Saudi Investor Finalizing Ethiopian Sugar Project, Walta Says

Bloomberg | 4 Dec 08

By Jason McLure

Dec. 4 2008 (Bloomberg) -- Saudi billionaire Mohammed Al Amoudi is finalizing plans for a $300 million sugar plantation in northwestern Ethiopia, the Walta Information Center reported.

Al Amoudi’s Derba Midroc Co. will develop sugar beets on more than 30,000 hectares (74,132 acres) of land, the Addis Ababa-based news agency said, citing Haile Assegide, an official at Derba Midroc.
The company will collaborate on the project with Syngenta AG, the world’s largest maker of agricultural chemicals, and Eridania, a food processor, the news agency said.

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