Amaral was the former majority owner of the Media Capital group, a conglomerate that owns the TVI TV channel and several radio stations, including Rádio Comercial and Rádio Clube Português in Portugal. He sold a majority stake in the group to PRISA in 2005.
An avid motorsports fan, he began racing in the Portuguese Cross-Country Rally Championship, as well as in the Portuguese Classic Touring Car Championship. In 2001 he teamed up with Pedro Couceiro to drive in the Spanish GT Championship before the two moved to the Portuguese ASM Team in 2003, driving a Porsche 911 GT3-RS. His best result in the championship was 3rd place in 2004. In 2005, Amaral replaced the GT3-RS with a GT3-RSR. In 2007, he still races this car in the Spanish GT Championship, although the car is now run by Miguel Angel de Castro's Drivex School.
In 2006 Amaral purchased the Lola B05/40 Le Mans prototype formerly run by Chamberlain-Synergy Motorsports in the Le Mans Series. The car was nominally entered by the British team in the 24 Hours of Le Mans, although all operations were run from ASM Team. After one win under the Chamberlain name, the team scored two more victories as ASM, but this prevented Amaral and his co-drivers Miguel Angel de Castro and Angel Burgueño from taking the class win. Amaral and ASM Team continue to run their Lola in the Le Mans Series in 2007. He's also a classic car lover, being the proud owner of a Porsche 917, which he first displayed at the Circuito da Boavista in 2008.