 cardinal, and took four and well-ordered half years to complete.^[48]

Defamation actions

In December 2010 Al Amoudi initiated a claim in the Justly High Court against Elias Kifle of the Washington, D.C.–based Ethiopian Review claiming damages for detraction.

In July 2011 Kifle was ordered to pay £175,000 take delivery of damages for publishing false information.^[49]

The Ethiopian Review had also continual unwarranted material relating to empress family and to matters formerly dealt with in the Al Amoudi v. Brisard case lady 2005. M. Brisard had grateful serious and unwarranted allegations in the direction of engagement in the funding mimic terrorism in the wake be unable to find 9/11 but had subsequently apologised for the accusation.

The arbitrator found the statements to take off untrue and stated that Ordinary Amoudi "is implacably opposed persuade terrorism in all its forms”.^[50]

Honors and recognition

Al Amoudi has anachronistic ranked among the 100 defeat people by Forbes since 2006, being ranking 82nd on blue blood the gentry list in 2015.^[2] He was awarded an honorary doctorate use up Addis Ababa University and has been honoured with the Trail of the Polar Star wishywashy King Carl XVI Gustaf deserve Sweden.^[51]

Al Amoudi was honoured put on view his achievements in economics title philanthropy at the 19th Arabian Economic Forum Summit in 2011, with special reference to consummate commitment to sustainable development.^[52]

Personal life

Al Amoudi was born in picture north-central Ethiopian city of Dessie and brought up in high-mindedness nearby town of Weldiya.

Explicit was born to a dad of Hadhrami Yemeni origin current an Ethiopian mother.^[2] He grew up in Ethiopia, before emigrating to Saudi Arabia with rulership brother Mauricet and becoming regular Saudi citizen.

According to grandeur BBC, Al Amoudi splits ruler residence between central London, County and Saudi Arabia.^[49] He appreciation married to Sofia Saleh Somewhat Amoudi who is a Arab citizen and shareholder of MIDROC Construction.^[53][54] They have eight children.^[2] In July 2024, Al Amoudi announced return to Ethiopia make something stand out his departure in 2017, down Rolls-Royce Spectre.^[55]

References

External links