Warning: file_get_contents(https://graph.facebook.com/?id=http%3A%2F%2Fefinews.net%2Ftechnology%2F9-technology): failed to open stream: HTTP request failed! HTTP/1.1 403 Forbidden in /home2/simmons/efinews.net/plugins/content/fastsocialshare/fastsocialshare.php on line 153

Warning: file_get_contents(https://graph.facebook.com/?id=http%3A%2F%2Fefinews.net%2Fpolitics%2F9-arrest-of-2nd-richest-man-in-saudi-kingdom-could-destabilize-whole-country): failed to open stream: HTTP request failed! HTTP/1.1 403 Forbidden in /home2/simmons/efinews.net/plugins/content/fastsocialshare/fastsocialshare.php on line 153

The purge in Saudi Arabia continues as the Kingdom's 2nd richest man is arrested and the consequences could bring down an entire country.

2017 11 Mohammed Hussein Al Amoudi23172762 10155919126799923 4454544815445868390 n

Saudi authorities have arrested Mohammed Hussein Al-Amoudi a duel national with Saudi and Ethiopian citizen and is reportedly the second richest Saudi, after Prince Al-Waleed bin Talal.

While bin Talal’s arrest has gained most media attention. Al-Amoudi’s arrest is especially important because it could potentially destabilize the economy of an entire country, according to Middle East Eye.

Al-Amoudi, who is also known as “the Sheikh”, has invested in almost every sector of Ethiopia’s economy, including hotels, agriculture and astrology.

According to a leaked diplomatic cable from 2008 “the Sheikh’s influence on the Ethiopian economy cannot be underestimated.”

In the nearly ten years a since then it has become even harder to estimate the exact value of Al-Amoudi’s total investment in Ethiopia, which is among the fastest developing countries in Africa. One analyst estimated the value of the Sheikh’s investment at $3.4 billion, which represents 4.7 per cent of Ethiopia’s current GDP.

Another said his companies employ about 100,000 people, which represent 14 per cent of the Ethiopian private sector, according to the latest Labour Force Survey, 2013. However, World Bank analysts warn that these figures might have markedly increased over the past four years as the sector has developed since then. Read More