The International Finance Corporation (IFC) has announced plans for a proposed loan of up to $80 million to Midroc Ethiopia, funding a major hospitality expansion that includes the refurbishment of the iconic Sheraton Addis and the construction of a new Sheraton‑branded hotel.
Midroc Ethiopia, the project sponsor, is part of MIDROC Investment Group, the largest and most diversified business conglomerate in Ethiopia and a key component of the global MIDROC International network. The group is majority‑owned by the internationally renowned entrepreneur Sheikh Mohammed Hussein Ali Al‑Amoudi, who holds a 75% stake, with the remaining 25% owned by Sofia Saleh Al‑Amoudi.
MIDROC—short for Mohammed International Development Research and Organization Companies—operates a broad portfolio of enterprises spanning Africa, Europe, the Middle East, and the United States. Its businesses cover multiple sectors, including agriculture, manufacturing, mining, real estate, hospitality, construction, and financial services, making it one of the most influential economic players in Ethiopia and an established multinational presence.
The strategic directions of MIDROC Investment Group engagement in the country’s development include, among others, the following:-
- To invest in the agricultural and agro-industrial sector with emphasis to further develop the sectors and enhance their efficiency and export earning capacities,
- To invest in the exploration, development and marketing of the country’s mining resources,
- To invest in, develop and expand the manufacturing and service industries that enhance the economic competitiveness of Ethiopia and add value to local based resources,
- To undertake projects and invest in the development of the basic infrastructure in Ethiopia, like in the health services, education & training, transport, etc.
- To invest and actively participate in the development and the rational utilization of the country’s natural resources,
- To construct, buy, lease, sell and administer real estates including apartments, multi-purpose buildings and structures.
According to IFC’s disclosure, the overall cost of the initiative is estimated at up to $116 million, covering both the extensive renovation of the existing Sheraton Addis, one of Africa’s most prestigious luxury hotels, and the development of a new property that will expand the Sheraton footprint in Ethiopia’s capital.
