Sheikh Mohammed Al Amoudi is world's 63rd Billionare

Tigrai Online
March. 09 2011

Becarful what you wish for

Son of Saudi father and Ethiopian mother, Al Amoudi started investing in Sweden in the 1970s. His construction company Midroc scored contract to build Saudi Arabia's nationwide underground oil storage complex in 1988; estimated $30 billion project solidified his fortune.

Al Amoudi is close to the Saudi royal family, which sees him as a can-do guy and encourages his growing business empire in Ethiopia, where he is growing rice, corn and other staples on thousands of acres--for export to Saudi Arabia.

Also owns a gold mine in Ethiopia, oil refineries in Morocco and Sweden, oil fields off west Africa. His Addis Ababa Sheraton is said to be among the finest hotels in Africa.

Brand new: has pledged $250 million to finance factory to build Saudi Arabia's first car, to be called Gazal 1.