Mohammed Al Amoudi
Newsonline Nigeria reports that Mohammed Hussein Ali Al-Amoudi, Ethiopia’s wealthiest individual, has had a storied career. He once ranked as the world’s second-richest black person and has become a significant investor in Ethiopia and Sweden, presiding over a vast business empire encompassing construction, energy, agriculture, mining, hotels, healthcare, and more.
Full Name: Mohammed Hussein Ali Al-Amoudi
Born: July 21, 1946, Dessie, Amhara Region, Ethiopia
Occupation: Businessperson
Job: Chairman
Works for: Corral Petroleum Holdings, MIDROC Ethiopia
Source of wealth/Primary Industry: Energy, Petroleum, Mining
Nationality: Ethiopian
Residence: Jeddah, Saudi Arabia
Net Worth: USD $8.5 Billion.
Mohammed Hussein Ali Al-Amoudi, Ethiopia’s wealthiest individual, has had a storied career. He once ranked as the world’s second-richest black person and has become a significant investor in Ethiopia and Sweden, presiding over a vast business empire encompassing construction, energy, agriculture, mining, hotels, healthcare, and more. This economic powerhouse is structured around two conglomerates, Corral Petroleum Holdings and MIDROC, collectively employing over 70,000 individuals, with a net worth estimated at approximately $8.5 billion as of October 30, 2023.
Al-Amoudi’s journey includes a period of detention during an anti-corruption crackdown led by Crown Prince Mohammed bin Salman. Ethiopia’s Prime Minister, Abiy Ahmed, facilitated his release in January 2019. In Sweden, Al-Amoudi has investments in the Preem refinery and Svenska Petroleum, contributing to his global presence.
Notably, Al-Amoudi invested over $1 billion in Ethiopia, reinforcing his economic impact. His philanthropic endeavors span healthcare and sports, including funding a breast cancer research center and supporting King Saud University’s oil recovery research chair and the King Abdullah Institute for Nanotechnology. He also contributed between $5 million and $10 million to the William J. Clinton Foundation.
In the sports arena, he sponsored the CECAFA Cup and supported Ethiopian football. In 2011, he pledged 100 million Ethiopian birr for the construction of the Sheikh Mohammed Hussein Ali Al-Amoudi Stadium, which cost over $22 million and was completed in January 2017. Al-Amoudi holds an honorary doctorate from Addis Ababa University and received the Order of the Polar Star from King Carl XVI Gustaf of Sweden for his remarkable contributions to various fields. He was also honored at the 19th Arab Economic Forum Summit in 2011 for his achievements in economics, philanthropy, and dedication to sustainable development.
Ethiopia’s oil magnate, and one of Africa’s richest men, Mohammed Al Amoudi, has experienced a remarkable surge in his net worth, reaching $8.5 billion, marking a 61.9% increase in just 30 days.
According to data tracked on Bloomberg, Al Amoudi’s net worth started at $5.24 billion in the second week of October and has since seen a substantial rise of $3.25 billion as of November 14, 2023.
Al Amoudi, at 77, commands a portfolio of industrial assets spanning Sweden, Saudi Arabia, and Ethiopia, including Svenska Petroleum Exploration and Preem, Sweden’s largest oil refiner.
His holdings also extend to Midroc Gold in Ethiopia, the country’s leading miner, along with investments in hotels, an oil company, and agricultural ventures in coffee and rice.
The surge in net worth is closely linked to the robust performance of his industrial assets, particularly his stake in Preem, Sweden’s major energy company, with an annual refining capacity exceeding 18 million cubic meters of crude oil.
As a prominent investor in Sweden and the beneficial owner of Preem, Al Amoudi is strategically positioned for success, with plans to divest his interest in Preem.
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