The Ethiopian Ministry of Agriculture is to provide 130 thousand hectares of land to Saudi Star Agricultural Development plc pending discussions that are currently underway between the two parties according to Haile Assegide, Chief Executive of Saudi Star sister company Derba MIDROC.
Saudi Star is currently raising rice in Gambella Regional State on 10 thousand hectares that it previously acquired. The company was established by the Ethiopian born Saudi billionaire Sheik Mohammed Ali al Amoudi with an initial capital of half a billion birr.
The company is also in the process of acquiring 300 hectares in Gambella and 200 hecatres in Amhara and Benishangul Regional States according to sources.
The company has partially paid the 32 million birr advance settlement for its acquisition of the Abebo Farm Development Enterprise after securing the privatization bid put out by the Privatization and Public Enterprises Supervising Agency for a total cost of 40.5 million birr.Abebo is located on 3000 hectares of land in Gambella with a cotton processing plant established on a separate 65 thousand meter squares.
Saudi Star plan to develop the various plots of land that it has acquired over the next ten to fifteen years in a project expected to require a financial investment of three to five billion US dollars.
Source: The Reporter
