Saudi-Ethiopian billionaire Mohammed al-Amoudi, have been set free after almost one year in Jail in Saudi Arabia. Al-Amoudi was detained in Riyadh hotel in mid November 2017 along side with handful of princes, generals and businessmen accused of high rank of corruptions,
bribery , money laundering, , and extortion. Some were freed after reaching deals with the government.
Al Amoudi made his fortune in construction and real estate and oil refinery, he is the largest individual foreign investor in Ethiopia and other countries . He now has business interests largely operated through MIDROC Ethiopia which was created in 1994. In 2011 it made 1.4bn birr approximately (US$70m) of profits. Al Amoudi has been ranked among the 100 richest people by FORBES since 2006, being ranking 82nd on the list in 2015-2016.
It is still unclear how much, if any, of Al-Amoudi’s wealth he may have handed over to the state of Saudis in exchange for his release. This afternoon Ethiopian Prime Minister Abiy Ahmed has confirmed Amoudi’s release on Twitter, saying he had resolved the issue with Prince Mohammed during a trip to Riyadh last July.
Prince Mohammed said last November that another eight people were still being held. The question now is when and how Mr Al-Amoudi will return in Ethiopia and whether or not he still be in possession of his business in both countries.