Mohammed Al Amoudi
Encyclopedia
Sheikh Mohammed Hussein Ali Al Amoudi (Ge'ez: ሞሓመድ አልአሙዲ, Arabic
Arabic alphabet
The Arabic alphabet or Arabic abjad is the Arabic script as it is codified for writing the Arabic language. It is written from right to left, in a cursive style, and includes 28 letters. Because letters usually stand for consonants, it is classified as an abjad.-Consonants:The Arabic alphabet has...

: محمد حسين العمودي; is a Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...

n/Ethiopian
Ethiopia
Ethiopia , officially known as the Federal Democratic Republic of Ethiopia, is a country located in the Horn of Africa. It is the second-most populous nation in Africa, with over 82 million inhabitants, and the tenth-largest by area, occupying 1,100,000 km2...

 businessman and billionaire who lives in Ethiopia
Ethiopia
Ethiopia , officially known as the Federal Democratic Republic of Ethiopia, is a country located in the Horn of Africa. It is the second-most populous nation in Africa, with over 82 million inhabitants, and the tenth-largest by area, occupying 1,100,000 km2...

 and Riyadh
Riyadh
Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of Riyadh Province, and belongs to the historical regions of Najd and Al-Yamama. It is situated in the center of the Arabian Peninsula on a large plateau, and is home to 5,254,560 people, and the urban center of a...

, Saudi Arabia. As of 2011, his net worth has been estimated by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...

 at $12.3 billion, making him the 63rd richest person in the world. This listing also ranks him as the richest person in Ethiopia and the second richest Saudi Arabian citizen in the world.

Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries in Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....

 and Morocco
Morocco
Morocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...

. He is said to be the largest foreign investor in both Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....

 and Ethiopia. There is an authorised personal website that provides basic information on his business interests, involvements in Sweden and Ethiopia and approach to international development as well as his philanthropic activities.

Early Years

Al Amoudi was born in Ethiopia of a Hadhrami Yemen
Yemen
The Republic of Yemen , commonly known as Yemen , is a country located in the Middle East, occupying the southwestern to southern end of the Arabian Peninsula. It is bordered by Saudi Arabia to the north, the Red Sea to the west, and Oman to the east....

i father and an Ethiopian
Ethiopia
Ethiopia , officially known as the Federal Democratic Republic of Ethiopia, is a country located in the Horn of Africa. It is the second-most populous nation in Africa, with over 82 million inhabitants, and the tenth-largest by area, occupying 1,100,000 km2...

 mother. He grew up in Ethiopia, before immigrating to Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...

 when he was 19 and becoming a Saudi citizen.

Business Activities

Al Amoudi's construction company consortium, Mohammed International Development Research and Organization Companies, also known as MIDROC, won an important contract to build Saudi Arabia's estimated $30 billion nationwide underground oil storage complex in 1988. MIDROC acquired Yanbu Steel in Saudi Arabia in 2000.

In addition to his substantial business interests in Ethiopia (see Commitment to Ethiopia below), he also owns oil refineries in Morocco and Sweden and is engaged in energy exploration and production off West Africa and elsewhere. His Addis Ababa
Addis Ababa
Addis Ababa is the capital city of Ethiopia...

 Sheraton
Sheraton Hotels and Resorts
Sheraton Hotels and Resorts is Starwood Hotels & Resorts Worldwide's largest and second oldest brand . Starwood's headquarters are in White Plains, New York.-Sheraton history:...

 is said to be among the finest hotels in Africa.

Al Amoudi owns a broad portfolio of businesses not only in oil but also in mining, agriculture, hotels, hospitals, finance, operations and maintenance. His businesses are largely to be found within two conglomerate holding and operating companies, Corral Petroleum Holdings and MIDROC, both which he owns and manages. He employs over 40,000 people through these companies.

He has recently pledged US$275 million alongside other Saudi and South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...

n investors through MIDROC to finance a factory to build Saudi Arabia's first car, to be called Gazal-1, in a project initiated by King Saud University
King Saud University
King Saud University is a public university located in Riyadh, Saudi Arabia. It was founded in 1957 by King Saud bin Abdul Aziz as Riyadh University, as the first university in the kingdom not dedicated to religious subjects. The university was created to meet the shortage of skilled workers in...

and, in September 2011, it was announced that he planned to invest around US$1.07bn (4bn Saudi Riyals) in two major Saudi industrial projects (phosphate derivatives and sulfur) in Ras Al Khair [Eastern Region] and Jubail Industrial City respectively.

Commitment to Ethiopia

Al Amoudi has focused investment on Ethiopia since the mid-1980s. He is committed to Ethiopia, especially to job creation and infrastructure capacity building, and is well known as a philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...

 in his country of birth. He 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
Patrón
Patrón is a luxury brand of tequila produced in Mexico and sold in hand-blown, individually numbered bottles.Made entirely from Blue Agave "piñas" , Patrón comes in five varieties: Silver, Añejo, Reposado, Gran Patrón Platinum and Gran Patrón Burdeos. Patrón also sells a tequila-coffee blend known...

 of the Ethiopian arts
Culture of Ethiopia
Ethiopian culture is multi-faceted, reflecting the ethnic diversity of the country; refer the articles on the Ethnic groups of Ethiopia for details of each group.Among many traditional customs, respect is important...

.

Al Amoudi has a commitment to sport in Ethiopia. He has sponsored the CECAFA Cup
CECAFA Cup
The CECAFA Senior Challenge Cup is the oldest football tournament in Africa. It is a tournament of FIFA and the Council of East and Central Africa Football Associations , and includes national teams from Central and East Africa...

, Africa's oldest football cup competition, in 2005 and 2006, during which time the tournament was known as the Al Amoudi Senior Challenge Cup. He also supports Ethiopian Premier League Club St. George and covered the medical expenses of one of Ethiopia’s most celebrated footballers, Mengistu Worku, before his death in December 2010. In 2011, he pledged 100 million Ethiopian birr
Ethiopian birr
The birr is the unit of currency in Ethiopia. Before 1976, dollar was the official English translation of birr. Today, it is officially birr in English as well....

 for a stadium and access road in Mek'ele
Mek'ele
Mek'ele , also transliterated as Makale, is a city in northern Ethiopia and the capital of the Tigray Region. It is located some 650 kilometers north of the capital, Addis Ababa, at latitude and longitude with an elevation of 2084 meters above sea level...

.

The Sheikh has substantial business interests in Ethiopia, largely operated through MIDROC Ethiopia which was created in 1994. MIDROC Ethiopia announced 1.3bn birr of profits in October 2011. At the announcement of the results, Sheikh Mohammed said that MIDROC would continue to support national efforts towards growth and development.

He has major gold mining interests in Ethiopia and it is reported that MIDROC Gold Mine (a subsidiary of MIDROC Ethiopia) has paid the Ethiopian Government 100.1 million birr in royalties, the largest contribution of any mining company. Midroc Gold is Ethiopia’s sole gold exporter. Its Legedenbi mine has a yearly average production of around 4,500Kg of gold and silver.

He owns 70% of NOC (National Oil Corporation) which competes with YBF, TAF and five other companies in the national petrol market and is establishing a major steel plant (Tossa) in Amhara. This latter is Ethiopia’s first industrial steel production plant and in intended to meet a major increase in domestic demand, estimated to rise from 1.2 tonnes to 3.1m tonnes per annum over the next three years.

In February 2011, the Sheikh acquired 69% of Ethiopia’s sole tyre manufacturer Addis Tyre and he has a substantial investment in cement production through Durba
Durba
Durba is a town in central Ethiopia. Located in the Semien Shewa Zone, about 70km north of Addis Ababa, this town has a latitude and longitude of with an elevation of 2450 meters above sea level...

 Midroc which was founded in 2008.His major cement plant near Chancho was backed in part by the World Bank’s International Finance Corporation.In July 2011, it was announced that the Ethiopian Electric Power Company [EEPco] would provide the Derba cement plant with 50MW of electricity.

The Al Amoudi-owned Saudi Star Agricultural Development Plc planned to develop up to 500000 hectares (1,235,525.8 acre) of Ethiopian land for sugar, edible oil, and grain production. In March 2011, Saudi Star announced a further investment of $2.5 billion in Ethiopian rice projects. Some 10,000 hectares have been taken up in 60-year leases and the company plans to rent an additional 290,000 hectares. The company had reportedly purchased $80 million in equipment from [Caterpillar Inc].

President Girma Wolde-Giorgis of Ethiopia has stated that “a substantial investment in agricultural development was key to improving the quality of life across Africa” and that Saudi Star’s major investment programme would benefit both Ethiopia and its important trading partner, Saudi Arabia.

The Sheikh has also has substantial interests in coffee. Of the total 2,295 hectares of land acquired by Ethio Agri-CEFT (which he owns) in the Sheka Zone of Ethiopia, it has only covered 1,010 hectares with coffee and shedding trees. The rest are gorges with indigenous forest trees and shrubs left to preserve the ecosystem of the area.In 2011, he donated 10million birr to the proposed Ethiopian National Coffee Museum in Ethiopia’s Kaffa Zone.

In September 2011, in direct response to a national appeal from Prime Minister Meles Zenawi for popular support for the financing of the major Renaissance Dam in North West Ethiopia which will triple the country’s hydro-electric power, the Sheikh pledged a donation of 1.5bn birr (which is around US$88m)and was personally thanked by the Prime Minister.

Philanthropy

Sheikh Al-Amoudi is a major philanthropist who has committed significant funds in support of healthcare and sport in Saudi Arabia, the US, Europe and Africa. He has endowed the Sheikh Mohammed Hussein Al Amoudi Center for Breast Cancer Research at King Abdulaziz University which was launched on July 4th, 2010. In addition to the Chair in Breast Cancer, the Sheikh has also funded Chairs at KAU in Biomedical Practice Ethics, Diabetic Foot Research, Viral Hemorrhagic Fever and Water Networks Research.

In 2008, Sheikh Mohammed Al Amoudi funded King Saud University’s Sheikh Mohammed Bin Hussein Al Amoudi Enhanced Oil Recovery (EOR) Research Chair which has established itself as an invaluable resource of knowledge and research for the Saudi petroleum industry. The Sheikh has also fully funded the King Abdullah Institute for Nanotechnology at King Saud University. This will open in November 2011.

Al Amoudi was named as one of the William J. Clinton Foundation Donors, according to information released as part of an obligation placed on former President Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...

 when he supported Hillary Clinton's nomination as Secretary of State. Al Amoudi is reported to have donated between US$1,000,001 to US$5,000,000 to the foundation.

The Sheikh's $20m commitment (over a decade) in partnership with the Foundation has been designed specifically to target resources at AIDS. In 2011, he made US$1.6 million available to the organisers of the Sixteenth International Conference on AIDS and STI (Sexually Transmitted infections) in Africa to help prepare the Millennium Hall in Addis Ababa for the event.

Defamation Actions

On 8th December 2010 the Sheikh initiated a claim in the English High Court
High Court of Justice
The High Court of Justice is, together with the Court of Appeal and the Crown Court, one of the Senior Courts of England and Wales...

 against Elias Kifle
Elias Kifle
Elias Kifle is the publisher and editor-in-chief of the Washington D.C.-based Ethiopian Review, an English/Amharic language Ethiopian news and opinion journal that was launched in January 1991....

 of the Washington, D.C.-based Ethiopian Review
Ethiopian Review
Ethiopian Review is an Ethiopian news and opinion journal. It was first launched in August 1944 and discontinued in November 1945.The first editor of the Ethiopian Review was William M. Steen. In 1945, David A. Talbot took over as editor....

 claiming damages for libel. On 29 July 2011 Kifle was ordered to pay substantial damages of £175,000 for publishing false information.

UK Judge Richard Parkes QC, who presided over the matter and who issued the judgment against Kifle, said of the Sheikh in his judgment: "I have no doubt that he is a man with real, substantial and long established connections to this country, where he is well known within the business community. He is plainly a man with an established reputation to protect in this jurisdiction." Judge Parkes stated that “the article is wholly untrue.” The Sheikh welcomed the Judgment.

The Ethiopian Review had also repeated unwarranted material not only related to his family but also to matters previously dealt with in the Al Amoudi v. Brisard case of 2005. M. Brisard had made serious and unwarranted allegations concerning engagement in the funding of terrorism in the wake of 9/11 but had subsequently apologised for the accusation.These false allegations are occasionally repeated on the internet, including in the article published by The Ethiopian Review. However, Judge Parkes found the statements to be untrue and stated that ‘he (the Sheikh) is implacably opposed to terrorism in all its forms”.

Honors and Recognition

In addition to ranking 63rd on the Forbes Billionaire List in 2011, Sheikh Al Amoudi has been ranked among the 100 richest persons by Forbes since 2006. He was awarded an Honorary Doctorate in Philosophy
Philosophy
Philosophy is the study of general and fundamental problems, such as those connected with existence, knowledge, values, reason, mind, and language. Philosophy is distinguished from other ways of addressing such problems by its critical, generally systematic approach and its reliance on rational...

 from Addis Ababa University
Addis Ababa University
Addis Ababa University is a university in Ethiopia. It was originally named "University College of Addis Ababa" at its founding, then renamed for the former Ethiopian emperor Haile Selassie I in 1962, receiving its current name in 1975.Although the university has six of its seven campuses within...

 and has been honoured with the Order of the Polar Star
Order of the Polar Star
The Order of the Polar Star is a Swedish order of chivalry created by King Frederick I of Sweden on 23 February 1748, together with the Order of the Sword and the Order of the Seraphim....

 by King Carl XVI Gustaf
Carl XVI Gustaf of Sweden
Carl XVI Gustaf is the reigning King of Sweden since 15 September 1973, succeeding his grandfather King Gustaf VI Adolf because his father had predeceased him...

 of Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....

. Al Amoudi was also jointly honoured by the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

 and State Department for his work in supporting African development. This was the first time that the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

had hosted such an event for a private sector investor.

The Sheikh was honoured for his achievements in both the economic and philanthropic areas at the 19th Arab Economic Forum Summit in Beirut in June 2011, with special reference to his commitment to sustainable development and, in 2009, King Abdullah personally awarded a King Saud University gold medal to the Sheikh, alongside other senior Saudi businessmen, in recognition of his and their role as strategic partners in the development of educational and welfare projects.

Within Black American popular culture, the Sheikh has also been pointed out as a self-made man who offers a positive role model for American youth.

Personal Life

Al Amoudi splits his residence between Ethiopia and Riyadh, Saudi Arabia. He is married to Sofia Saleh Al Amoudi, a Saudi citizen and shareholder of MIDROC Construction. She is also chair of the board of the Sheikh Mohammed Hussein Al Amoudi Center for Breast Cancer Research at King Abdulziz University.

External links



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