Mohammed Al-Amoudi to build two more cement factories in Ethiopia

Bloomberg : Saudi billionaire Mohammed al-Amoudi, the biggest private investor in Ethiopia, plans to build two more cement factories in the Horn of Africa nation amid an improving investment environment.
The plants will add to the $351 million facility al-Amoudi’s MIDROC Derba Cement opened in December 2011, the 67-year-old investor said in an interview today in the capital, Addis Ababa. Derba Group, an amalgam of three Ethiopian companies owned by al-Amoudi, plans to invest $3.4 billion in Ethiopia over the next 5 years, the company said in March 2012.
“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 Addis Ababa. Continuing improvements in the business climate will probably to lead to a “great” increase in investment, he said, without elaborating.


Ethiopian-born Al-Amoudi ranks as the world’s 134th richest person, with a net worth estimated at $8.7 billion, according to the Bloomberg Billionaires Index. He is the second-richest person in Saudi Arabia, after Prince Alwaleed bin Talal. Ethiopia’s economy is projected to expand 7.5 percent next year, compared with an estimated 7 percent this year, the International Monetary Fund said in its World Economic Outlook in October.
Three farming companies owned by al-Amoudi developed 62,000 hectares (153,205 acres) of land in Ethiopia, al-Amoudi said. Elfora Agro-Industries, Horizon Plantations Ethiopia and Saudi Star Agricultural Development will have prepared an additional 160,000 hectares in the next 2 1/2 to 3 years.
“We are focusing on agriculture and industry,” he said.
Agriculture Projects
Horizon bought three agricultural projects from Ethiopia’s government for $59.4 million in April. The company plans to invest 400 million Ethiopian birr ($21 million) over the next two years in Upper Awash Agro Industry Enterprise, Gojeb Agricultural Development Enterprise and Coffee Processing and Warehouse Enterprise.
Saudi Star, a Derba company, has been unable to finance the completion of an irrigation canal at its 10,000-hectare rice project in the western Gambella region, the company said last month. Read More on Bloomberg

What your say on this story? Comment it below

You might like

About the Author: AddisZena

Leave a Reply