Oct. 12 (Bloomberg) -- An agricultural development company owned by Saudi billionaire Sheikh Mohammed al-Amoudi bought $80 million in equipment from Caterpillar Inc. to develop holdings in Ethiopia, Fortune reported.
Al-Amoudi-owned Saudi Star Agricultural Development Plc hopes to develop as much as 500,000 hectares (1.2 million acres) of land in Ethiopia over the next two decades for sugar, edible oil and grain production, the Addis Ababa-based newspaper said, citing Alemayehu Mengesha, managing director of Caterpillar importer Ries Engineering.
To date, the company has been granted 10,000 hectares in western Ethiopia near the town of Gambella. Ethiopia’s government has vowed to transfer 2.7 million hectares of land to commercial agriculture investors in a bid to increase exports and farm productivity.
To contact the reporter on this story: Jason McLure in Addis Ababa via Johannesburg on pmrichardson@bloomberg.net.
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