No Ownership Changes in Amoudi Businesses Following Saudi Detention, Says Spokesman – Reuters

By Stephen Kalin

RIYADH – There have been no changes in the ownership of any businesses owned by Saudi-Ethiopian tycoon Mohammed Hussein al-Amoudi following his release from over 14 months of detention in Saudi Arabia as part of an anti-corruption campaign, according to a spokesperson from his family office.

The spokesperson confirmed that Amoudi is in good health and has met with senior management and various business associates, stating, "It continues to be ‘business as usual’ for those businesses."

Amoudi, who was once recognized by Forbes as the richest man in Ethiopia and the second-richest individual in Saudi Arabia, was one of many members of the Saudi business and political elite detained at the Ritz-Carlton Hotel in Riyadh in November 2017, following directives from Crown Prince Mohammed bin Salman.

Some of those detained, including prominent global investor Prince Alwaleed bin Talal, were released after reaching undisclosed settlement agreements with Saudi authorities, who aim to reclaim more than $100 billion in this manner.

In his 70s, Amoudi became a billionaire primarily through investments in construction, agriculture, and mining in Ethiopia—his birthplace—and later acquired oil refineries in Morocco and Sweden. His fortune was estimated to exceed $10 billion in 2016 by Forbes.

Recent photographs released by his family office depict Amoudi dressed in a blue thobe and standing with business associates in front of images of King Salman, Crown Prince Mohammed, and the founder of the kingdom.

Amoudi’s release comes shortly after that of several other businessmen and occurs amid ongoing global scrutiny over the murder of journalist Jamal Khashoggi by Saudi agents last year and allegations of the torture of detained women activists.