Ethiopian Billionaire Takes Over Ries Group

(HornTrade) – Ethiopian Billionaire Sheikh Mohammed Hussein al Amoudi took over 80% of of Near East Financial Corporation which owns the Paul Ries group. The Paul Ries group is made up of Paul Ries and Sons in Ethiopia and Savon et Ries in Djibouti.

The Near East financial Corporation is a holding company based in Switzerland.

Business in the Paul Ries group companies in Ethiopia and Djibouti will continue as usual according to Daniel Le Roux the new Chief Executive of Near East Financial Corporation currently based in Dubai, United Arab Emirates.

It is to be remembered that Sheikh al Amoudi recently acquired Ries Engineering a subsidiary of the Paul Ries group and the sole agent of Ford vehicles and Caterpillar heavy duty machinery in Ethiopia. The deal also included the majority share holding in Nyala Motors owned by Ries Engineering.

Ries Engineering is the sole distributor of heavy machinery brands such as Berthoud, Massey Ferguson, Marini and Perkins. Paul Ries and Sons, originally established to offer vehicle repair services is also the authorized sole distributor of Peugeot vehicles in Ethiopia as well as the sole distributor of the Tata group of vehicles from India and Ssangyong Rexton vehicles from South Korea.

Sheikh al Amoudi controls Equatorial Business Group which acts as the sole distributor of Mazda and Volvo vehicles and machinery, while another concern owned by the tycoon National Motors Corporation is the sole agent for Opel Cars, Renault and Chevrolet trucks and buses and is an authorized dealer of Isuzu vehicles in Ethiopia.

The 80% stake in the Near East Corporation makes Sheikh al Amoudi the largest sole distributor of internationally recognized vehicle brands in Ethiopia.

Source: Capital

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