Ethiopian billionaire Mohammed Al-Amoudi signals return with new mega projects

Ethiopian-born Saudi billionaire Mohammed Al-Amoudi, once among the world’s richest men, says he will soon return to Ethiopia to launch new mega projects through his company, MIDROC.

In a virtual address shared during MIDROC’s “Family Day” celebration, Al-Amoudi praised his workers for delivering strong results over the past five years and promised bigger plans ahead.

“The five years’ result was very good. You worked with the sense that MIDROC is yours,” he said in a recorded message posted on the company’s social media. “The next five years’ plan is even bigger. I want more employees. We are entering new mega projects.”

Al-Amoudi, who has been under what appeared to be house arrest in Saudi Arabia since his 2017 detention during a sweeping anti-corruption purge, did not give details about the projects or a timeline for his visit. Ethiopian officials had previously lobbied unsuccessfully for his release. The Saudi government has never disclosed specifics of the corruption allegations against him.

The billionaire hinted at an expanded agricultural focus and noted the toll Ethiopia’s inflation has taken on ordinary people. “Having young and hardworking people like you, there is no limit as to where we can reach,” he added.

MIDROC, a major player in Ethiopia’s construction, mining and agriculture sectors, has weathered economic challenges and maintained growth. Al-Amoudi’s announcement signals renewed investment at a time when Ethiopia is striving to achieve middle-income status, potentially creating thousands of jobs in the coming years.