(MENAFN) Derba Group, owned by Saudi billionaire Mohammed Al Amoudi, unveiled plans to spend USD3.4 billion in seven industrial projects over the next five years, Bloomberg reported.
CEO Haile Assegide said the company already invested USD683.1 million of a planned USD4 billion in agriculture and cement businesses in the country.
Derba, formes last month from companies involved in cement, steel, agriculture and transport, may generate annual revenue of USD2.33 billion and create more than 370,000 jobs, Assegide said.
Al Amoudi's Saudi Star Agricultural Development Plc has leased 10,000 hectares of land in Ethiopia's western Gambella region where it plans to build two rice mill factories, and will also lease an additional 290,000 hectares, Assegide said.
The project investment is estimated at USD2.96 billion, of which USD199.23 million has already been spent on agricultural equipment, construction and consulting, he added.
Prime Minister Meles Zenawi inagurated Derba Midroc Cement earlier this month, and is poised to make Ethiopia "self-sufficient" in cement, according to Assegide.
He also unveiled the five other projects targeted for investment including Derba Transport, Maya PP Bag, Derba Lime and Chemicals, Toussa Steel Mill and Dashen Cement.