CORRECTS - Businesses closely watch richest Ethiopian's detention

By Seleshi Tessema
ADDIS ABABA, Ethiopia (AA) - The detention of business mogul Mohammed al-Amoudi by Saudi authorities in an anti-graft clampdown has sent shock waves in the business community in Ethiopia, which expressed hope on Friday that it will not affect his multi-million dollar investment in Ethiopia.

The Ethiopian-born Saudi businessman with a net worth of $10.9 billion, according to Forbes, owns MIDROC Ethiopia, a firm involved in several businesses including mining, tourism, agriculture, real estate and manufacturing.

He is Ethiopia’s richest man and the second richest Saudi Arabian citizen in the world.

According to government figures, he has invested nearly $4 billion in Ethiopia and employed 50,000 staff.

Amoudi also owns the 5-star Sheraton Addis Hotel in the Ethiopian capital Addis Ababa.

Shibeshi Tsige, a businessman who has known Amoudi for a long time, told Anadolu Agency that his arrest has sent shock waves throughout the business community.

‘’The business community is shocked. Everybody, including people very close to his business and his family, have been kept in the dark [about his detention],’’ he said.

He added that the government has the right to follow his case as the businessman was born in Ethiopia to a Saudi father.

Mekinen Hailu, spokesman of the Ethiopian Investment Commission, Amoudi’s business will not suffer in his absence.

“The companies are well established and financially self-sufficient. We know that they are functioning and will face no problem,’’ he said.

Speaking to local media, Ethiopian Prime Minister Hailemariam Desalegn said on Thursday that his country would follow the matter through diplomatic channel while respecting the sovereignty of the kingdom.

‘’We believe that his arrest will not affect his investment in Ethiopia,’’ he said. ‘’The government will continue to provide support to the companies of the investor.’’

Amoudi, 71, was detained last Sunday along will 11 Saudi princes, four ministers and a number of businessmen in Saudi Arabia.