Mohammed Al Amoudi is the richest black man in the World: Al-amoudi slips to 97th Richest Person in The World (March 2008)

Al-amoudi slips to 97th Richest Person in The World

03/14/08

02:55:18 pm, by nazret.com, 906 words

Al-amoudi slips to 97th Richest Person in The World

Billionaire Mohamed Al Amoudi, The World's Richest Black Person born in Ethiopia. Forbes March 2008 issue lists him as the 97th richest person in the world and the 6th richest in Africa and Middle East

Ethiopia - Al-Amoudi slips to 97th Fortune rises by a billion dollars

By Groum Abate

Source: Capital

Ethiopia born Saudi business tycoon Sheik Mohammed Hussein Al-amoudi, slipped to 97th place from 86th rank in 2007, but his fortune grew by a billion dollars to 9 billion dollars.

According to the annual Forbes billionaires list, the tycoon moved down 11 places, even though his wealth rose considerably.
In 2002, Al-amoudi had a net worth of 1.5 billion dollars and ranked 293, but remarkably grew to 77th in 2006 after oil prices shot up, with a net asset of 6.9 billion dollars. He then slipped to 86th place with 8 billion dollars in 2007.

Born in Ethiopia and now a Saudi citizen, Al Amoudi made his fortune in construction and real estate before betting on energy. He owns Swedish refinery Preem as well as Svenska Petroleum, which made big plays in Guinea-Bissau, Nigeria and Angola this year.

Berkshire Hathaway Inc. Chairman, Warren Buffett, has the top spot on Forbes magazine’s annual list of billionaires worldwide, ending a 13- year reign for Microsoft Corp.’s co-founder.

Buffett’s wealth increased by 10 billion dollars to about 62 billion in the 12 months through Feb. 11, mostly from a gain in his company’s shares.

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The fortune of Gates, 52, rose $2 billion to $58 billion. The Microsoft chairman fell to third on the list behind Mexican telecommunications mogul Carlos Slim, 68, who has an estimated net worth of $60 billion.
Forbes’s list shows wealth expanding in emerging markets around the globe, with Russia overtaking Germany as the second- richest country, and 70 percent of newcomers from Russia, India, China and the U.S. In 2006, half of the top 20 billionaires came from the U.S. This year there were only four Americans.

Indian steel entrepreneur Lakshmi Mittal was fourth, and one of four Indians in the top 10. Estranged brothers Mukesh and Anil Ambani, whose father founded the Reliance Group of companies, were fifth and sixth, and Kushal Pal Singh, who heads property developer DLF Ltd., moved up 54 spots to eighth with $30 billion.

Ikea founder Ingvar Kamprad was seventh with $31 billion, making him the list’s top European, while Russia’s richest man, Oleg Deripaska, was ninth with $28 billion. Retired German supermarket mogul Karl Albrecht was 10th with $27 billion.

There are 1,125 billionaires on the list from 54 countries and one principality, or 179 more members than a year ago, with a total net worth of $4.4 trillion. The average worth of a list member is $3.9 billion, or about $250 million more than last year.

The average age dropped to 61, helped by Russia, where the average of billionaires is 46, and China, where the average is 48, the magazine said. China’s richest person is 26-year-old Yang Huiyan. She is the owner of property company Country Garden Holdings Co., listed at 125 with $7.4 billion.

The youngest member on the list was Facebook founder Mark Zuckerberg, 23, at 785 with $1.5 billion, the youngest self-made billionaire ever to make a Forbes list.

The world’s richest woman, France’s Liliane Bettencourt, the daughter of the founder of the L’Oreal SA cosmetics company, was 17th, with $22 billion. The average net worth of women on the list was $3.7 billion.

Al-Amoudi’s investment arms include

CORRAL Group - is a holding company for oil and gas related business interests based mostly in Sweden, Morroco and Lebanon:
Corral Petroleum Holdings AB (Sweden)
Preem Petroleum AB (Sweden)
Svenska Petroleum Exploration AB (Sweden)
Corral Finans AB (Sweden)
Corral Morocco Gas and Oil (Morocco)
Société Anonyme Marocaine de l’Industrie du Raffinage (Morocco)
Coral Oil Company (Lebanon)
Speed Oil Company (Lebanon)
ABV Rock Group - a holding company for construction related businesses (Saudi Arabia, Sweden). The sister companies of ABV Rock are:
Saudi ABV General Contractors Company
Innovators Consulting Engineers
Yanbu Steel Company
Trans Desert Transport Company
Metal Service Company

MIDROC Europe - Formed in 1996 through the acquisition of a number of contractors, Midroc Europe operates in the Scandinavian and international contracting markets, focused on the civil construction, industrial and environmental contracting sectors. The Midroc group in Scandinavia is owned by Sheikh Mohammed Al-Amoudi and the Wikström family (allegedly a front for Al Amoudi holdings). The Midroc group in Europe consists of the following companies:
Midroc Construction
Midroc Engineering
Midroc Electro
Midroc Environment
Midroc Project Development (MPD)
Midroc Real Estate
BAC Corrosion Control
Metalock
Alucrom
GP Ställningar
Rodoverken

MIDROC Ethiopia Investment Group - is a holding company for over 30 enterprises and business interests in diversified sectors. Managed under parent MIDROC Group is MIDROC Ethiopia Technology Group which has 11 businesses under its management:

MIDROC Gold Mine PLC
ELFORA Agro-Industries PLC
Huda Real Estate PLC
Kombolcha Steel Products Industries PLC (KOSPI)
Modern Building Industries PLC (MBI)
Trust Protection and Personnel Services PLC
Addis Home Depot PLC
Trans Nation Airways PLC
Addis Gas & Plastics Industry PLC
Wanza Furnishings Industry PLC
Daylight Applied Technologies PLC
Other businesses under MIDROC Ethiopia include:
Sheraton Addis
Midroc Construction Ethiopia
Moha Soft Drinks S.C.
National Mining Corp. (Kenticha Tantalum Mine, Lega Dembi Gold Mine)
National Motor Companies
Ethio Leather Industries (ELICO) P.L.C.
Bauer-Midroc
Sara Lamps
Ethio Coffee & Tea Plantation & Marketing P.L.C.