Mohammed Al Amoudi — one of the world’s most discreet yet influential billionaires — is reclaiming his place in the global energy landscape after his high-profile detention in Saudi Arabia in 2017. With an estimated net worth in the billions, he controls a vast business empire spanning from gold mines in Ethiopia to Sweden’s largest oil refineries.
Born in 1946 in Dessie, Ethiopia, to a Yemeni father and Ethiopian mother, Al Amoudi moved to Saudi Arabia in his youth. Without a formal university degree, he began working in the construction industry. His sharp business instincts and deep market understanding led him to major billion-dollar ventures in the decades to come.
In the early 1980s, he founded MIDROC (Mohammed International Development Research and Organization Companies), which soon became Ethiopia’s largest private conglomerate, operating in sectors ranging from gold mining and agriculture to real estate, cement, and private healthcare.
One of his most notable investments in Ethiopia is Midroc Gold, which owns the Lega Dembi mine — the country’s largest gold mine. Through MIDROC Ethiopia, Al Amoudi also controls a range of businesses in food, beverages, and healthcare, providing employment for tens of thousands of Ethiopians.
In the 1990s, Al Amoudi shifted his focus to Europe by acquiring strategic energy assets through Corral Petroleum Holdings, headquartered in Sweden. Under this umbrella, he took control of Preem AB, Sweden’s largest oil refining company, operating two major plants in Lysekil and Gothenburg. These facilities account for roughly 80% of the country’s refining capacity.
He also owns Svenska Petroleum Exploration, an oil and gas exploration firm with activities spanning from Europe to West Africa. By controlling the entire value chain — from exploration to refining and distribution — Al Amoudi became a key player in Northern Europe’s energy security landscape.
In November 2017, Al Amoudi was detained as part of a sweeping anti-corruption campaign led by Saudi Crown Prince Mohammed bin Salman. He was held at a hotel for over 400 days without any formal criminal charges.
During his absence, his business operations faced significant disruption. Some assets were frozen, and local management temporarily took over his Swedish refinery business. However, upon his release in early 2019, he rapidly regained control of his empire.
In 2023, Al Amoudi and Corral Morocco Holding were hit with a $2.7 billion arbitration claim over the liquidation of the Samir refinery in Morocco. However, the International Centre for Settlement of Investment Disputes (ICSID) only awarded $150 million in damages, rejecting most of the claimant’s arguments.
In 2023, Bloomberg Billionaires Index reported that Al Amoudi’s wealth surged by $3.6 billion, bringing his net worth to $9.05 billion. By 2025, his fortune is estimated at $7.5 billion, placing him among the top 10 richest individuals in Africa and the wealthiest in Ethiopia.
The main driver behind this growth is his stake in Preem, whose value soared over 400% to reach $3.74 billion thanks to robust energy demand and efficient operations.
Beyond business, Al Amoudi is deeply involved in philanthropy. In Ethiopia, MIDROC has funded schools, hospitals, and vocational training programs. In Saudi Arabia, he has supported research chairs at King Saud University and King Abdulaziz University.
In recognition of his contributions to Sweden’s economy and energy sector, he was awarded the Order of the Polar Star – First Class by the Swedish government in 2007.
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