Geeska Afrika Online

Sheikh Al-Amoudi launched an 8 billion birr expansion projects

Addis Ababa (HAN) May 9,2015 Public Diplomacy, Regional humanitarian, Investment News. MIDROC Ethiopia Technology Group, an umbrella group of 21 companies owned and chaired by Global business magnet and prominent investor in Ethiopia Sheikh Mohammed Hussein Ali Al-Amoudi launched an 8 billion birr expansion projects in gold and agro-processing sectors. In addition to the ongoing projects, the group has now launched a fifteen year expansion project.


The expansion projects that are to be carried out in the areas of gold and mining and ago-processing including mine development, integrated poultry development, forage development and integrated dairy and meat development. The eight billion expansion projects would be executed in Benishangul Gumuz, Amhara and Oromia regional states. 4.2 billion birr is allocated for gold and 3.5 billion Birr for agro-processing sectors. The group estimates that the expansion projects would generate a total revenue of 61.9 billion birr within the investment period of time.


Sheikh Mohammed Hussein Ali Al Amoudi (Ge’ez: ሞሓመድ አልአሙዲ, Arabic: محمد حسين العمودي) is a Saudi Arabian/Ethiopian businessman and billionaire who lives in Ethiopia and Saudi Arabia. In early March 2015, Forbes estimated his net worth at $10.8 billion and a relative fall in net value was linked to the global fall in oil and gold prices at the time of estimation.The same source listed him as Ethiopia’s richest man, the second richest Saudi Arabian citizen in the world and the second richest black person in the world. Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries in Sweden and Morocco. He is the largest individual foreign investor in Ethiopia and a major investor in Sweden  Wiki 

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