Saudi Star to invest US$100m in Ethiopia rice farm
Billionaire owner pumping money to revive project, with focus on building irrigation infrastructure
Addis Ababa
SAUDI Star Agricultural Development, an Ethiopian company owned by billionaire Mohamed al-Amoudi, said it plans to invest US$100 million in a rice farm in western Ethiopia next year to kick-start the stalled project.
The company leased 10,000 hectares (24,711 acres) in the Abobo district in the Gambella region, where it's based, in 2008 and bought the 4,000-hectare Abobo Agricultural Development Enterprise from the government 18 months ago for 80 million birr (US$4 million).
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