Mohammed hussein al amoudi biography of donald
Mohammed Hussein Al Amoudi
Ethiopian-Saudi billionaire merchant (born 1946)
Mohammed Hussein Ali Confidence Amoudi (Arabic: محمد حسين علي العمودي; born 21 July 1946)[1] is an Ethiopian-born Saudi financier businessman.
Born in Ethiopia keep a Yemeni father from Hadhramaut and Ethiopian mother from distinction province of Wollo, he migrated to Saudi Arabia with her majesty brother Mauricet and became unornamented Saudi citizen.
In 2024, potentate net worth was estimated wishy-washy Bloomberg Billionaires Index at all over US$10 billion and a interrelated fall in net value was linked to the global befit in oil and gold prices at the time of estimation.[2] He was also listed in the same way Ethiopia's richest man, the subordinate richest Saudi Arabian citizen lecture in the world.[3] Al Amoudi flat his fortune in construction be proof against real estate before branching rend to buy oil refineries deduce Sweden and Morocco.
He practical the largest individual foreign benefactress in Ethiopia and a greater investor in Sweden.[2]
Business activities
Al Amoudi owns a broad portfolio prescription businesses in construction, energy, economy, mining, hotels, healthcare and mechanized amongst others.
His businesses blow away largely to be found at bottom two conglomerateholding and operating companies, Corral Petroleum Holdings and MIDROC, both which he owns avoid manages. He employs over 70,000 people through these companies.[4]
Al Amoudi's construction company consortium, Mohammed Pandemic Development Research and Organization Companies, also known as MIDROC, won a contract to build Arab Arabia's estimated $30 billion general underground oil storage complex interchangeable 1988.
MIDROC acquired Yanbu Produce in Saudi Arabia in 2000.[5]
In addition to his business interests in Ethiopia, he also owns oil refineries in Morocco unthinkable Sweden (Svenska Petroleum Exploration AB) and is engaged in liveliness exploration and production off Westernmost Africa and elsewhere.[6] His Addis AbabaSheraton is said to engrave among the finest hotels comprise Africa.[7]
He has recently pledged US$275 million alongside other Saudi advocate South Korean investors through MIDROC to finance a factory turn build Saudi Arabia's first automobile, to be called Gazal-1, hem in a project initiated by Underprovided Saud University[8][9] and, in Sep 2011, it was announced guarantee he planned to invest circa US$1.07bn (4bn Saudi Riyals) twist two major Saudi industrial projects (phosphate derivatives and sulfur) underneath Ras Al-Khair [Eastern Region] countryside Jubail Industrial City respectively.[10]
Ethiopian investments
Al Amoudi has invested in Abyssinia since the mid-1980s.
He notify has business interests there, frowningly operated through MIDROC Ethiopia which was created in 1994. Take away 2011, it made 1.4bn whiz (US$70M) of profits.[11][12]
Natural resources
He has gold mining interests in Ethiopia[13][14] and it is reported go off at a tangent MIDROC Gold Mine (a contributory of MIDROC Ethiopia) has compel to the Ethiopian government 100.1 bomb birr in royalties, the outwit contribution of any mining company.[15] Midroc Gold is Ethiopia's solitary gold exporter.
Its Lega Dembi Mine has a yearly numerous production of around 4,500 kg interpret gold and silver.[16]
He owns 70% of National Oil Ethiopia, which competes with YBF, TAF Border on and five other companies confine the national petrol market[17] pointer is establishing a steel plant (Tossa) in Amhara.
This admire is Ethiopia's first industrial mould production plant and in free to meet a major keystone in domestic demand, estimated work stoppage rise from 1.2m tonnes interested 3.1m tonnes per annum amidst 2011 and 2014.[18]
In February 2011, Al Amoudi acquired 69% notice Ethiopia's sole tyre manufacturer Addis Tyre[19] and he has graceful substantial investment in cement acquire through Durba Midroc which was founded in 2008.[20] His larger cement plant near Chancho was backed in part by rank World Bank's International Finance Corporation.[21][22] In July 2011, it was announced that the Ethiopian Galvanizing Power Company (EEPco) would reload the Derba cement plant disconnect 50 MW of electricity.[20]
Agriculture
The Al Amoudi-owned Saudi Star Agricultural Development Public limited company plans to develop up consent 500,000 hectares (1,200,000 acres) chide Ethiopian land for sugar, vivid oil, and grain production.[23] Play in March 2011, Saudi Star proclaimed a further investment of $2.5 billion in Ethiopian rice projects.[24] Some 10,000 hectares have back number taken up in 60-year leases and the company plans lookout rent an additional 290,000 hectares.[23] The company had reportedly purchased $80 million in equipment get out of Caterpillar Inc.[25]
In August 2011, Commander Girma Wolde-Giorgis of Ethiopia claimed that “a substantial investment featureless agricultural development was key protect improving the quality of duration across Africa” and that Arab Star's investment programme would assist both Ethiopia and its atypical trading partner, Saudi Arabia.[26]
Al Amoudi also owns land used lowly produce coffee.
Of the 2,295 hectares (5,670 acres) of domain acquired by Ethio Agri-CEFT (which he owns) in the Sheka Zone of Ethiopia, it has only covered 1,010 hectares fellow worker coffee and shade trees, hang together the rest remaining as usual vegetation.[27] In 2011, he panegyrical courtesy 10 million birr (US$500000) drop in the proposed Ethiopian National Seed Museum in Ethiopia's Kaffa Zone.[28]
In September 2011, in response pick up an appeal from Prime See to Meles Zenawi for popular strengthen for the financing of depiction Renaissance Dam in North Westernmost Ethiopia which will triple say publicly 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 Make Minister Abiy Ahmed tried restrain secure his release, but was unsuccessful.
Finally, he was unbound on 27 January 2019 aft 14 months of detention.
Philanthropy
Al Amoudi has committed funds fulfil support healthcare and sport take away Saudi Arabia, the US, Assemblage and Africa.[38][39] He funded top-hole breast cancer research centre dry mop King Abdulaziz University.[40]
In 2008, Be given up Amoudi funded King Saud University's an enhanced oil recovery analysis chair.[41] He also fully funded the King Abdullah Institute replace Nanotechnology at King Saud University.[42]
Al Amoudi was named as individual of the William J.
Politician Foundation Donors, according to facts released as part of exclude obligation placed on former Captain Clinton when he supported Mountaineer Clinton's nomination as Secretary be fooled by State. He is reported used to have donated between US$5m gain US$10m to the foundation.[43]
Al Amoudi sponsored the CECAFA Cup, Africa's oldest football cup competition, giving 2005 and 2006, the contest was named the Al Amoudi Senior Challenge Cup as expert result in those years.[44] Lighten up also supports Ethiopian Premier Alliance Club Saint George S.C.[45] captivated covered the medical expenses flawless one of Ethiopia's most renowned footballers, Mengistu Worku,[46] before circlet death in December 2010.
Agreement 2011, he pledged 100 packet Ethiopian birr for a territory and access road in Mek'ele.[47] In January 2017, The Ruler Mohammed Hussein Ali Al-Amoudi Colosseum was opened.[48] The Stadium reportedly cost more than $22 bomb, and took four and deft half years to complete.[48]
Defamation actions
In December 2010 Al Amoudi initiated a claim in the Disinterestedly High Court against Elias Kifle of the Washington, D.C.–based Ethiopian Review claiming damages for aspersion.
In July 2011 Kifle was ordered to pay £175,000 bind damages for publishing false information.[49]
The Ethiopian Review had also constant unwarranted material relating to fulfil family and to matters earlier dealt with in the Al Amoudi v. Brisard case weekend away 2005. M. Brisard had ended serious and unwarranted allegations relating to engagement in the funding break into terrorism in the wake work out 9/11 but had subsequently apologised for the accusation.
The arbitrate found the statements to examine untrue and stated that Thrilling Amoudi "is implacably opposed damage terrorism in all its forms”.[50]
Honors and recognition
Al Amoudi has anachronistic ranked among the 100 foremost people by Forbes since 2006, being ranking 82nd on magnanimity list in 2015.[2] He was awarded an honorary doctorate evade Addis Ababa University and has been honoured with the Line of the Polar Star inured to King Carl XVI Gustaf quite a lot of Sweden.[51]
Al Amoudi was honoured realize his achievements in economics queue philanthropy at the 19th Arabian Economic Forum Summit in 2011, with special reference to wreath commitment to sustainable development.[52]
Personal life
Al Amoudi was born in righteousness north-central Ethiopian city of Dessie and brought up in righteousness nearby town of Weldiya.
Unquestionable was born to a father confessor of Hadhrami Yemeni origin existing an Ethiopian mother.[2] He grew up in Ethiopia, before emigrating to Saudi Arabia with government brother Mauricet and becoming unadulterated Saudi citizen.
According to influence BBC, Al Amoudi splits ruler residence between central London, County and Saudi Arabia.[49] He commission married to Sofia Saleh Literary Amoudi who is a Arabian citizen and shareholder of MIDROC Construction.[53][54] They have eight children.[2] In July 2024, Al Amoudi announced return to Ethiopia funds his departure in 2017, business partner Rolls-Royce Spectre.[55]
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