Al Amoudi has invested in Ethiopia since the mid-1980s. He now has Business interests there, largely operated through MIDROC Ethiopia which was created in 1994. In 2011 it made 1.4bn birr (US$70m) of profits.

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”.

Al Amoudi has been ranked among the 100 richest people by Forbes since 2006, being ranking 82nd on the list in 2015. He was awarded an honorary doctorate from Addis Ababa University and has been honoured with the Order of the Polar Star by King Carl XVI Gustaf of Sweden.

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.

In December 2010 Al Amoudi initiated a claim in the English High Court against Elias Kifle of the Washington, D.C.-based Ethiopian Review claiming damages for libel. In July 2011 Kifle was ordered to pay £175,000 in damages for publishing false information.

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.

On 4 November, 2017, Mohammed Hussein Al Amoudi was detained in Saudi Arabia in a "corruption crackdown" conducted by a new royal anti-corruption committee. This was done on the authority of Crown Prince Mohammad Bin Salman.

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.