Corporate Restructuring in Sweden Part of a Global Sustainability Strategy

Mohammed Hussein Al Amoudi is reorganising his non-energy Swedish businesses branded as Midroc Europe to meet new strategic needs. The commercial and contracting companies and property development businesses within the current Midroc Europe Group will now be branded Granitor to differentiate the companies from Mohammed’s holdings outside Europe.

The operational part of the business will be majority owned by Mohammed’s close and continuing associates in Sweden, the Wikström family, although Mohammed will remain as a long term investor and minority shareholder.

Over the next few years, Mohammed will continue to prioritise long term sustainable investment such as his minority ownership in Granitor, his investments in commercial properties and his investments in a range of largely techno-innovation companies, notably in the cleantech and life science sectors. These will all be under continued management by the Wikström family on Mohammed’s behalf.

The Granitor group of companies will be managed by their committed and experienced Wikström-led team as the European Union develops its Green Agenda and manages the post-pandemic recovery. Sustainability is as central to Swedish and European managerial planning today as it is to Mohammed’s long term and wider vision.

Mohammed, commenting on this next stage of his global sustainability strategy, said, “These changes will extend the very successful long term partnership between my family and the Wikström family for generations to come. Our family relationship, which started in Sweden in 1996 and overseas even before that, remains very close.”

He continued, “I am pleased to place my trust in the sons of Lennart Wikström as they continue to manage my non-energy assets in Sweden but under a new, more formal and sustainable structure that is built to last for the benefit of future generations of our two families, of the employees and of stakeholders, of my businesses and of the planet.”

Mohammed expects his investments to contribute directly to the global Green Agenda through his sustainable European property and techno-innovation investments, working (as before) with Granitor’s local management and he will continue to do what he has always done - transfer the best and most appropriate technologies to the emergent economies of Africa.

This is just the most recent element in the implementation of a long range strategy that is concentrating resources on Africa and Saudi Arabia to which Mohammed is committed whilst still retaining a strong, valued but increasingly passive investment presence for himself in Europe. The changes will affect all Mohammed’s holdings in Sweden except the two petroleum businesses, Preem and Svenska Petroleum Exploration, which have separate and industry-appropriate sustainability strategies of their own, following the same overall vision of global sustainability.