Mohammed Al Amoudi was born in Dessie in Ethiopia in 1946 but grew up in Weldiya in the Amhara regional state of Ethiopia. His father, a local businessman, Haji Hussein Al Amoudi was Yemeni and his mother, Weyzero Rakiya Mohammed Yassin, Ethiopian. He is married to Sofia Saleh Al Amoudi.
He has four brothers and three sisters. His son and heir is Abdul Rahman Al Amoudi. Sheikh Al Amoudi emigrated to Saudi Arabia in 1965 and became a Saudi citizen. He now has dual Saudi/Ethiopian citizenship sharing his time between these two countries. He built his fortune in construction and real estate in Saudi Arabia before investing in the energy sector. He began investing in Sweden in 1974 and owns Svenska Petroleum and Swedish refinery; Preem.
He has invested more than $2 billion in Ethiopia, from hotels (he owns the Sheraton Addis) to a variety of construction projects with his company; Midroc. Midroc Gold started operation in 1998 and is 98% owned by the Al Amoudi family. In the first 10 years of operation the mine generated $466 million in revenue. Another important project underway is the purchase of large tracts of land in Ethiopia for food production. Al Amoudi also owns the Samir oil refinery in Morocco.
He is said to be the largest foreign investor in both Sweden and Ethiopia. He holds an Honorary Doctorate in Philosophy from the Addis Ababa University and has been honoured with the Swedish Royal Order of the Polar Star by King Carl XVI Gustaf of Sweden.
Al Amoudi owns several properties around the world including a castle at Hackholmssund in Sweden where his company: Midroc is based.
Depending on disparate ethnic categorisations and Al Amoudi's mixed Ethiopian and Yemeni parentage, he is considered to be the richest black person in the world and one of the richest Arabs.