Good Article about Midroc, Al Amoudi’s Ethiopian Business Coglomerate

Romain Calvary has written a very interesting article about Midroc, Saudi billionaire Al Amoudi’s Ethiopian business conglomerate.

Les investissements saoudiens dans la Corne de l’Afrique : l’exemple de Mohamed Al Amoudi, homme d’affaires saoudien en Ethiopie” has been published in Confluences Méditerranée, 2014/3 (N° 90)

It contains an interesting description of his background as a son of a trader from the Hadramaut who migrated to Jeddah at the end of the 1940s, shortly after Al Amoudi was born in Ethiopia to his Ethiopian mother. Al Amoudi would only join his father in Jeddah in 1965, where he built his fortune in construction and the refining business.

From the 1990s onwards he built his Ethiopian business empire, which he merged in 1996 under the umbrella of Midroc. It is noteworthy that in 1990 he did not yet have Ethiopian citizenship according to the article.

Another interesting take home point is that as part of his participation in Ethiopian politics Al Amoudi takes positions that are rather unusual for a Saudi. He discreetly finances Ethiopian churches in the USA and has lent his support to the construction of the Ethiopian Millennium Dam, which is opposed by Egypt and Saudi Arabia.

In February 2013 the Saudi royal and  deputy defense minister Khalid Bin Sultan even went so far to say, “There are fingers messing with water resources of Sudan and Egypt which are rooted in the mind and body of Ethiopia. They do not forsake an opportunity to harm Arabs without taking advantage of it…”

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