By Habasha Jigna #1 AND Habasha Jigna #2
Mohammed Hussein Al Amoudi, born in 1946 in Dessie, Ethiopia, to a Yemeni father and Ethiopian mother, is a prominent Ethiopian-Saudi billionaire businessman. He migrated to Saudi Arabia at the age of 19, where he built his initial fortune in construction and real estate. In 2025, his net worth was estimated at approximately US$10.3 billion, making him Ethiopia’s richest man and the second richest Saudi Arabian citizen in the world.
Building a Global Business Empire
Al Amoudi’s business interests span multiple sectors, including energy, mining, agriculture, and real estate. He owns Preem, Sweden’s largest oil refiner, which accounts for 80% of the country’s refining capacity. In Ethiopia, he owns Midroc Gold, the country’s largest gold mining company, and the undeveloped Okote Gold Mine.
His conglomerate, MIDROC (Mohammed International Development Research and Organization Companies), operates across various industries, employing over 70,000 people.
Ethiopian Investments
Al Amoudi has invested in Ethiopia since the mid-1980s. He now has business interests there, largely operated through MIDROC Ethiopia, which was created in 1994. In 2011, it made 1.4 billion birr (US$70 million) in profits.
He has 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 Lega Dembi Mine has a yearly average production of around 4,500 kg of gold and silver.
He owns 70% of National Oil Ethiopia, which competes with YBF, TAF OIL, and five other companies in the national petrol market, and is establishing a steel plant (Tossa) in Amhara. This latter is Ethiopia’s first industrial steel production plant and is intended to meet a major increase in domestic demand, estimated to rise from 1.2 million tonnes to 3.1 million tonnes per annum between 2011 and 2014.
In February 2011, Al Amoudi acquired 69% of Ethiopia’s sole tyre manufacturer, Addis Tyre, and he has a substantial investment in cement production through Derba 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 50 MW of electricity.
Philanthropy and Contributions
Beyond business, Al Amoudi has invested in Ethiopia’s development, funding healthcare, education, and infrastructure projects. He established Unity University in 1991, offering diploma and degree programs in several fields.
Al Amoudi has committed funds to support healthcare and sport in Saudi Arabia, the US, Europe, and Africa. He funded a breast cancer research centre at King Abdulaziz University. In 2008, Al Amoudi funded King Saud University’s enhanced oil recovery research chair. He also fully funded the King Abdullah Institute for Nanotechnology at King Saud University.
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 when he supported Hillary Clinton’s nomination as Secretary of State. He is reported to have donated between US$5 million and US$10 million to the foundation.
Al Amoudi sponsored the CECAFA Cup, Africa’s oldest football cup competition, in 2005 and 2006; the tournament was named the Al Amoudi Senior Challenge Cup as a result in those years. He also supports Ethiopian Premier League Club Saint George S.C. and covered the medical expenses of one of Ethiopia’s most celebrated footballers, Mengistu Worku, before his death in December 2010.
Challenges and Resilience
Al Amoudi faced challenges, including a defamation case in the UK in 2005, which was resolved out of court with an apology from the accuser. In 2017, he was detained by Saudi authorities during an anti-corruption crackdown and released in 2019 without charges.
Current Standing
As of March 2025, Al Amoudi’s net worth is estimated at $10.3 billion, ranking him 283rd on the Bloomberg Billionaires Index. His diversified investments continue to make him a significant figure in global industries and Ethiopia’s largest private investor.
Mohammed Al Amoudi’s journey from Ethiopia to global prominence exemplifies strategic investment and commitment to development, solidifying his legacy as a transformative figure in Africa’s economic landscape.
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