By William Davison -
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 inSaudi 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.
Source: bloomberg.com
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