Mohammed Hussein Ali Al-‘Amoudi was born on 21 July 1946, in Dessie, Ethiopia, to Weyzero Rakiya Mohammed Yassin of Ethiopian descent, and Haji Hussein Al Amoudi, a local businessman of Hadhrami Yemeni descent. He is a billionaire businessman who operates several construction, agriculture, real estate, healthcare, manufacturing, mining and energy companies, so is known for being one of the richest people in the world.
So just how wealthy is Mohammed Amoudias of mid-2017? According to sources, Amoudi’s net worth reaches $9.1 billion, so he is considered the richest black person in the world, the richest person in Ethiopia, as well as the second richest Saudi Arabian citizen. He owns assets around the world, including a castle at Hackholmssund in Sweden. His wealth has been established through his involvement in the businesses and industries.
Mohammed Al Amoudi Net Worth $9.1 billion
Amoudi grew up in Weldiya , Ethiopia, along with his seven siblings. There he attended the Addis Ababa University; his degree is uncertain, but he was eventually granted an honorary doctorate in Philosophy.
In the mid-’60s he emigrated to Saudi Arabia with one of his brothers, receiving Saudi citizenship shortly after. Within a decade, he had become involved in the country’s construction industry and went on to found Mohammed International Development Research and Organization Companies (MIDROC) in 1994, a company operating various businesses such as oil, other fuels and energy, venture capital, and mining, which won a contract to build Saudi Arabia’s underground oil storage complex worth $30 billion, which made Amoudi a billionaire.
Today the company operates in the Middle East, Europe and Africa, and has over 50,000 employees, producing a $25 billion turnover, and greatly contributing to Amoudi’s net worth. It eventually evolved into Ethiopia’s sole gold exporter, and through MIDROC, Amoudi has invested in several other sectors of the Ethiopian economy, from hotels to a variety of construction projects; he is the owner of the luxurious Sheraton Hotel in Addis Ababa. Then, he owns 70% of National Oil Ethiopia, one of the major petrol companies, and has a 69% share in Addis Tyre, Ethiopia’s sole manufacturer of tyres. He has established Tossa, the country’s first industrial steel production plant. and owns a small cement factory in Ethiopia and the Saudi Star Agricultural Development company, which has cultivated large areas of land for fruits, vegetables, coffee, tea and rice fields for customers worldwide. Overall, Amoudi has invested over $2 billion in this country, illuminating his devotion to the country of his birth, but of course all add to his wealth.
Aside from Ethiopia, Amoudi has also made large investments in Sweden. He is the owner of the country’s largest integrated fuel company, OK Petroleum, which he bought in the mid-’90s for $750 million, renaming it to Preem Petroleum, bringing Amoudi billions in revenue annually, and significantly increasing his net worth. He also founded the investment company called Corral, which eventually became the country’s most successful in the energy sector. His enormous empire in Sweden employs over 40,000 of its citizens.
Through Corral, Amoudi bought a controlling interest in two Moroccan oil refining companies, Samir and SCP, which has been another source of his wealth. He also owns oil fields off the coast of West Africa.
When speaking about his private life, Amoudi is married to Soniat Saleh Selassie Al Amoudi, with whom he has eight children. The successful businessman is also a devoted philanthropist, who has donated millions of dollars to charity causes related to religion, sports and education in Africa, Europe, USA and Saudi Arabia. His donations include a breast cancer research centre at King Abdulaziz University, King Abdulla Institute for Nanotechnology at King Saud University as well as William J. Clinton Foundation, to name a few.
