A Saudi investor has rolled out a US$3 billion investment scheme to be carried out over the next three years in Ethiopia.

Sheik Mohammed al-Amoudi, an Ethiopian-born Saudi Arabian billionaire, who has already invested US$5 billion in the luxury hotel, Sheraton Addis, said he had an eye on various investment opportunities in the country.

The sheik announced the new investment while inaugurating his big cement factory at the weekend, which cost US$600 million.

Sheik Mohammed, with his investment company, MIDROC Ethiopia, is looking to invest in the textile, oil, metal, marble factories and other cement factories, among others.

“It is my plan to see the new Ethiopia in the coming three years,” said Sheik Mohammed.

He announced that the investment will create 300,000 and will support the country’s Growth and Transformation plan (GTP), which the government launched last year as part of the country’s initiative to become a middle income country by 2020.

Forbes magazine estimates the sheik’s wealth to be more than US$9 billion and has investments in Saudi Arabia, Sweden, among others, including various African countries.

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Ethiopian Prime Minister, Meles Zenawi appreciated the investment initiative. He commended Sheikh Mohammad’s efforts in supporting the country’s economic activities.