Employees of Saudi Star rice farm work in a paddy in Gambella. (Photo: Jenny Vaughan/Getty Images)
By William Davison
Saudi Star Agricultural Development Plc, an Ethiopian company owned by billionaire Mohamed al-Amoudi, said it plans to invest $100 million in a rice farm in western Ethiopia next year to kick-start its 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 ($4 million). After delays caused by unsuitable irrigation design and contractor performance issues, Saudi Star wants to accelerate work in 2015 after a change of management, a redesign of the farm and a successful trial of rain-fed rice on 2,000 hectares at the formerly government-owned, Chief Executive Officer Jemal Ahmed said in a phone interview.
“We have a very aggressive plan,” he said on Nov. 26 from Jimma, about 260 kilometers (162 miles) southwest of the Ethiopian capital, Addis Ababa. “If we’re able to do that we’ll be able to produce more.”
Read more at Bloomberg News »
—
Join the conversation on Twitter and Facebook.
