Saudi billionaire plans to $2.5bn investment to build Ethiopia rice farm

Saudi Star Agricultural Development Plc, a food company owned by billionaire Sheikh Mohammed al- Amoudi, said it plans to invest $2.5 billion by 2020 developing a rice-farming project in Ethiopia, Bloomberg reports. The company, based in Addis Ababa, leased 10,000 hectares (24,711 acres) in Ethiopia’s western Gambella region for 60 years at a cost of 158 birr ($9.42) per hectare annually, Chief Executive Officer Haile Assegide said in an interview on March 18. It plans to rent an additional 290,000 hectares from the government, he said.