Sheikh Mohammed Hussein Ali Al Amoudi is a Saudi Arabian/Ethiopian businessman and billionaire who lives in Ethiopia and Riyadh, Saudi Arabia. As of 2011, Forbes has estimated his net worth at $12.3 billion, making him the 63rd richest person in the world. This listing also ranks him as the richest person in Ethiopia and the second richest Saudi Arabian citizen in the world. As of March 2013, Forbes ranked Al Amoudi as the second richest black person in the world. Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries in Sweden and Morocco. He is said to be the largest foreign investor in both Sweden and Ethiopia.
Al Amoudi owns a broad portfolio of businesses in oil, mining, agriculture, hotels, hospitals, finance, operations and maintenance. 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 40,000 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 substantial business interests in Ethiopia, he also owns oil refineries in Morocco and Sweden 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.
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.
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 substantial business interests in Ethiopia, he also owns oil refineries in Morocco and Sweden 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.
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.
Al Amoudi has invested in Ethiopia since the mid-1980s. He now has substantial business interests there, largely operated through MIDROC Ethiopia which was created in 1994. In 2011 it made 1.3bn birr (US$70m) of profits.
He has major 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 4,500 kg of gold and silver.
He owns 70% of National Oil Ethiopia, which competes with YBF, TAF and five other companies in the national petrol market and is establishing a major 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, the Sheikh 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.
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.[22] The company had reportedly purchased $80 million in equipment from [Caterpillar Inc].
President Girma Wolde-Giorgis of Ethiopia has stated that “a substantial investment in agricultural development was key to improving the quality of life across Africa” and that Saudi Star’s major 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 major Renaissance Dam in North West Ethiopia which will triple the country’s hydro-electric power, the Sheikh pledged a donation of 1.5bn birr (around US$88m).
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