Almoudi's Courage

THE ETHIOPIAN company Midroc has paid $18 million to purchase the Sheraton Hotel. This is good news because the hotel will now be upgraded from four star to five star status with a multi-million dollar investment programme. It also links Uganda into the investment network of Sheikh Almoudi. One of the world's richest men, the son of an Ethiopian mother and Saudi Arabian father, he has investments throughout the Middle East, Africa, Europe and America. He owns a thousand petrol stations in Saudi Arabia and a refinery and many petrol stations in Scandinavia. Besides the legendary Addis Sheraton, he owns hotels all over the world including London and Riyadh. Almoudi will undoubtedly end up investing more in Uganda. In Ethiopia alone his total investments amount to $800 million. However perhaps the most commendable aspect of Almoudi's investment is that he transferred the money to Uganda just ten days before the presidential election. That is a great vote of confidence in the future of the country. Many investors would have got nervous and postponed a final decision until after the election result. Almoudi did not let this deter him. He had the courage of his convictions. We commend him for this. Ends