Ethiopian-born billionaire detained in Saudi anti-corruption crackdown

An Ethiopian – born business mogul has been named in an anti-corruption crackdown by the Saudi Arabia government over the weekend.

Mohammed Hussein Al Amoudi, 71, was detained along with 11 princes, four current ministers and a number of former ministers. Saudi-owned Al Arabiya television said the probe is headed by Crown Prince Mohammed bin Salman.

Al Amoudi is an Ethiopian – born business man who holds both Saudi and Ethiopian nationality. According to Forbes, as at 2016, his net worth was approximately $10.9 billion.

His investments are linked to oil and global commodities. He is also listed as Ethiopia’s richest man and the second richest Saudi Arabian citizen in the world. He is one of two businessmen detained, the other is one Saleh Kamel.

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His two main businesses are Corral Petroleum Holdings and MIDROC. MIDROC describes itself as “a global investment group, wholly owned by Mohammed Hussein Al Amoudi.

“It has substantial interests in petroleum, agribusiness, property, industry and industrial services, engineering and construction, tourism and trade and investment, largely in Europe, Africa, the Middle East and North Africa.”

Al Amoudi is said to have migrated from Ethiopia to Saudi Arabia when he was 19 and became a full citizen of the Kingdom in 1965. He built up a private fortune in construction and property before diversifying into the downstream energy sector with major refining and retail investments in both Lebanon and Saudi Arabia.

MIDROC has an international focus with three main operating companies: MIDROC Middle East (based in Saudi Arabia), MIDROC Europe (based in Sweden) and MIDROC Africa where the company’s focus is heavily on Ethiopia. It also has separately managed and significant petroleum interests.