Mohammed Hussein Al Amoudi, a Saudi billionaire of Hadrami-Yemeni and Ethiopian descent, is one of the most influential business figures in Saudi Arabia, Ethiopia, and Sweden.
Born on July 21, 1946, in Ethiopia, Al Amoudi’s mother was Ethiopian, and his father was Yemeni from Hadramaut.
He migrated to Saudi Arabia in his teen years, later acquiring Saudi citizenship and establishing himself as a key investor across multiple industries.
Building a Business Empire
Al Amoudi began his journey in real estate and construction, accumulating wealth before expanding into oil refining and energy investments.
By 2009, his wealth was estimated at $13.5 billion, making him one of the wealthiest Arabs in the world, before decreasing to $8.1 billion in 2017.
His business footprint spans multiple continents, positioning him as one of the largest investors in Saudi Arabia, while also holding significant stakes in Ethiopia and Sweden.
A Diversified Investment Portfolio
Starting with construction and contracting, Al Amoudi rapidly expanded into banking, hospitality, oil, and gas, diversifying his businesses both horizontally and geographically.
He is recognized as the second-richest Arab by Forbes, and his conglomerates Coral Group and MIDROC Group collectively employed over 40,000 workers in 2008—a number that soared beyond 70,000 employees by 2018.
Key Global Holdings & Investments:
- Coral Group’s international portfolio includes:
- Preem Petroleum – Sweden’s largest oil company
- Svenska Petroleum & Exploration
- SAMIR (Société Anonyme Marocaine de l’Industrie du Raffinage) – Morocco’s biggest refinery
- Oil Service Company (Saudi Arabia)
- Fortuna Holding (Lebanon)
Major Contributions to Saudi Arabia
Beyond his business empire, Al Amoudi has actively contributed to Saudi Arabia’s development, particularly in healthcare and scientific research.
His charitable contributions include:
- Sheikh Mohammed Hussein Al Amoudi Center for Excellence in Breast Cancer Care – King Abdulaziz University, Jeddah
- Sheikh Mohammed Hussein Al Amoudi Research Chair for Water Networks – King Abdulaziz University
- Sheikh Mohammed Hussein Al Amoudi Autism Research Chair
- Sheikh Mohammed bin Hussein Al Amoudi Research Chair for Water Studies – King Saud University
Legal Troubles & High-Profile Arrest
In 2017, Al Amoudi was arrested in Saudi Arabia during Crown Prince Mohammed bin Salman’s anti-corruption campaign, making global headlines.
After several months in detention, he was released, and his business operations resumed.
International Recognition & Honors
Al Amoudi has been honored twice with the prestigious “Royal Swedish Order of the Northern Star” by King Carl XVI Gustaf of Sweden:
- 1997: Awarded the rank of Commander
- 2007: Elevated to Commander 1st Class, a distinction reserved for pioneering foreign investors
A Lasting Legacy
Mohammed Al Amoudi remains a defining figure in global investment, with a diversified portfolio spanning energy, real estate, banking, and industry.
His contributions to Saudi Arabia, Ethiopia, and Sweden showcase his ability to bridge markets, making him a key player in international finance and energy sectors.
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