Category: "Mohammed Hussien Al Amoudi"
Ethiopia: Mohammed Al Amoudi #65 in Forbes Billionaires List
Ethiopian Billionaire Mohammed Al Amoudi drops to #65 in Forbes Billionaires List
Son of Saudi father and Ethiopian mother, Mohammed Al Amoudi started investing in Sweden in the 1970s. He made his initial fortune in construction in Saudi Arabia, where he continues to add to his project portfolio with new projects for King Saud University and a new medical city complex for the Ministry of Interior. Al Amoudi is also the biggest individual investor in Ethiopia with a portfolio of interests from hotels and gold mines to agriculture and cement. He is growing rice, corn and other staples on thousands of acres, for the home market as well as for export to Saudi Arabia. His cement operations are making waves in Ethiopia with low-priced offerings. In October, Al Amoudi and DanieliSpA inked a $600 million contract to finance construction of Toussa Steel Factory, the largest steel mill in Ethiopia. He also owns oil refineries in Morocco and Sweden and oil fields off west Africa as well as a 70% stake in the National Oil Company of Ethiopia. In Sweden, his Midroc Europe will become 50% owner of the World Village of Women Sports in Malmo, Sweden, a $350 million sports,commercial and residential complex to begin construction in early 2013.
Ethiopia: Saudi Billionaire Signs $600 Million Ethiopian Steel-Plant Deal
By William Davison
Oct. 5 (Bloomberg) -- An Ethiopian company owned by Saudi billionaire Mohammed al-Amoudi and Italy’s Danieli & C Officine Meccaniche SpA signed a $600 million deal to build the nation’s biggest steel plant, Project Director Shimelis Eshete said.
Derba Group’s Toussa steel factory, which will take three years to build at Gelissa near Kombolcha town, will convert scrap metal imported mainly from Europe and the U.S. to meet growing steel demand in Ethiopia and East Africa, he said.
“Economic growth and the development of infrastructure projects in Ethiopia are the key drivers of the rise in demand for steel products,” he said yesterday in an interview in the capital, Addis Ababa. “This factory will definitely have an impact on all economic sectors.”
Ethiopia, Africa’s second-most populous nation and largest coffee producer, is in the middle of a state-led five-year growth plan to build infrastructure including hydropower dams, roads and railways while boosting industrial output.
Al-Amoudi’s Midroc Ethiopia, which owns Derba Group, also has investments in areas such as gold mining, hotels, trucking, fuel stations and agriculture. Ethiopian-born Al-Amoudi is the world’s 61st-richest man with a fortune of $12.5 billion, according to Forbes magazine.
Midroc, development banks and commercial banks are financing the plant, which requires $164 million in additional equipment and startup costs, Shimelis said without providing more details.
Buttrio, Italy-based Danieli, which signed the contract this week, will start construction in the next two months, Shimelis said. The factory should be producing its maximum annual output of 1.35 million metric tons of “international standard” steel products within three years of starting operation, he said. As much as a quarter of production may be exported, he said. Ethiopia now produces 234,000 tons a year
while importing 750,000 tons annually, Shimelis said.
The plant, sited about 254 kilometers (158 miles) north of the capital, will require as much as 260 megawatts of electricity and will eventually be served by a rail link to the nearest port at Djibouti, he said.
The Ethiopian Billionaire: Sheikh Mohammed Al Amoudi
Source: African Ventures
Sheikh Al-Amoudi made his fortune in Saudi Arabia, but he remains intensely loyal to the country of his birth- Ethiopia.
Mohammed Al-Amoudi is literally a man of many parts; born in Ethiopia to an Ethiopian mother and a Yemeni father, Al-Amoudi grew up in Saudi Arabia, yet he is the largest individual investor in Sweden.
To date, Al-Amoudi still remains intensely loyal to his Ethiopian roots, and his multi-billion dollar investments in Ethiopia’s agricultural sector illuminate his devotion to the African country of his birth. But his fame and extraordinary fortune is not in Ethiopia, but in Saudi Arabia and Sweden.
When he was 19, Al-Amoudi migrated from Ethiopia to Saudi Arabia with his family. In Saudi Arabia, the young Al-Amoudi built a personal relationship with the Kingdom’s ruling family. As a result, in 1988 he cornered an important contract to build the Saudi government’s $30 billion nationwide underground oil storage complex. That contract cemented his fortune and instantly made him a billionaire.
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Billionaire to Invest $600 Million in Ethiopia Cooking Oil
An Ethiopian company majority-owned by Saudi billionaire Mohammed al-Amoudi plans to invest $600 million over two years to produce edible oil, its general manager said.
Horizon Plantations Ethiopia leased a 20,000-hectare (49,400-acre) plot in the northwestern Benishangul-Gumuz region last month to grow groundnuts, as part of a government drive to boost commercial agriculture, Jemal Ahmed said in an interview on April 3 in the capital, Addis Ababa.
Ethiopian-born al-Amoudi, who is ranked by Forbes magazine as the world’s 63rd-richest person and was worth $12.3 billion in March, owns 80 percent of the company, according to Ahmed.
The Horn of Africa nation imports up to 250,000 tons of palm oil a year from Malaysia, at a cost of more than $300 million, said Jemal, whose company Ahfa Pvt. Ltd. used to be one of the top five importers of the product. “We want to substitute that with this project.”
At full capacity, Horizon’s farm, which may be ready for planting next year, should produce 150,000 tons of oil a year from a processing plant in Bahir Dar city in Amhara region, according to Jemal.
Ethiopia: Mohammed Al Amoudi #61 in Forbes Billionaires List
Son of a Saudi father and Ethiopian mother, Mohammed Al Amoudi started investing in Sweden in the 1970s. He made his initial fortune in construction in Saudi Arabia. Al Amoudi recently expanded into agriculture in Ethiopia, where he is growing rice, corn and other staples on thousands of acres for the home market as well as for export to Saudi Arabia; in February, Al Amoudi announced a further $3.4 billion investment in Ethiopia in agriculture as well as cement, steel and transport via his newly formed Derba conglomerate. He also owns oil refineries in Morocco and Sweden and oil fields off west Africa. His refiner, Preem, created an innovative biodiesel made from tall oil which cuts emissions by 16% when compared to traditional diesel oil; Al Amoudi had to step in with a $300 million capital injection to Preem to help restructure bank loans. In July, His Midroc Gold discovered over 33,000kg of gold deposists after seven years of exploration; this will boost production already started at two other mining locations. In September, he will reopen two newly refurbished Ethiopian resorts - Blue Nile and Lake Tana - part of his eight hotel empire across Northern Africa. He plans to add to that next year with the African Union Grand Hotel which is a $200 million 6-star hotel that is currently being built in Addis Ababa next to the African Union headquarters for the union's 50th anniversary celebration.