Wednesday April 05, 2006

Al-amoudi to invest one bln birr in Oromia

To construct five star hotel in Boku

By Groum Abate

Sheik Mohammed Al-amoudi the Ethiopian born Saudi business tycoon is to start the construction of a five star hotel in Boku area, Oromia Regional State.

Sources told Capital that the hotel, which is going to cost the billionaire a billion birr would be built in the tourist attraction area of Boku located near Debre Zeit.

According to our sources experts have already come to do a feasibility study. The Sheik will also be involved in gemstone production and agro processing industry in the region.

Both the hotel construction, agro processing industries and gemstone development are located in Oromia Regional State, where he has signed an investment agreement with the region two years back.

The sources also said that an office headed by Nebyou Samuel is being set up by the business tycoon to look up his investments in Oromia. Nebyou Samuel is a close friend and ally of Shiek Mohammed Al-amoudi and ahs also worked in various governmental offices before joining the shiek.

This new investment would make Al-amoudi’s total investment in Ethiopia rise to 1.5 billion dollars. The billionaire has previously invested more than 1.3 billion dollars in various fields in the country including construction, real estate, manufacturing, mining, and services such as hotels, engineering and gas distribution. 

Born in 1964 in Wello, Al-amoudi has an asset worth 6.9 billion dollars.

Al-amoudi with his investment hand MIDROC-Ethiopia presently operates close to 45 enterprises such as Sheraton Addis, Midroc Construction Ethiopia, Moha Soft Drinks S.C., National Mining Corp., National Motor Companies, Ethio Leather Industries (ELICO) P.L.C., Elfora Agro-Industries P.L.C., Bauer-Midroc, Sara Lamps, Ethio Coffee & Tea Plantation & Marketing P.L.C. and Kombolcha Steel Products Industry (KOSPI), to name a few.

MIDROC Ethiopia also paid 12.5 million dollars to acquire the Gojjam-Gondar Agricultural Development, 27million dollars for WushWush and Gumaro Tea Development Enterprise and Tea Production and Marketing Enterprises, and 26 million dollars for Kenticha Tantalum Mining Enterprise.

Sheik Mohammed Al-amoudi is also the largest employer in the country, employing over 60,000 people.