Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (2024)

Business activities

Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (1)

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 and MIDROC, both which he owns and manages. He employs over 70,000 people through these companies.

Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (2)

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.

Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (3)

In addition to his business interests in Ethiopia, he also owns oil refineries in Morocco and Sweden (Svenska Petroleum Exploration AB) and is engaged in energy exploration and production off West Africa and elsewhere. His Addis Ababa Sheraton is said to be among the finest hotels in Africa.

Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (4)

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 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 [Eastern Region] and Jubail Industrial City respectively.

Ethiopian investments

Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (5)

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 1.3bn birr (US$70m) of profits.

Natural Resources

He has gold mining 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 4,500kg 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. 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 [EEPco] would provide the Derba cement plant with 50MW of electricity.

Agriculture

The Al Amoudi-owned Saudi Star Agricultural Development Plc plans to develop up to 500,000 hectares (1,200,000 acres) of Ethiopian land for sugar, 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 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 2,295 hectares (5,670 acres) of land acquired by Ethio Agri-CEFT (which he owns) in the Sheka Zone 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 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).

Philanthropy

Al Amoudi has committed funds to support healthcare and sport in Saudi Arabia, the US, Europe and Africa. He funded a breast cancer research centre at King Abdulaziz University.

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.

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 when he supported Hillary Clinton'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, 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 St. George and covered the medical expenses of one of Ethiopia’s most celebrated footballers, Mengistu Worku, before his death in December 2010. In 2011, he pledged 100 million Ethiopian birr for a stadium and access road in Mek'ele. 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 of the Washington, D.C.-based Ethiopian Review 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 since 2006, being ranking 82nd on the list in 2015. He was awarded an honorary doctorate from Addis Ababa University and has been honoured with the Order of the Polar Star by King Carl XVI Gustaf 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 and brought up in Woldia, a market town also in north-central Ethiopia. He was born to a Saudi father of Hadhrami Yemeni origin and an Ethiopian mother. He grew up in Ethiopia, before emigrating to Saudi Arabia with his brother Mauricet 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 Soniat Saleh Selassie Al Amoudi, a Saudi citizen and shareholder of MIDROC Construction. They have eight children.

Mohammed Hussein Al Amoudi ~ Detailed Biography with [ Photos | Videos ] (2024)

FAQs

How much is Mohammed al Amoudi worth? ›

Bloomberg currently ranks him 273 on the list of billionaires in the world with a net worth of $9.28 billion. Bloomberg Billionaires Index. At 77, Al Amoudi has a portfolio of industrial assets spanning Ethiopia, Sweden, and Saudi Arabia, including Svenska Petroleum Exploration and Preem, Sweden's largest oil refiner.

Who is the richest person in Ethiopia? ›

BirrMetrics on LinkedIn: Ethiopia's richest man, Mohammed Al-Amoudi, has experienced a significant…

Where is Al Amoudi now? ›

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.

Who is Mohammed Hussein? ›

Mohammed Hussein serves as President of EGA UK. Mr. Hussein is a highly sought-after advisor and political commentator, who brings deep experience in policy, regulatory and government relations to EGA.

Who is the richest person in Turkey? ›

According to this year's list, Murat Ülker is the richest person in Türkiye with a net worth of $5.1 billion, followed by Şaban Cemil Kazancı with $3.5 billion. Ülker and Kazancı rank 597th and 920th in the global list.

Who is the richest billionaire in Turkey? ›

Top Billionaires in Turkey with Net Worth

Murat Ulker, leads as the 1st in Turkey, with $5.32B in Food & Beverage sector. Followed by Ipek Kirac, 2nd in Turkey, making waves in Diversified at 808th globally, and Semahat Sevim Arsel, 3rd in Turkey, contributing significantly to Diversified at 837th globally.

Who is first black billionaire? ›

America's first Black billionaire got rich from founding BET. He shares the moment he knew he'd made it. Robert L. Johnson became a billionaire after selling BET to Viacom in a $3 billion deal.

Who is the female millionaire in Ethiopia? ›

Ms. Akiko Seyoum was recognized as a renowned accomplished Female Entrepreneur, on Forbes being among the top five Ethiopian Multi-milliners and for being a prominent figure among others to build a multi-million and billion dollar empire in construction industry.

Why is Ethiopia so rich? ›

Mining is important to the economy of Ethiopia as a diversification from agriculture. Currently, mining comprises only 1% of GDP. Gold, gemstones (diamonds and sapphires), and industrial minerals are important commodities for the country's export-oriented growth strategy.

Who is the richest person of Brazil? ›

As of 19 March 2024, Eduardo Saverin was estimated as the wealthiest person in Brazil, with a net worth of around $26.8 billion, followed by Vicky Safra (No. 2, $20.5 billion), Jorge Paulo Lemann (No. 3, $16.1 billion); and Marcel Herrmann Telles (No. 4, $10.8 billion).

Who is richest man in Romania? ›

Top Billionaires in Romania with Net Worth

Embark on an enriching exploration of Romania's dynamic billionaire landscape, where visionaries from diverse industries shape economic prosperity. Daniel Dines, leads as the 1st in Romania, with $2.18B in Technology sector.

Who is the 2nd richest person in Germany? ›

Klaus-Michael Kuehne, leads as the 1st in Germany, with $39.18B in Logistics sector. Followed by Dieter Schwarz, 2nd in Germany, making waves in Fashion & Retail at 41th globally, and Reinhold Wuerth & family, 3rd in Germany, contributing significantly to Manufacturing at 45th globally.

Who is the richest man of Spain? ›

Amancio Ortega, leads as the 1st in Spain, with $105.65B in Fashion & Retail sector. Followed by Sandra Ortega Mera, 2nd in Spain, making waves in Fashion & Retail at 257th globally, and Rafael Del Pino, 3rd in Spain, contributing significantly to Construction & Engineering at 507th globally.

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