Al Amoudi's construction company consortium, Mohammed International Development Research and Organization Companies, also known as MIDROC, won a contract to build Saudi Arabia's estimated $30 billion nationwide underground oil storage complex in 1988. MIDROC acquired Yanbu Steel in Saudi Arabia in 2000.
The Ethiopian Review had also repeated unwarranted material relating to his family and to matters previously dealt with in the Al Amoudi v. Brisard case of 2005. M. Brisard had made serious and unwarranted allegations concerning engagement in the funding of terrorism in the wake of 9/11 but had subsequently apologised for the accusation. The judge found the statements to be untrue and stated that Al Amoudi "is implacably opposed to terrorism in all its forms”.
In 2008, Al Amoudi funded King Saud University’s an enhanced oil recovery research chair. He also fully funded the King Abdullah Institute for Nanotechnology at King Saud University.
Al Amoudi was honoured for his achievements in economics and philanthropy at the 19th Arab Economic Forum Summit in 2011, with special reference to his commitment to sustainable development.
He owns 70% of National Oil Ethiopia, which competes with YBF, TAF OIL and five other companies in the national petrol market and is establishing a steel plant (Tossa) in Amhara. This latter is Ethiopia’s first industrial steel production plant and in intended to meet a major increase in domestic demand, estimated to rise from 1.2m tonnes to 3.1m tonnes per annum between 2011 and 2014.