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Wed 4 Dec 2013 01:59 PM

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Saudi billionaire cements Ethiopia investment

Mohammed Al Amoudi plans to build two new factories in African country

Saudi billionaire cements Ethiopia investment

Mohammed Al Amoudi, Saudi Arabia’s second richest businessman with an estimated wealth of $8.7bn, plans to build two new cement factories in Ethiopia, adding to existing operations in the African country.

Speaking to Bloomberg, Al Amoudi said that the new plants would add to the existing $351m MIDROC Derba Cement factory, which opened in late 2011. Al Amoudi’s Derba Group said in March last year that it planned to invest $3.4bn in the Horn of Africa nation over the coming five years.

“Africa’s opportunity lies in involvement of private sector working with stable and responsible government like Ethiopia,” Al Amoudi said in a speech at the African High-Growth Markets Summit in the capital Addis Ababa.

Three farming companies majority-owned by Al Amoudi have so far developed 62,000 hectares of land in Ethiopia. Between them, Elfora Agro-Industries, Horizon Plantations Ethiopia and Saudi Star Agricultural Development will prepare an additional 160,000 hectares over the next three years.

Last year, Saudi Star said it planned to overcome local opposition to its Ethiopian rice project by offering jobs and training, after five people working on it were shot dead.

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Nezaud 6 years ago

He is Saudis Ethiopian national. It good to see him investing back in his mother country.

Nathan 6 years ago

Ethiopia is a beutiful country with a 13 months of sunshine, the economy is growing. All native Ethiopians are returining home to rebuild their country. That is why the country is bomming. Moreover, the door is open for those who want to reap the fruit of wealth and love from the land.

God Bless the country