Capital Ethiopia Newspaper

Al Amoudi’s fortunes rise by $ 2.3 billion


The wealth of Ethiopian Born Saudi business tycoon Mohammed Al Amoudi keeps rising. He is now the 63rd wealthiest person according to Forbes Magazine with total assets of 12.3 billion dollars.

He is also the world’s second richest person who is Black trailing only Nigerian Business Mogul Aliko Dangote who earned USD 13.8 billion through his sugar, flour and cement empires.

Al- Amoudi a married father of eight increased his fortune by an impressive USD 2.3 billion this year.

According to the Magazine, Al Amoudi started his business empire by investing in Sweden in the 1970’s. In 1988 his company won a USD 30 billion contract for Saudi Arabia’s nationwide underground oil storage complex.

He’s reputed to be close to the Saudi royal family, which encourages his growing business empire in Ethiopia. The thousands of acres of rice, corn and other staples his company cultivates are exported to Saudi Arabia.

He also owns a gold mine in Ethiopia Shakiso Legedembi Gold mine, oil refineries in Morocco and Sweden, oil fields off West Africa and one of the largest hotels in Africa the five star Sheraton Addis Hotel. The Shakiso Legedembi Gold mine reportedly mines five tons of gold annually.

Half of his money comes from oil investments in Sweden through ownership of Svenska Petroleum and Swedish refinery Preem, according to Forbes estimate.

He recently pledged USD 250 million to finance a factory to build Saudi Arabia’s first car, the Gazal 1.

Al Amoudi’s other business realms in Ethiopia range from the real estate sector, to cement factories and construction companies.

Recently he also invested a huge sum in Derba MIDROC cement factory, which was a 351 million dollars project at first but increased to a 600 million dollar investment creating three additional companies; Maya PP Bag Factory, Derba Lime and Chemical factory and Derba Transport. Nigerian Aliko Dangote is reported to have started trading commodities at age 21 with a loan from his uncle, fabled millionaire tycoon Usman Dantata. He has since rapidly grown his business which has interests in sugar, flour and cement.

He’s looking to list his biggest asset, Dangote Cement on the London Stock Exchange later this year. It is already on the Nigerian Stock Exchange. Dangote is also in the process of setting up a 450 million dollars cement plant in Ethiopia.

Al-Amoudi and Dagnote are two of only six billionaires who are black among the world’s 1,210 richest.