Ethiopian –Saudi Billionaire in Saudi Anti-Corruption Net

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Sheikh Mohammed Hussein al-Amoudi
Sheikh Mohammed Hussein al-Amoudi
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Ethiopian –Saudi Billionaire in Saudi Anti-Corruption Net

Billionaire Sheikh Mohammed Hussein al-Amoudi ranking as one of the richest African-born people in the world has been arrested in Saudi by the country’s anti-corruption squad.

Sheikh Mohammed Hussein al-Amoudi
Sheikh Mohammed Hussein al-Amoudi

Al-Amoudi was born in Dessie, Ethiopia, in 1946 to an Ethiopian mother and a Saudi father. He immigrated to Saudi Arabia in the mid-1960s and made his first billion two decades later with a construction contract to build an underground oil storage facility.

Since then, his empire has grown across Europe, the Middle East and Africa, and it includes Sweden’s largest petroleum refiner. According to Bloomberg, his net worth is just shy of $10 billion.

The business mogul who travels the globe managing his businesses and meeting with heads of state, has been reported to be currently cooling off in Saudi Arabia’s anti-corruption camp to answer to corruption allegations.

The VOA report said that the billionaire was arrested in the Saudi kingdom last Saturday, and he is one of dozens of elite detainees sleeping on mattresses on the floor of a well-guarded ballroom at the Ritz-Carlton, Riyadh, awaiting the next steps by Saudi authorities.

According to the report, the exact charges have remained uncertain, but in an email to VOA, Tim Pendry, al-Amoudi’s London-based spokesman, claimed the arrest would not affect al-Amoudi’s international business empire.

“As inquiries take place in Saudi Arabia concerning certain allegations, which the Sheikh strongly refutes, this is an internal matter for the Kingdom,” Pendry said.

“We have no further comment to make other than to say that the overseas businesses owned by the Sheikh remain unaffected by this development.”

The Saudi government released a statement on Tuesday aimed at reassuring investors with ties to any of the individuals arrested. It said that only personal bank accounts have been frozen, and related businesses would not be affected.

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