Pro-coalition politicians make investment in Ethiopia

SANAA, Aug 04 (YPA) – Yemeni politicians loyal to the Saudi-led coalition are making building large investments in the Ethiopian Telecommunications Company, Local media reported on Thursday.

According to media sources, the pro-coalition parliament speaker, Sultan al-Barakani, and Islah leader Hamid al-Ahmar, were able to buy a stake in the shares of the “Safaricom” telecommunications company in Ethiopia.

A Yemeni diplomat at Yemen’s embassy in the Ethiopian capital Addis Ababa said the two men bought a weighty stake from Saudi and Ethiopian investors in Safaricom days ago, following months of negotiations held in Riyadh, Addis Ababa and the Ethiopian city of Derdawa in the Ethiopian.

According to the source, the deal is worth $27 million, and is a balanced deal in terms of Safaricom’s investment size and market value.

Al-Barakani and Al-Ahmar have owned real estate, hotel and commercial investments in Ethiopia for years, and have commercial representative offices for investment companies., the source said.

E.M