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FINANCIAL NEWS
Saudi Star Agricultural Development invests in Ethiopia
23 Mar 2011
(MENAFN) Saudi Star Agricultural Development stated that it would invest a total of USD2.5 billion over the years to 2020 on the development of a rice-farming project in Ethiopia, reported Arabian Business.
The food company, owned by billionaire Sheikh Mohammed Al Amoudi, stated that it signed a 60-year rent of an area of around 10,000 hectares in a contract worth USD942000 for every year.
The company so far had invested USD140 million on equipment, clearing part of the land and developing a 25-hectare trial plot.
It is worth noting that the government of Ethiopia plans to lease a total of 3 million hectares to private investors over the next two and a half years.
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