Mohammed Hussein Al Amoudi, an Ethiopian-born business tycoon, was among those detained during a major anti-corruption crackdown by the Saudi Arabian government over the weekend. The 71-year-old billionaire, who holds dual Ethiopian and Saudi nationality, was arrested alongside 11 princes, four serving ministers, and several former government officials. The probe, which is led by Saudi Crown Prince Mohammed bin Salman, has attracted global attention.
Al Amoudi, one of Ethiopia’s wealthiest individuals and the second richest Saudi national, had an estimated net worth of $10.9 billion according to Forbes in 2016. His vast fortune stems from investments in various sectors, including oil and global commodities. His two primary businesses, Corral Petroleum Holdings and MIDROC (Mohammed Hussein Al Amoudi’s own global investment group), have major operations in petroleum, agribusiness, property, and industrial services, with a significant presence in Europe, Africa, the Middle East, and North Africa.
Al Amoudi’s journey to wealth began when he migrated from Ethiopia to Saudi Arabia at the age of 19. By 1965, he had become a full citizen of Saudi Arabia. His initial success came through investments in construction and real estate before expanding into the downstream energy sector, where he made notable refining and retail investments in Saudi Arabia and Lebanon.
MIDROC, his international investment group, has three main operational branches: MIDROC Middle East, headquartered in Saudi Arabia; MIDROC Europe, based in Sweden; and MIDROC Africa, with a heavy focus on Ethiopia. The company also holds substantial petroleum interests in the region.
Al Amoudi is one of two businessmen detained as part of this high-profile corruption investigation, with Saleh Kamel, another business magnate, being the second. The crackdown is part of a broader effort by Saudi authorities to combat corruption and ensure transparency within the kingdom’s business and political landscape.
Al Amoudi’s arrest marks a significant chapter in Saudi Arabia’s ongoing efforts to root out corruption, with the business mogul’s global investment empire now under scrutiny.
