Midroc-Ethiopia to Invest in Education, Research

Addis Ababa, September 19, 2001 (WIC) - The Midroc-Ethiopia Investment Group, the

major private investor in the country, has announced plans to diversity into research and

education, and has applied for a licence to launch projects in the sector.

The owners, Sheik Mohamed Hussein Ali Al-Amoudi, and three other investors, have

contributed a total of 20 million birr as an initial capital for the METI-Midroc Education and

Training Institute.

The Company, to be headquartered in Addis Ababa, has 2000 shares, each worth 10,000 birr.

With 1,400 share, Sheik Al-Amoudi is the majority share holder.

According the Memorandum of Association of the Company which was issued today,

METI-Midroc Education and Training Institute PLC has as its founding objectives, the provision

of "quality education at all levels from pre-primary up to University level".

It will also "develop and conduct collaborative education and research activities with local as

well as foreign educational research institutes, and produce, export and distribute educational

material and equipment.

Sheik Al-Amoudi is the General Manager of the Institute. It is expected that the company will

start activities immediately after acquiring the licence from the Ethiopian Investment

Authority, EIA.