Mohammed Hussein Ali Al-'Amoudi ( ar, محمد حسين علي العمودي; born 1946) is a
Saudi billionaire businessman. He was born Ethiopia in 1946 to a Yemeni father from
Hadhramaut
Hadhramaut ( ar, حَضْرَمَوْتُ \ حَضْرَمُوتُ, Ḥaḍramawt / Ḥaḍramūt; Hadramautic: 𐩢𐩳𐩧𐩣𐩩, ''Ḥḍrmt'') is a region in South Arabia, comprising eastern Yemen, parts of western Oman and southern Saud ...
and Ethiopian Amhara mother from
Wollo
Wollo (Amharic: ወሎ) was a historical province of northern Ethiopia that overlayed part of the present day Amhara, Afar, and Tigray regions. During the Middle Ages this region was known as Bete Amhara and had Amhara kings. Bete Amhara had ...
.
In 2016, his net worth was estimated by ''
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'' at approximately $10.9 billion and a relative fall in net value was linked to the global fall in oil and gold prices at the time of estimation.
He was also listed as Ethiopia's richest man, the second richest Saudi Arabian citizen in the world and the second richest person of African descent in the world.
Al Amoudi made his fortune in construction and
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
before branching out to buy
oil refineries
An oil refinery or petroleum refinery is an industrial process plant where petroleum (crude oil) is transformed and refined into useful products such as gasoline (petrol), diesel fuel, asphalt base, fuel oils, heating oil, kerosene, lique ...
in Sweden and Morocco. He is the largest individual foreign investor in Ethiopia and a major investor in Sweden.
[
]
Business activities
Al Amoudi owns a broad portfolio of businesses in construction, energy, agriculture, mining, hotels, healthcare and manufacturing amongst others. His businesses are largely to be found within two conglomerate holding and operating companies, Corral Petroleum Holdings
Preem is a Swedish petroleum and bio-fuel company (even referred to as a petroleum corporation) with approximately 570 petrol stations and two oil refineries
An oil refinery or petroleum refinery is an industrial process plant where petr ...
and MIDROC
MIDROC-Mohammed International Development Research and Organization Companies is a company owned by Sheik Mohammed Hussein Al Amoudi. It has operations in Europe, the Middle East, and Africa. Through its Corral Petroleum Holdings AB, MIDROC has ...
, both which he owns and manages. He employs over 70,000 people through these companies.
Al Amoudi's construction company consortium, ''Mohammed International Development Research and Organization Companies'', also known as MIDROC, won a contract to build Saudi Arabia's estimated $30 billion nationwide underground oil storage complex in 1988. MIDROC acquired Yanbu Steel in Saudi Arabia in 2000.
In addition to his business interests in Ethiopia, he also owns oil refineries in Morocco
Morocco (),, ) officially the Kingdom of Morocco, is the westernmost country in the Maghreb region of North Africa. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria t ...
and Sweden ( Svenska Petroleum Exploration AB) and is engaged in energy exploration and production off West Africa and elsewhere. His Addis Ababa
Addis Ababa (; am, አዲስ አበባ, , new flower ; also known as , lit. "natural spring" in Oromo), is the capital and largest city of Ethiopia. It is also served as major administrative center of the Oromia Region. In the 2007 census, t ...
Sheraton is said to be among the finest hotels in Africa.
He has recently pledged US$275 million alongside other Saudi and South Korean investors through MIDROC to finance a factory to build Saudi Arabia's first car, to be called Gazal-1, in a project initiated by King Saud University
King Saud University (KSU, ar, جامعة الملك سعود) is a public university in Riyadh, Saudi Arabia. Established in 1957 by King Saud bin Abdulaziz to address the country's skilled worker shortage, it is the first university in the K ...
and, in September 2011, it was announced that he planned to invest around US$1.07bn (4bn Saudi Riyals) in two major Saudi industrial projects (phosphate derivatives and sulfur) in Ras Al-Khair Ras Al-Khair (Also called Ras Az-Zour, Ras Azzour) is a town and port currently under development in the Eastern Province of Saudi Arabia. It is on the eastern coast, 60 km (37 mi) north of Jubail. It is also known under its project name of "M ...
astern Regionand Jubail Industrial City
Jubail Industrial City, the world's largest industrial city, was established in 1975 and is located in the Eastern Province of Saudi Arabia. It covers 1,016 square kilometers and includes industrial complexes and port facilities. It contributes t ...
respectively.
Ethiopian investments
Al Amoudi has invested in Ethiopia since the mid-1980s. He now has business interests there, largely operated through MIDROC Ethiopia which was created in 1994. In 2011 it made 1.4bn birr (US$70m) of profits.
Natural resources
He has gold mining
Gold mining is the extraction of gold resources by mining. Historically, mining gold from alluvial deposits used manual separation processes, such as gold panning. However, with the expansion of gold mining to ores that are not on the surface, ...
interests in Ethiopia and it is reported that MIDROC Gold Mine (a subsidiary of MIDROC Ethiopia) has paid the Ethiopian Government 100.1 million birr in royalties, the largest contribution of any mining company. Midroc Gold is Ethiopia's sole gold exporter. Its Lega Dembi Mine has a yearly average production of around 4,500 kg of gold and silver.
He owns 70% of National Oil Ethiopia, which competes with YBF, TAF OIL and five other companies in the national petrol market and is establishing a steel plant (Tossa) in Amhara. This latter is Ethiopia's first industrial steel production plant and in intended to meet a major increase in domestic demand, estimated to rise from 1.2m tonnes to 3.1m tonnes per annum between 2011 and 2014.
In February 2011, Al Amoudi acquired 69% of Ethiopia's sole tyre manufacturer Addis Tyre and he has a substantial investment in cement production through Durba Midroc which was founded in 2008.
/ref> His major cement plant near Chancho was backed in part by the World Bank's International Finance Corporation. In July 2011, it was announced that the Ethiopian Electric Power Company EPcowould provide the Derba cement plant with 50 MW of electricity.
Agriculture
The Al Amoudi-owned ''Saudi Star Agricultural Development'' Plc plans to develop
Develop or DEVELOP may refer to:
* ''Develop'' (magazine), a trade publication for the video game industry
* ''Develop'' (Apple magazine), a technical magazine formerly published by Apple Computer
* Develop (chess), moving a piece from its origina ...
up to of Ethiopian land for sugar, edible oil
Cooking oil is plant, animal, or synthetic liquid fat used in frying, baking, and other types of cooking. It is also used in food preparation and flavoring not involving heat, such as salad dressings and bread dips, and may be called edible oil ...
, and grain production. In March 2011, Saudi Star announced a further investment of $2.5 billion in Ethiopian rice projects. Some 10,000 hectares have been taken up in 60-year leases and the company plans to rent an additional 290,000 hectares. The company had reportedly purchased $80 million in equipment from Caterpillar Inc.
In August 2011, President Girma Wolde-Giorgis
Girma Wolde-Giorgis (; 28 December 1924 – 15 December 2018) was an Ethiopian politician who was the president of Ethiopia from 2001 to 2013. He was the second person to hold the office of president since the founding of the Federal Democra ...
of Ethiopia stated that “a substantial investment in agricultural development was key to improving the quality of life across Africa” and that Saudi Star's investment programme would benefit both Ethiopia and its important trading partner, Saudi Arabia.
Al Amoudi also owns land used to produce coffee. Of the of land acquired by Ethio Agri-CEFT (which he owns) in the Sheka Zone
Sheka is a zone in the South West Region of Ethiopia. Sheka is bordered on the south by Bench Maji, on the west by the Gambela Region, on the north by the Oromia Region, and on the east by Keffa. The administrative center of Sheka is Masha. Sh ...
of Ethiopia, it has only covered 1,010 hectares with coffee and shade trees, with the rest remaining as natural vegetation. In 2011, he donated 10 million birr (US$500k) to the proposed Ethiopian National Coffee Museum in Ethiopia's Kaffa Zone.
In September 2011, in response to an appeal from Prime Minister Meles Zenawi
Meles Zenawi Asres (Tigrinya and ; , born Legesse Zenawi Asres; 9 May 1955 – 20 August 2012) was an Ethiopian soldier and politician who served as President of Ethiopia from 1991 to 1995 and then Prime Minister of Ethiopia from 1995 until his ...
for popular support for the financing of the Renaissance Dam in North West Ethiopia which will triple the country's hydro-electric power, Al Amoudi pledged a donation of 1.5bn birr (around US$88m).
Arrest and captivity
On 4 November 2017, Mohammed Hussein Al Amoudi was arrested upon the orders of Crown Prince Mohammad Bin Salman (MBS) and held captive in Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
in a "corruption crackdown" conducted by Mohammed Bin Salman's "royal anti-corruption" committee. Al-Amoudi had not been seen since his arrest and captivity. Ethiopian Prime Minister Abiy Ahmed Ali had tried to secure his release, but was unsuccessful. Finally, he was released on January 27, 2019 after 14 months of detention.
Philanthropy
Al Amoudi has committed funds to support healthcare and sport in Saudi Arabia, the US, Europe and Africa. He funded a breast cancer
Breast cancer is cancer that develops from breast tissue. Signs of breast cancer may include a lump in the breast, a change in breast shape, dimpling of the skin, milk rejection, fluid coming from the nipple, a newly inverted nipple, or a r ...
research centre at King Abdulaziz University
King Abdulaziz University (KAU) ( ar, جامعة الملك عبد العزيز) is a public university in Jeddah, Saudi Arabia. With over 117,096 students in 2022, it is the largest university in the country. Located in south Jeddah, the univ ...
.
In 2008, Al Amoudi funded King Saud University's an enhanced oil recovery research chair. He also fully funded the King Abdullah Institute for Nanotechnology at King Saud University
King Saud University (KSU, ar, جامعة الملك سعود) is a public university in Riyadh, Saudi Arabia. Established in 1957 by King Saud bin Abdulaziz to address the country's skilled worker shortage, it is the first university in the K ...
.
Al Amoudi was named as one of the William J. Clinton Foundation Donors, according to information released as part of an obligation placed on former President Clinton
William Jefferson Clinton ( né Blythe III; born August 19, 1946) is an American politician who served as the 42nd president of the United States from 1993 to 2001. He previously served as governor of Arkansas from 1979 to 1981 and again ...
when he supported Hillary Clinton
Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, diplomat, and former lawyer who served as the 67th United States Secretary of State for President Barack Obama from 2009 to 2013, as a United States sen ...
's nomination as Secretary of State. He is reported to have donated between US$5m and US$10m to the foundation.
Al Amoudi sponsored the CECAFA Cup
The CECAFA Cup, is the oldest football tournament in Africa. It is organized by the Council for East and Central Africa Football Associations ( CECAFA). A FIFA competition, it includes participants of football playing national teams from the East ...
, Africa's oldest football cup competition, in 2005 and 2006, the tournament was named the Al Amoudi Senior Challenge Cup as a result in those years. He also supports Ethiopian Premier League Club Saint George S.C. and covered the medical expenses of one of Ethiopia's most celebrated footballers, Mengistu Worku
Mengistu Worku (Amharic: መንግስቱ ወርቁ; 1940 – 16 December 2010) was an Ethiopian footballer, recognised as one of the best Ethiopian footballers in history with Luciano Vassalo and Ydnekatchew Tessema. He is best known for his ...
, before his death in December 2010. In 2011, he pledged 100 million Ethiopian birr
The birr ( am, ብር) is the unit of currency in Ethiopia. It is subdivided into 100 ''santim''.
In 1931, Emperor Haile Selassie I formally requested that the international community use the name ''Ethiopia'' (as it had already been known inte ...
for a stadium and access road in Mek'ele
Mekelle ( ti, መቐለ, am, መቀሌ, mäqälle, mek’elē) or Mekele is a special zone and capital of the Tigray Region of Ethiopia. Mekelle was formerly the capital of Enderta awraja in Tigray. It is located around north of the Ethiopia ...
. In January 2017, The Sheikh Mohammed Hussein Ali Al-Amoudi Stadium was opened. The Stadium reportedly cost more than $22 million, and took four and a half years to complete.
Defamation actions
In December 2010 Al Amoudi initiated a claim in the English High Court against Elias Kifle
Elias Kifle (Amharic: ኤልያስ ክፍሌ) is the publisher and editor-in-chief of the Washington D.C.-based Ethiopian Review, an English/Amharic language Ethiopian news and opinion journal that was launched in January 1991.
Family
Elias Ki ...
of the Washington, D.C.-based ''Ethiopian Review
''Ethiopian Review'' is an Ethiopian news and opinion journal published in English and Amharic.
History
The Ethiopian Review was launched in 1991 by Hailu Indashaw, publisher, and Elias Kifle, editor. In 1995, Elias Kifle became publisher, and ...
'' claiming damages for libel. In July 2011 Kifle was ordered to pay £175,000 in damages for publishing false information.
The ''Ethiopian Review'' had also repeated unwarranted material relating to his family and to matters previously dealt with in the ''Al Amoudi v. Brisard'' case of 2005. M. Brisard had made serious and unwarranted allegations concerning engagement in the funding of terrorism in the wake of 9/11 but had subsequently apologised for the accusation. The judge found the statements to be untrue and stated that Al Amoudi "is implacably opposed to terrorism in all its forms”.
Honors and recognition
Al Amoudi has been ranked among the 100 richest people by ''Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'' since 2006, being ranking 82nd on the list in 2015.[ He was awarded an ]honorary doctorate
An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hon ...
from Addis Ababa University and has been honoured with the Order of the Polar Star
The Royal Order of the Polar Star ( Swedish: ''Kungliga Nordstjärneorden'') is a Swedish order of chivalry created by King Frederick I on 23 February 1748, together with the Order of the Sword and the Order of the Seraphim.
The Order of t ...
by King Carl XVI Gustaf
Carl XVI Gustaf (Carl Gustaf Folke Hubertus; born 30 April 1946) is King of Sweden. He ascended the throne on the death of his grandfather, Gustaf VI Adolf, on 15 September 1973.
He is the youngest child and only son of Prince Gustaf Adolf, D ...
of Sweden.
Al Amoudi was honoured for his achievements in economics and philanthropy at the 19th Arab Economic Forum Summit in 2011, with special reference to his commitment to sustainable development.
Personal life
Al Amoudi was born in the north-central Ethiopian city of Dessie
Dessiè City which is politically oppressed by the past Ethiopian government systems due to the fact that most of the population follow Islamic religion.
Dessie ( am, ደሴ, Däse; also spelled Dese or Dessye) is a town in north-central Ethiopia ...
and brought up in the nearby town of Weldiya
Weldiya or Woldia () is a town, woreda, and capital of the North Wollo Zone in northern Ethiopia. Located north of Dessie and southeast of Lalibela in the Amhara Region, this town has an elevation of 2112 meters above sea level.
A notable landm ...
. He was born to a father of Hadhrami Yemeni origin and an Ethiopian Amhara mother.[ He grew up in Ethiopia, before emigrating to Saudi Arabia with his brother Mauricet who is the father of Architect and Designer Kamilah Willacy, and becoming a Saudi citizen.
According to the ''BBC'', Al Amoudi splits his residence between central London, Surrey and Saudi Arabia.] He is married to Sofia Saleh Al Amoudi who is a Saudi citizen and shareholder of MIDROC Construction. They have eight children.[
]
References
External links
Official website
{{DEFAULTSORT:Amoudi, Mohammed Hussein
1940s births
Living people
People from Jeddah
Saudi Arabian businesspeople
Ethiopian businesspeople
Saudi Arabian billionaires
Ethiopian billionaires
Saudi Arabian Muslims
Hadhrami people
Ethiopian people of Yemeni descent
Saudi Arabian people of Ethiopian descent
Saudi Arabian people of Yemeni descent