Sheikh Mohammed Hussein Ali Al Amoudi born 1944/1945[1]) 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.[2] As of March 2013, Forbes ranked Al Amoudi as the second richest black person in the world.[3] 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.
Business activities
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.[4]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.[5]
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.[6] His Addis Ababa Sheraton is said to be among the finest hotels in Africa.[7]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[8][9]
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.[10]
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