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A Saudi Billionaire Invests in Two Major Cement Plants in Ethiopia

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Published on : Dec 05, 2013

Africa is becoming an attractive prospective for the Arabians, as Mohammed al-Amoudi – Saudi’s biggest private investor plans to construct two more cement factories in Ethiopia, Africa. These plants in Africa will add to the overall $351 million facility al-Amoudi’s MIDROC Derba Cement plant opened in December 2011.

The 67-year-old investor told in an interview in the capital, Addis Ababa, Derba Group that he plans to invest $3.4 billion in Ethiopia in the next five years. This was said by the company in March 2012. 

Moreover, Mohammed al-Amoudi said in a speech at the African High-Growth Markets that Africa’s progress lies in the involvement of the private sector working stably and responsibly like Ethiopia. If the improvements are continued in this manner in the business sector, it will probably lead to an increase in investment, he added. He owns three farming companies approximately of 62,000 hectares of land in Ethiopia. 

According to the Bloomberg Billionaires Index, Mohammad al-Amoudi ranks as the 134th richest person in the world. His net worth is estimated to be at $8.7 billion. After Prince Alwaleed bin Talal, al-Amoudi appears to be the second-richest person in Saudi Arabia. 

According to the International Monetary Fund, Ethiopia’s economy is expected to expand 7.5 percent next year, as compared to the estimated 7 percent calculated in the current year. His three companies Elfora Agro-Industries, Horizon Plantations Ethiopia and Saudi Star Agricultural Development will have an additional 160,000 hectares in the next two to three years. His further focus is on agriculture and industry, he said. 

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