Ethiopia: More cement plants planned

Saudi billionaire Mohammed al-Amoudi, the biggest private investor in Ethiopia, plans to build two more cement factories in the nation amid an improving investment environment. The plants would add to the $351 million (R3.6 billi
on) facility al-Amoudi’s Midroc Derba Cement opened in December 2011, he said yesterday. Derba Group, an amalgam of three Ethiopian companies owned by al-Amoudi, planned to invest $3.4bn in Ethiopia over the next five years, the company said in March last year. Continuing improvements in the business climate would probably lead to a “great” increase in investment, he said. – Bloomberg