Pursuits
Saudi Billionaire to Invest $3.4 Billion in Ethiopia in 5 Years
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Derba Group, an amalgam of three Ethiopian companies owned by Saudi billionaire Mohammed al-Amoudi, said it plans to invest 59 billion birr ($3.4 billion) in seven industrial projects over the next five years.
The company, formed last month, has already invested 12 billion birr of a planned 71 billion birr in agriculture and cement in the Horn of Africa country, Chief Executive Officer Haile Assegide said today by phone from Derba Midroc Cement Plc’s plant near Chancho, about 70 kilometers (44 miles) northwest of Addis Ababa, the capital.