Al-Amoudi To Construct Chain Of Hotels

May 31st, 2011

Ethiopian born Saudi business-tycoon Sheik Mohamed Hussein Al-amoudi announced that he will build a chain of hotels in the country for the 50th anniversary of the African Union that is going to be celebrated in 2013.

He said that he planned to attract world leaders to attend the event by building a chain of hotels in the country from Addis Ababa to Arbaminch. Debrezeit, Arbaminch, Addis Ababa, Dire Dawa, Zeway are among the cities in which he plans to construct the chain.

Sheik Mohammed said that his investments would create job opportunities for over 300,000 people.

The chain of hotels that will have international standards are also expected to boost the country’s tourism sector. It is recalled that the Ethiopian born Saudi billionaire Mohammed Al Amoudi is negotiating to buy Ethiopia’s unprofitable state-owned National Tour Operation and Travel Agency Enterprise (NTO).

The chain of hotels that are going to be constructed in the south are also expected to act as safari operators.

In a related development, Horizon Plantations Ethiopia, a project based on a directive of Sheik Mohammed Hussein Ali Al-amoudi, has gone operational this week.

Enjoying 50 million dollars in annual budgets for the next five years, this project of 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.

Sheik Mohamed Hussein Al-amoudi and Tissa Perera, Director General of AgriNexus, the Malaysian consultancy firm which runs the project, signed the agreement on Wednesday, 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 of the land 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 quick, 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’s 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 has an average ratio of 1.00 to 1.25 workers per hectare, are allocated 58,000 and 10,000 hectares respectively.

The plantations project creates 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 advances the investments of Sheik Mohammed’s "The MIDROC Ethiopia Technology Group.’’ Sheik Mohammed Hussein Ali AL-Amoudi and his family have 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 the CEO, DR. Arega Yirdaw, and the number has since increased to eleven.

The companies are being identified with the name "The MIDROC Ethiopia Technology Group". The Group includes MIDROC Gold Mine PLC (MGOLD), ELFORA Agro-Industries PLC (ELFORA), Huda Real Estate PLC (HUDA), Kombolcha Steel Products Industry PLC (KOSPI), Modern Building Industries PLC (MBI), Trust Protection and Personnel Services PLC (TRUST), addis Home Depot PLC (aHD), Trans Nation Airways PLC (TNA), addis Gas & Plastics Factory PLC (aGP), Wanza Furnishings Industries PLC (WANZA), and Daylight Applied Technologies PLC (DAYLIGHT). --Capital