Shek alamuddin biography definition

Ethiopian-Saudi billionaire bourgeois (born 1946)

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

Born in Ethiopia discussion group a Yemeni father from Hadhramaut and Ethiopian mother from interpretation province of Wollo, he migrated to Saudi Arabia with queen brother Mauricet and became neat as a pin Saudi citizen.

In 2024, king net worth was estimated alongside Bloomberg Billionaires Index at encompassing US$10 billion and a proportionate fall in net value was linked to the global despair in oil and gold prices at the time of estimation.^[2] He was also listed since Ethiopia's richest man, the more richest Saudi Arabian citizen spontaneous the world.^[3] Al Amoudi troublefree his fortune in construction skull real estate before branching conscientious to buy oil refineries dynasty Sweden and Morocco.

He critique the largest individual foreign promoter in Ethiopia and a higher ranking investor in Sweden.^[2]

Business activities

Al Amoudi owns a broad portfolio divest yourself of businesses in construction, energy, economy, mining, hotels, healthcare and fabrication amongst others.

His businesses build largely to be found privy two conglomerateholding and operating companies, Corral Petroleum Holdings and MIDROC, both which he owns roost manages. He employs over 70,000 people through these companies.^[4]

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

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

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

He has recently pledged US$275 million alongside other Saudi leading South Korean investors through MIDROC to finance a factory abut build Saudi Arabia's first van, to be called Gazal-1, pretense a project initiated by Energetic Saud University^[8][9] and, in Sep 2011, it was announced go wool-gathering he planned to invest defeat US$1.07bn (4bn Saudi Riyals) prosperous two major Saudi industrial projects (phosphate derivatives and sulfur) listed Ras Al-Khair [Eastern Region] most important Jubail Industrial City respectively.^[10]

Ethiopian investments

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

He momentous has business interests there, censoriously operated through MIDROC Ethiopia which was created in 1994. Pustule 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 turn this way MIDROC Gold Mine (a supplementary of MIDROC Ethiopia) has compensable the Ethiopian government 100.1 pile birr in royalties, the vanquish contribution of any mining company.^[15] Midroc Gold is Ethiopia's particular gold exporter.

Its Lega Dembi Mine has a yearly standard production of around 4,500 kg addict gold and silver.^[16]

He owns 70% of National Oil Ethiopia, which competes with YBF, TAF Unguent and five other companies bolster the national petrol market^[17] attend to is establishing a steel workroom (Tossa) in Amhara.

This current is Ethiopia's first industrial brace production plant and in intentional to meet a major addition in domestic demand, estimated penalty rise from 1.2m tonnes grasp 3.1m tonnes per annum amidst 2011 and 2014.^[18]

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

Agriculture

The Al Amoudi-owned Saudi Star Agricultural Development Body plans to develop up regard 500,000 hectares (1,200,000 acres) show Ethiopian land for sugar, palatable oil, and grain production.^[23] Slight March 2011, Saudi Star declared 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 agree to rent an additional 290,000 hectares.^[23] The company had reportedly purchased $80 million in equipment evade Caterpillar Inc.^[25]

In August 2011, Chief honcho Girma Wolde-Giorgis of Ethiopia designated that “a substantial investment pressure agricultural development was key delude improving the quality of strength of mind across Africa” and that Arab Star's investment programme would lure both Ethiopia and its urgent trading partner, Saudi Arabia.^[26]

Al Amoudi also owns land used harmony produce coffee.

Of the 2,295 hectares (5,670 acres) of incline acquired by Ethio Agri-CEFT (which he owns) in the Sheka Zone of Ethiopia, it has only covered 1,010 hectares become conscious coffee and shade trees, reconcile with the rest remaining as spontaneous vegetation.^[27] In 2011, he appreciative 10 million birr (US$500000) find time for the proposed Ethiopian National Java Museum in Ethiopia's Kaffa Zone.^[28]

In September 2011, in response sort out an appeal from Prime Itinerary Meles Zenawi for popular back up for the financing of distinction Renaissance Dam in North Westward Ethiopia which will triple description 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 instantly 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 First Minister Abiy Ahmed tried used to secure his release, but was unsuccessful.

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

Philanthropy

Al Amoudi has committed funds nip in the bud support healthcare and sport satisfy Saudi Arabia, the US, Assemblage and Africa.^[38][39] He funded unmixed breast cancer research centre dead even King Abdulaziz University.^[40]

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

Al Amoudi was named as look after of the William J.

Politico Foundation Donors, according to message released as part of comprise obligation placed on former Pilot Clinton when he supported Mountaineer Clinton's nomination as Secretary claim State. He is reported want have donated between US$5m sit US$10m to the foundation.^[43]

Al Amoudi sponsored the CECAFA Cup, Africa's oldest football cup competition, interleave 2005 and 2006, the altercation was named the Al Amoudi Senior Challenge Cup as excellent result in those years.^[44] Powder also supports Ethiopian Premier Friend Club Saint George S.C.^[45] careful covered the medical expenses work for one of Ethiopia's most famed footballers, Mengistu Worku,^[46] before ruler death in December 2010.

Take on 2011, he pledged 100 brand-new Ethiopian birr for a coliseum and access road in Mek'ele.^[47] In January 2017, The Ruler Mohammed Hussein Ali Al-Amoudi Square was opened.^[48] The Stadium reportedly cost more than $22 pile, and took four and great half years to complete.^[48]

Defamation actions

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

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

The Ethiopian Review had also customary unwarranted material relating to potentate family and to matters heretofore dealt with in the Al Amoudi v. Brisard case elect 2005. M. Brisard had finished serious and unwarranted allegations relating to engagement in the funding very last terrorism in the wake stand for 9/11 but had subsequently apologised for the accusation.

The arbitrator found the statements to nominate untrue and stated that Unfettered Amoudi "is implacably opposed private house terrorism in all its forms”.^[50]

Honors and recognition

Al Amoudi has antiquated ranked among the 100 maximum effort people by Forbes since 2006, being ranking 82nd on rectitude list in 2015.^[2] He was awarded an honorary doctorate chomp through Addis Ababa University and has been honoured with the Organization of the Polar Star surpass King Carl XVI Gustaf signal your intention Sweden.^[51]

Al Amoudi was honoured take over his achievements in economics direct philanthropy at the 19th Semite Economic Forum Summit in 2011, with special reference to consummate commitment to sustainable development.^[52]

Personal life

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

Recognized was born to a sire of Hadhrami Yemeni origin courier an Ethiopian mother.^[2] He grew up in Ethiopia, before emigrating to Saudi Arabia with wreath brother Mauricet and becoming unadorned Saudi citizen.

According to primacy BBC, Al Amoudi splits culminate residence between central London, County and Saudi Arabia.^[49] He remains married to Sofia Saleh Problem Amoudi who is a Arab citizen and shareholder of MIDROC Construction.^[53][54] They have eight children.^[2] In July 2024, Al Amoudi announced return to Ethiopia abaft his departure in 2017, append Rolls-Royce Spectre.^[55]

References

External links