Good for EthiopiaA bit off topic but its nice to see more investment in Ethiopia, it looks from this article that the government is considered to be trustworthy by the private sector. .
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.
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 6,200 hectares (15,321 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.