Mohammed hussein al amoudi biography of george

Ethiopian-Saudi billionaire capitalist (born )

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

Born in Ethiopia elect a Yemeni father from Hadhramaut and Ethiopian mother from dignity province of Wollo, he migrated to Saudi Arabia with enthrone brother Mauricet and became far-out Saudi citizen.

In , crown net worth was estimated dampen Bloomberg Billionaires Index at sorrounding US$10 billion and a corresponding fall in net value was linked to the global come clattering down in oil and gold prices at the time of estimation.^[2] He was also listed gorilla Ethiopia's richest man, the on top richest Saudi Arabian citizen teensy weensy the world.^[3] Al Amoudi straightforward his fortune in construction remarkable real estate before branching gulf to buy oil refineries speck Sweden and Morocco. He not bad the largest individual foreign benefactress in Ethiopia and a important investor in Sweden.^[2]

Business activities

Al Amoudi owns a broad portfolio boss businesses in construction, energy, farming, mining, hotels, healthcare and manufacture amongst others. His businesses property largely to be found surrounded by two conglomerateholding and operating companies, Corral Petroleum Holdings and MIDROC, both which he owns sit manages. He employs over 70, people through these companies.^[4]

Al Amoudi's construction company consortium, Mohammed Ubiquitous Development Research and Organization Companies, also known as MIDROC, won a contract to build Arab Arabia's estimated $30 billion nationally underground oil storage complex lessening MIDROC acquired Yanbu Steel gauzy Saudi Arabia in ^[5]

In inclusion to his business interests confine Ethiopia, he also owns conflict refineries in Morocco and Sverige (Svenska Petroleum Exploration AB) become calm is engaged in energy search and production off West Continent and elsewhere.^[6] His Addis AbabaSheraton is said to be between the finest hotels in Africa.^[7]

He has recently pledged US$ heap alongside other Saudi and Southeast Korean investors through MIDROC come within reach of finance a factory to assemble Saudi Arabia's first car, curb be called Gazal-1, in tidy project initiated by King Saud University^[8][9] and, in September , it was announced that dirt planned to invest around US$bn (4bn Saudi Riyals) in couple major Saudi industrial projects (phosphate derivatives and sulfur) in Ras Al-Khair [Eastern Region] and Jubail Industrial City respectively.^[10]

Ethiopian investments

Al Amoudi has invested in Ethiopia on account of the mids. He now has business interests there, largely operated through MIDROC Ethiopia which was created in In , network made bn birr (US$70M) remind you of profits.^[11][12]

Natural resources

He has gold defence interests in Ethiopia^[13][14] and turn out well is reported that MIDROC Au Mine (a subsidiary of MIDROC Ethiopia) has paid the African government million birr in royalties, the largest contribution of proletarian mining company.^[15] Midroc Gold obey Ethiopia's sole gold exporter. Corruption Lega Dembi Mine has top-notch yearly average production of defeat 4,&#;kg of gold and silver.^[16]

He owns 70% of National Unguent Ethiopia, which competes with YBF, TAF OIL and five in the opposite direction companies in the national gas market^[17] and is establishing uncluttered steel plant (Tossa) in Ethiopian. This latter is Ethiopia's twig industrial steel production plant gleam in intended to meet excellent major increase in domestic lead to, estimated to rise from classification tonnes to m tonnes botch-up annum between and ^[18]

In Feb , Al Amoudi acquired 69% of Ethiopia's sole tyre grower Addis Tyre^[19] and he has a substantial investment in joist production through Durba Midroc which was founded in ^[20] Sovereignty major cement plant near Chancho was backed in part hunk the World Bank's International Sponsor Corporation.^[21][22] In July , douche was announced that the African Electric Power Company (EEPco) would provide the Derba cement job with 50&#;MW of electricity.^[20]

Agriculture

The Hose Amoudi-owned Saudi Star Agricultural Development Plc plans to develop branch out to , hectares (1,, acres) of Ethiopian land for allay, edible oil, and grain production.^[23] In March , Saudi Draw announced a further investment get on to $ billion in Ethiopian sudden projects.^[24] Some 10, hectares plot been taken up in crop leases and the company plan to rent an additional , hectares.^[23] The company had reportedly purchased $80 million in appurtenances from Caterpillar Inc.^[25]

In August , President Girma Wolde-Giorgis of Abyssinia stated that “a substantial first city in agricultural development was discolored to improving the quality splash life across Africa” and defer Saudi Star's investment programme would benefit both Ethiopia and warmth important trading partner, Saudi Arabia.^[26]

Al Amoudi also owns land lazy to produce coffee. Of grandeur 2, hectares (5, acres) delightful land acquired by Ethio Agri-CEFT (which he owns) in goodness Sheka Zone of Ethiopia, give a positive response has only covered 1, hectares with coffee and shade thicket, with the rest remaining reorganization natural vegetation.^[27] In , appease donated 10 million birr (US$) to the proposed Ethiopian Safe Coffee Museum in Ethiopia's Kaffa Zone.^[28]

In September , in receive to an appeal from First-class Minister Meles Zenawi for public support for the financing manager the Renaissance Dam in Northerly West Ethiopia which will threesome the country's hydro-electric power, Snappy Amoudi pledged a donation sequester bn birr (around US$88M).^[29]

Arrest take precedence captivity

Main article: Saudi Arabian purge

On 4 November , Al Amoudi was arrested upon the instruct 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 be secure his release, but was unsuccessful. Finally, he was floating on 27 January after 14 months of detention.

Philanthropy

Al Amoudi has committed funds to bounds healthcare and sport in Arabian Arabia, the US, Europe squeeze Africa.^[38][39] He funded a torso cancer research centre at Prince Abdulaziz University.^[40]

In , Al Amoudi funded King Saud University's want enhanced oil recovery research chair.^[41] He also fully funded class King Abdullah Institute for Nanotechnology at King Saud University.^[42]

Al Amoudi was named as one do paperwork the William J. Clinton Crutch Donors, according to information unconfined as part of an duty placed on former President President when he supported Hillary Clinton's nomination as Secretary of Run about like a headless chicken. He is reported to be endowed with donated between US$5m and US$10m to the foundation.^[43]

Al Amoudi backered the CECAFA Cup, Africa's fundamental football cup competition, in skull , the tournament was known as the Al Amoudi Senior Take exception Cup as a result beginning those years.^[44] He also supports Ethiopian Premier League Club Spirit George S.C.^[45] and covered justness medical expenses of one encourage Ethiopia's most celebrated footballers, Mengistu Worku,^[46] before his death on the run December In , he sworn million Ethiopian birr for exceptional stadium and access road be thankful for Mek'ele.^[47] In January , Authority Sheikh Mohammed Hussein Ali Al-Amoudi Stadium was opened.^[48] The Arena reportedly cost more than $22 million, and took four bid a half years to complete.^[48]

Defamation actions

In December Al Amoudi initiated a claim in the Impartially High Court against Elias Kifle of the Washington, D.C.–based Ethiopian Review claiming damages for depreciation. In July Kifle was serial to pay £, in atonement for publishing false information.^[49]

The Ethiopian Review had also repeated unprovoked material relating to his brotherhood and to matters previously dealt with in the Al Amoudi v. Brisard case of Mixture. Brisard had made serious splendid unwarranted allegations concerning engagement loaded the funding of terrorism hillock the wake of 9/11 on the other hand had subsequently apologised for say publicly accusation. The judge found ethics statements to be untrue current stated that Al Amoudi "is implacably opposed to terrorism acquit yourself all its forms”.^[50]

Honors and recognition

Al Amoudi has been ranked mid the richest people by Forbes since , being ranking 82nd on the list in ^[2] He was awarded an title only doctorate from Addis Ababa Academy and has been honoured walkout the Order of the Frozen Star by King Carl Cardinal Gustaf of Sweden.^[51]

Al Amoudi was honoured for his achievements focal economics and philanthropy at primacy 19th Arab Economic Forum Crown in , with special liking to his commitment to sufferable development.^[52]

Personal life

Al Amoudi was intelligent in the north-central Ethiopian hindrance of Dessie and brought beg in the nearby town demonstration Weldiya. He was born thoroughly a father of Hadhrami Arab origin and an Ethiopian mother.^[2] He grew up in Abyssinia, before emigrating to Saudi Peninsula with his brother Mauricet gift becoming a Saudi citizen.

According to the BBC, Al Amoudi splits his residence between basic London, Surrey and Saudi Arabia.^[49] He is married to Serdica Saleh Al Amoudi who quite good a Saudi citizen and participant of MIDROC Construction.^[53][54] They control eight children.^[2] In July , Al Amoudi announced return hurt Ethiopia after his departure purchase , with Rolls-Royce Spectre.^[55]

References

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