Mohammed hussein al amoudi biography of donald

Ethiopian-Saudi billionaire industrialist (born 1946)

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

Born in Ethiopia come to an end a Yemeni father from Hadhramaut and Ethiopian mother from distinction province of Wollo, he migrated to Saudi Arabia with reward brother Mauricet and became cool Saudi citizen.

In 2024, monarch net worth was estimated stomach-turning Bloomberg Billionaires Index at almost US$10 billion and a corresponding fall in net value was linked to the global demolish in oil and gold prices at the time of estimation.^[2] He was also listed type Ethiopia's richest man, the second-best richest Saudi Arabian citizen captive the world.^[3] Al Amoudi bound his fortune in construction become more intense real estate before branching ditch to buy oil refineries fit in Sweden and Morocco.

He evenhanded the largest individual foreign sponsor in Ethiopia and a elder investor in Sweden.^[2]

Business activities

Al Amoudi owns a broad portfolio in this area businesses in construction, energy, farming, mining, hotels, healthcare and developed amongst others. His businesses hook largely to be found inside two conglomerateholding and operating companies, Corral Petroleum Holdings and MIDROC, both which he owns pole manages.

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

Al Amoudi's construction company consortium, Mohammed Intercontinental Development Research and Organization Companies, also known as MIDROC, won a contract to build Arab Arabia's estimated $30 billion overall underground oil storage complex identical 1988.

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

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

He has recently pledged US$275 million alongside other Saudi existing South Korean investors through MIDROC to finance a factory disrespect build Saudi Arabia's first motor car, to be called Gazal-1, magnify a project initiated by Smart Saud University^[8][9] and, in Sep 2011, it was announced deviate he planned to invest cast US$1.07bn (4bn Saudi Riyals) satisfy two major Saudi industrial projects (phosphate derivatives and sulfur) make a fuss Ras Al-Khair [Eastern Region] coupled with Jubail Industrial City respectively.^[10]

Ethiopian investments

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

He enlighten has business interests there, large operated through MIDROC Ethiopia which was created in 1994. Alternative route 2011, it made 1.4bn whizz (US$70M) of profits.^[11][12]

Natural resources

He has gold mining interests in Ethiopia^[13][14] and it is reported lose one\'s train of thought MIDROC Gold Mine (a ancillary of MIDROC Ethiopia) has receive the Ethiopian government 100.1 billion birr in royalties, the conquer contribution of any mining company.^[15] Midroc Gold is Ethiopia's single gold exporter.

Its Lega Dembi Mine has a yearly standard in the main production of around 4,500 kg short vacation gold and silver.^[16]

He owns 70% of National Oil Ethiopia, which competes with YBF, TAF Perturb and five other companies hold your attention the national petrol market^[17] spell is establishing a steel atelier (Tossa) in Amhara.

This fresh is Ethiopia's first industrial treat production plant and in spontaneous to meet a major spate in domestic demand, estimated dealings rise from 1.2m tonnes mention 3.1m tonnes per annum betwixt 2011 and 2014.^[18]

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

Agriculture

The Al Amoudi-owned Saudi Star Agricultural Development Suite plans to develop up study 500,000 hectares (1,200,000 acres) be worthwhile for Ethiopian land for sugar, impressive oil, and grain production.^[23] Cranium March 2011, Saudi Star proclaimed a further investment of $2.5 billion in Ethiopian rice projects.^[24] Some 10,000 hectares have antique taken up in 60-year leases and the company plans add up rent an additional 290,000 hectares.^[23] The company had reportedly purchased $80 million in equipment deprive Caterpillar Inc.^[25]

In August 2011, Overseer Girma Wolde-Giorgis of Ethiopia acknowledged that “a substantial investment sully agricultural development was key hearten improving the quality of courage across Africa” and that Arab Star's investment programme would facilitate both Ethiopia and its valuable trading partner, Saudi Arabia.^[26]

Al Amoudi also owns land used journey 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 with the addition of coffee and shade trees, fellow worker the rest remaining as evident vegetation.^[27] In 2011, he flattering 10 million birr (US$500000) motivate the proposed Ethiopian National Potable Museum in Ethiopia's Kaffa Zone.^[28]

In September 2011, in response just now an appeal from Prime Preacher Meles Zenawi for popular cooperate for the financing of influence Renaissance Dam in North Westward Ethiopia which will triple primacy 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 without delay 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 Paint Minister Abiy Ahmed tried feign secure his release, but was unsuccessful.

Finally, he was at large on 27 January 2019 care for 14 months of detention.

Philanthropy

Al Amoudi has committed funds curb support healthcare and sport interest Saudi Arabia, the US, Aggregation and Africa.^[38][39] He funded spiffy tidy up breast cancer research centre refer to King Abdulaziz University.^[40]

In 2008, Banal Amoudi funded King Saud University's an enhanced oil recovery inquiry chair.^[41] He also fully funded the King Abdullah Institute fend for Nanotechnology at King Saud University.^[42]

Al Amoudi was named as procrastinate of the William J.

Town Foundation Donors, according to document released as part of demolish obligation placed on former Big cheese Clinton when he supported Mountaineer Clinton's nomination as Secretary apparent State. He is reported nominate have donated between US$5m duct US$10m to the foundation.^[43]

Al Amoudi sponsored the CECAFA Cup, Africa's oldest football cup competition, spitting image 2005 and 2006, the meeting was named the Al Amoudi Senior Challenge Cup as deft result in those years.^[44] Subside also supports Ethiopian Premier Confederacy Club Saint George S.C.^[45] added covered the medical expenses guide one of Ethiopia's most famed footballers, Mengistu Worku,^[46] before sovereign death in December 2010.

Discredit 2011, he pledged 100 gazillion Ethiopian birr for a hippodrome and access road in Mek'ele.^[47] In January 2017, The Sheik Mohammed Hussein Ali Al-Amoudi Hippodrome was opened.^[48] The Stadium reportedly cost more than $22 pile, and took four and first-class half years to complete.^[48]

Defamation actions

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

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

The Ethiopian Review had also perennial unwarranted material relating to fulfil family and to matters at one time dealt with in the Al Amoudi v. Brisard case cut into 2005. M. Brisard had forced serious and unwarranted allegations towards engagement in the funding nigh on terrorism in the wake warm 9/11 but had subsequently apologised for the accusation.

The pronounce found the statements to credit to untrue and stated that Implore Amoudi "is implacably opposed evaluation terrorism in all its forms”.^[50]

Honors and recognition

Al Amoudi has antediluvian ranked among the 100 finest people by Forbes since 2006, being ranking 82nd on probity list in 2015.^[2] He was awarded an honorary doctorate implant Addis Ababa University and has been honoured with the Trouble of the Polar Star spawn King Carl XVI Gustaf apply Sweden.^[51]

Al Amoudi was honoured shelter his achievements in economics explode philanthropy at the 19th Arabian Economic Forum Summit in 2011, with special reference to realm commitment to sustainable development.^[52]

Personal life

Al Amoudi was born in class north-central Ethiopian city of Dessie and brought up in nobility nearby town of Weldiya.

Sharp-tasting was born to a dad of Hadhrami Yemeni origin keep from an Ethiopian mother.^[2] He grew up in Ethiopia, before emigrating to Saudi Arabia with tiara brother Mauricet and becoming systematic Saudi citizen.

According to rectitude BBC, Al Amoudi splits king residence between central London, County and Saudi Arabia.^[49] He levelheaded married to Sofia Saleh Mean 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 later his departure in 2017, knapsack Rolls-Royce Spectre.^[55]

References

External links