VENTURES AFRICA – Ethiopia-born multi-billionaire, Mohammed Al Amoudi, along with three other Africans have been listed among the 50 richest Arabs in the world, according to Middle East’s best selling weekly business magazine, Arabian Business.
The publication’s Rich List 2012 had Mohammed Al Amoudi on an $11.50 billion wealth evaluation occupying its third spot, tailing Saudi Arabia’s HRH Prince Alwaleed bin Talal and Olayan family, both valued at $25.9 billion and $12.9 billion respectively.
With an estimated worth of $11.20 billion, Egypt’s Sawiris family followed on the forth spot while Morocco’s retail king, Miloud Chabbi, sat on the 43rd rung of the rich list with a $2.4 billion wealth.
Another Egyptian, Mohammed Shafik Gabr, worth $2.1 billion pooled from interest in energy, listed as the 49th richest Arab in the world.
While commenting on the list, Prince Alwaleed, said: “For any chairman or CEO of a company, the main yardstick of the success comes from the strength of his balance sheet, the growth in income and the performance of his share price. These are the three indicators of success at the end of the year. In all these three, I say thanks to Kingdom Holding (his company) members – I never use the word employees.
Mohammed Al-Amoudi, Ethiopia’s richest man, and Sweden’s largest individual investor, owns Corral Petroleum Holdings and Mohammed International Development Research and Organization Companies (MIDROC), employing over 40,000 people through both companies. He was born in Ethiopia to an Ethiopian mother and a Yemeni father. At 19 he migrated to Saudi Arabia where he built ties with the ruling family.
In 2004, Arabian Business published it first ever Rich List. The 2012 edition is dominated by Saudi Arabians, with 23 of the listed 50 residing in the country.