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Ethiopia - Sheik Al-amoudi’s upcoming biography

By Muluken Yewondwossen

A biography of Ethiopian-Saudi business tycoon Sheik Mohammed
Al-amoudi, titled ‘Who is Al-amoudi’ has been written by Ethiopian-American Mohamed Abdella. The Amharic version will be released next month for the Ethiopian New Year and two months later, an English version.

Mohamed Abdella, a tour and transport operator for the last 23 years in the US, told Capital that, he wrote the book to show the Ethiopian business society who live abroad how Al-amoudi is contributing to the country’s development by investing here.

“This is an educational biography since the man is a good role model through his contribution to eradicate poverty from Ethiopia. I have spent over 300,000 birr and twenty months of work for the realization of the book,” said Mohamed.
For compiling the biography the author traveled to Saudi Arabia, Yemen, and Wollo, the birthplace of Al-amoudi.

The 157 page book is illustrated with relevant photographs describing Al-amoudi’s family background, his personality, businesses in and out of Ethiopia, controversies around him, the public’s views on him and his contribution towards the new Ethiopian millennium.
The author explains that the biography is different from the movie about Al-amoudi released ten months ago. He claims that his book has more detail.


More from Capital ...

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Ethiopia's Al-amoudi building $ 150 million hotel in Yemen

By Tedla Yeneakal

Source: Capital

Ethiopia born Saudi business tycoon, Sheik Mohammed Al-amoudi who is also the chairman of Golden Leaves Hotels and Resorts Ltd, late last month laid a foundation stone for a hotel project in the Aser area of Sana’a, Yemen, estimated to cost 150 million USD.

Sources disclosed to Capital that the hotel that will be established on 150,000 square meters is expected to be completed within three years.
According to information obtained, Sheik Al-amoudi decided to build a hotel after a discussion he held with Yemeni officials at a Conference for Investment Opportunities, held in Sana’a in April 2007.
Al Amoudi owns a wide ranging business portfolio, notable amongst which are oil refineries in Sweden and Morocco, gold mines, agriculture projects and industrial projects. He is also the founder and chairman of MIDROC Ethiopia Group, which owns diversified business sectors in Ethiopia. His hotels portfolio includes properties in Ethiopia, Uganda, Djibouti, Morocco, Saudi Arabia, Europe and Yemen where two new hotels are under construction.

In 2008, Forbes magazine ranked Mohammed Al Amoudi as the 77th richest person in the world with a net worth of $9 billion. Mohammed Al Amoudi is Ethiopia’s richest person and the richest black person in the world. In 2006 his net worth was estimated as between $2.5 and $6.9 billion, causing Arabian Business to rank him as the world’s 8th richest Arab, and Forbes to rank him as the world’s 77th richest person. Al Amoudi’s father is Yemeni and his mother is Ethiopian. He immigrated to Saudi Arabia in 1965 and became a Saudi citizen. Depending on disparate ethnic categorizations, and Al Amoudi’s mixed Ethiopian and Yemeni parentage, he is one of the richest Arabs.

Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries in Sweden and Morocco. He is said to be the largest foreign investor in both Sweden and Ethiopia.

MIDROC Ethiopia adds Floriculture to menu

By Muluken Yewondwossen

Source:

lture plc, a new sister company of MIDROC Ethiopia Technology Group, owned by Ethiopian born Saudi business-tycoon Sheik Mohamed Hussein Al-amoudi, has purchased a 49 hectare farm from Prince Vegetable and Ethio Dream to invest on flower, vegetable and fruit farming.

According to sources, GITTU secured 9 hectares from Prince located in Ziway, 160 Km south east of Addis Ababa in Oromia region to cultivate vegetables and fruit. The 40 hectares is from Ethio Dream in Holeta, 70 Km west of Addis Ababa, Oromia, also for flower farm.
GITTU is also cultivating vegetable and fruit plantations on 100 hectares, 80 in Bishoftu (Debrezeit) and 20 in Koka, sources disclosed to Capital.

For this project, the company is investing 150 million birr. The Koka and Bishoftu projects are expected to start production in six months for export to the international market.

Another project which is also under MIDROC, Horizon Plantations Ethiopia, has been operational since January 2008.
Enjoying 50 million dollars in annual budgets for the next five years, Horizon Plantations p.l.c. will entail the development, cultivation and management of 253,000 hectares of oil palm, rubber, jatropa and tea in Ethiopia. The project directly employs 50,000 and indirectly benefits 350,000 others.

It is recalled Sheik Mohamed Hussein Al-amoudi and Tissa Perera, Director General of AgriNexus, the Malaysian firm which runs the project, signed the agreement on January 23, 2008 at Sheraton Addis. As per the agreement, AgriNexus will be providing consultancy, technical, and training services for a five year period.
At the ceremony, Jemal Ahmed, Deputy General Manager of Horizon Plantations stated that the investment demands at least five years before earning its first profits.

Horizon Plantations has secured the 250,000 hectares in Mezenger, Metekel, and Bench-Maji zones of the Gambella, Benishangul-Gumuz, and South Ethiopia Peoples’ states. 100,000 hectares will be devoted entirely to jatropha curcas, a drought-resistant perennial which grows well in marginal or poor soil. Jatropha is easy to establish and grows relatively quickly, producing seed for fifty years. The seeds have an oil content of 30 % and when refined, produce high quality bio-diesel for the use of standard diesel engines. Combustion is also clear and smoke free. The by-products can be used as organic fertilizer and insecticides in the form of pressed cakes.

The rubber tree plantation covers 85,000 hectares. Rubber tree is a plantation crop of major economic value because its sap-like extract, known as latex, can be collected and is the primary source of natural rubber. Rubber harvesting begins once the tree is five to six years old and its productive life-time is up to twenty five years.
The oil palm, which is used in commercial agriculture in the production of palm oil and tea (Camellia Sinensis), which have an average ratio of 1.00 to 1.25 workers per hectare, are allocated 58,000 and 10,000 hectares respectively.

The plantation project is to create new housing, townships, villages, roads, telecommunications, infrastructure, hospitals, markets, irrigations, water supply systems, schools, vocational training centers and others as it employs thousands once it becomes fully functional.
This agricultural project further advance the investments of Sheik Mohammed’s “MIDROC-Ethiopia Technology Group.’’ Sheik Mohammed Hussein Ali AL-Amoudi and his family established the MIDROC Investment Group in Ethiopia, consisting of over 30 companies. Starting from year 2000, five of the companies were placed under the leadership of CEO, Dr. Arega Yirdaw, and the number has since increased to eleven.

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Special Section: Business news from nazret.com archives

File Photo: Billionaire Sheik Mohammed Al-Amoudi, an Ethiopian and Saudi-Arabian business man, is the project sponsor and main shareholder of DMC

Ethiopia: EIB lends EUR 29 million for Derba Midroc Cement Factory

Reference: 2008-052-EN

Source: European Investment Bank

Derba Midroc Cement company (DMC) in Ethiopia has benefited from a EUR 29 million loan from the European Investment Bank (EIB). The loan to this private sector company will help to build and operate a 2.1 million ton cement factory, an adjacent limestone quarry and other related infrastructure in the area. The project will contribute to Ethiopia’s economic growth and the reduction of unemployment in the country.

The DMC cement plant is located in Derba, about 70 km South of Addis Ababa, a region with limited economic activity other than small-scale agriculture. The establishment of DMC’s large-scale plant in Derba will help to develop the Ethiopian industrial base and will transform a local low-value raw material into high-value cement.

Once operational, the plant will employ around 475 people who will be recruited within and around the region. Employment generated in the construction phase of the plant is estimated at some 4,000 people and a further 1,500 jobs will be created indirectly by the plant in the surrounding infrastructure and industry. Developing local skills and infrastructure is central to this project. Employees will receive training and a EUR 200,000 social fund set up by the promoter will provide for health and education services for the surrounding communities.

In addition, local cement production will substitute imports, generate foreign exchange savings and significantly reduce cement prices. This will support the development of infrastructure and housing projects, which will encourage new business opportunities in other industrial and service sectors and lead to further job creation. The project will also contribute substantial transfers to the government through corporate and other taxes over the life of the project.

The project will further EU-Ethiopian development collaboration focusing on infrastructure and rural development. Co-financing will be provided by the IFC, the African Development Bank and the Development Bank of Ethiopia for a total of up to the equivalent of EUR 129 million.

Sheik Mohammed Al-Amoudi, an Ethiopian and Saudi-Arabian business man, is the project sponsor and main shareholder of DMC.

Note to the editor:

The European Investment Bank (EIB) is the long-term financing institution of the European Union, promoting EU objectives. Outside the EU, the EIB supports the EU’s cooperation and development policies.

The EIB provides reimbursable aid in the African, Caribbean and Pacific (ACP) countries to support the reduction of poverty and economic growth through the promotion of private or commercially-run public sector projects, Financing is provided from EIB own resources and under the Investment Facility, a revolving fund established by the ACP-EU Partnership Agreement in Cotonou, Benin in 2000.

The European Investment Bank strengthened its ACP presence in 2007, investing EUR 756m in the ACP region and the Overseas Countries and Territories (OCTs). In addition, the Republic of South Africa benefited from EUR 113m in EIB funding.

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Special Section: Manufacturing Sector news

Ethiopia to get $200 mln for new Cement Factory from IFC

Ethiopia signed a loan with International Finance Corporation (IFC)to build a $351 million cement factory, Reuters reported. "As a result of the unprecedented boom in the construction business in Ethiopia, a mix of Ethiopian and foreign investors are building 24 cement factories in different parts of the country", Hailu Abebe was quoted as saying by Reuters.

The following is the press release from IFC. Read Reuters report here.

Source: IFC

Addis Ababa, Ethiopia, —IFC, a member of the World Bank Group, has signed an agreement with the Derba Midroc Cement Private Limited Company to help build a new plant that will address Ethiopia’s cement shortage and generate employment.

IFC’s $55 million loan will be complemented by an additional $145 million in debt financing from other international financial institutions and a local bank. This will help fund a new integrated cement plant, with a capacity of up to 2.5 million tons per year. The plant will be located near Derba, about 70 kilometers from Addis Ababa, Ethiopia’s capital city.

Sheikh Mohammed Hussein Ali Al-Amoudi, the Saudi owner and sponsor of Derba Midroc Cement, said, “This project will address the acute shortage of cement in Ethiopia and contribute to the economy’s sustainable development. IFC has been instrumental in providing advice on the technical, environmental, and social aspects of the project.”

The new plant will use state-of-the-art and energy-efficient technology to produce high-quality cement for the domestic market, decreasing the country’s reliance on imports. When completed, this project is expected to create about 500 direct jobs and 10,000 indirect jobs in transportation, distribution, and retail.

Thierry Tanoh, IFC Director for Sub-Saharan Africa, said, “This loan represents IFC’s first investment in Ethiopia since 1989, and it is our largest ever in the country. It reflects IFC’s confidence in the local private sector and aligns with our strategy to promote investments in countries where the private sector is at the early stages of development.”

Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, said, “IFC is very pleased to be involved in this important project, one of the largest private sector investments in Ethiopia to date. Building a new cement plant locally will help increase supply and make prices more affordable. This could also help stimulate the housing and infrastructure sectors, which are constrained by the shortage of cement.”

IFC promotes investments between emerging economies, and over the past few years it has supported the cross-border expansion of many companies from the Gulf region. IFC also worked with Sheikh Mohammed Hussein Ali Al-Amoudi in 2007 to build the first cement plant in eastern Yemen.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private-sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

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American firm to construct $570 mln cement factory in Ethiopia


Special Section: Manufacturing Sector news