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Saudi Billionaire Plans Two Cement Plants in Ethiopia

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.