SAUDI ARABIA ARRESTS SECOND RICHEST MAN IN KINGDOM | WHAT REALLY HAPPENED


SAUDI ARABIA ARRESTS SECOND RICHEST MAN IN KINGDOM

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.

Al-Amoudi has occupied the front pages of Ethiopia’s most prominent magazines since his arrest. News agencies have covered news of his detention, including the rumours that have been circulating on social media websites, as breaking news.

“They are now panicking” said Henok Gabisa, a Visiting Academic Fellow at Washington and Lee University School of Law in Virginia and an Ethiopian researcher.

Webmaster's Commentary: 

Although, given his wealth and investments, this is probably a "Sheikh Shake-Down" for money, on the part of Prince Salman, it will have to be seen how this arrest,and the aftermath, plays out in both African and international markets first part of next week.

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