Deals
Saudi Billionaire to Invest $2.5 Billion in Ethiopia Rice Farm
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Saudi Star Agricultural Development Plc, a food company owned by billionaire Sheikh Mohammed al-Amoudi, said it plans to invest $2.5 billion by 2020 developing a rice-farming project in Ethiopia.
The company, based in Addis Ababa, leased 10,000 hectares (24,711 acres) in Ethiopia’s western Gambella region for 60 years at a cost of 158 birr ($9.42) per hectare annually, Chief Executive Officer Haile Assegide said in an interview on March 18. It plans to rent an additional 290,000 hectares from the government, he said.