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Sheikh Mohammed Hussein Ali Al Amoudi (Ge'ez: ሞሓመድ አልአሙዲ, Arabic: محمد حسين العمودي; born 1946 in Dessiemarker, Ethiopiamarker but grew up in Weldiyamarker) is a Saudi Arabianmarker/Ethiopianmarker business magnate who lives in Ethiopiamarker and Riyadhmarker, Saudi Arabia. Mohammed Al Amoudi is Ethiopia's richest person. In 2006 his net worth was estimated as between $2.5 and $6.9 billion, causing Arabian Business to rank him as the world's 8th richest Arab, and Forbes to rank him as the world's 97th richest person. In 2008, Forbes ranked Mohammed Al Amoudi as the 77th richest person in the world with a net worth of $9 billion. In 2009, Forbes magazine ranked Mohammed Al Amoudi as the 43rd richest person in the world. Al Amoudi's father is Yemenimarker and his mother is Ethiopianmarker. He immigrated to Saudi Arabiamarker in 1965 and became a Saudi citizen. Depending on disparate ethnic categorizations, and Al Amoudi's mixed Ethiopianmarker and Yemeni parentage, he is one of the richest Arabs or the world's richest black person.

Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries in Swedenmarker and Moroccomarker. He is said to be the largest foreign investor in both Swedenmarker and Ethiopia. He holds an Honorary Doctorate in Philosophy from the Addis Ababa University and has been honoured with the Swedish Royal Order of the Polar Star by King Carl XVI Gustaf of Sweden.

Business activity

Al Amoudi owns a broad portfolio of businesses not only in oil but also in mining, agriculture, hotels, hospitals, finance, operations and maintenance. Some have said he is gaining a monopoly on businesses in Ethiopia, but there seem to be other wealthy Ethiopians to challenge some of his companies. Despite losing bids to Al Amoudi, CEO Girma of Ethiopian Airlines said Al Amoudi's work is a healthy competition, saying "growth and competition, it is good for everybody."

His businesses are largely to be found within two conglomerate holding and operating companies, Corral Petroleum Holdings and MIDROC (Mohammed International Development Research and Organization Companies), which he owns and manages. He employs over 40,000 people through these companies.

Charitable Donations

Al Amoudi has recently been named as one of the Clinton Foundation Donors released as part of President Clinton's requirements in supporting Hillary Clinton's nomination as Secretary of State by Obama's transition team. Al Amoudi is reportedly to have donated between $1,000,001 to $5,000,000. He has also made several donations to hospitals, NGOs and other causes in Ethiopia.

Commitment to East Africa

Al Amoudi has focused his East African investments on Ethiopia since the mid-1980s. MIDROC Ethiopia was created in 1994. He is strongly committed to Ethiopia, especially job creation and infrastructure capacity building. He is also well known as a philanthropist in his birth country and has built a 140-bed health care facility and supports visual impairment, disabled, children's health and poverty alleviation programmes. In the education arena, he provides overseas scholarships and is a patron of the Ethiopian arts. Al Amoudi has sponsored the CECAFA Cup, Africa's oldest cup competition for the last three years, during which time the football tournament has been known as the Al Amoudi Senior Challenge Cup.

Al Amoudi is a frequent visitor to the UK and the US where he has further business interests and was jointly honoured by the World Bank and State Departmentmarker for his work in supporting African development. This was the first time that the World Bank had hosted such an event for a private sector investor.

In October 2009, Addis Fortune reported that al-Amoudi-owned Saudi Star Agricultural Development Plc had planned to develop up to of Ethiopian land for sugar, edible oil, and grain production. The company had reportedly purchased $80 million in equipment from Caterpillar Inc.

Popular culture

As of October 2007, Mohammed Al Amoudi had become the subject of e-mail spam, in which an ostensible ex-wife claims to have access to Al Amoudi's fortune. The e-mail includes a link to Mohammed Al Amoudi's Wikipedia article.

References

  1. Ethiopian Sports
  2. , Local History of Ethiopia. The Nordic African Institute, 2005.
  3. Arabian Business estimates his worth at $2.5 billion, Forbes at $6.9 billion.
  4. Forbes March 5, 2008
  5. Forbes March 11, 2009
  6. The World's 50 Richest Arabs (Arabian Business)
  7. http://current.com/items/89881979_forbes-43-mohammed-al-amoudi-worlds-richest-black-man.htm
  8. Healthy business competition
  9. Cecafa Cup preview, BBC, November 25, 2005


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