Business News - Ethiopian News

Capitalism Becoming an Impediment to Morality

By Abel Merawi

CapitalismJune 26, 2020 ( -- When COVID-19 became a global pandemic, America was no exception. But the way the US handled it as a capitalist makes it an exception. In America, the novel coronavirus hit New York the hardest and the availability of medical supplies stood as a barrier. But the producers of medical kits, along with other states, had another plan in mind. For the companies, this was a profitable opportunity. They didn’t provide the medical equipment for the state which was hit the hardest, but rather to the highest bidder. This was easy for there was no shortage of bidders as other states joined the bidding despite the desperate n

Ethiopian Airlines Lost over $550m due to COVID-19: CEO

By Staff Reporter

Ethiopian-Losses-COVID-19April 7, 2020 ( -- Ethiopian Airlines has lost more than $550 million in revenue due to the deadly coronavirus as confirmed cases of the pandemic in the country hits 52.

In a briefing on Tuesday, the CEO of Ethiopian Airlines, Tewolde Geberemariam said the loss revenue occurred because of the suspension of 91 international flights as COVID-19 restricts movements of almost half of the world population.

Tewolde said COVID-19 pandemic has hit the aviation industry hard as travel demand collapsed and some countries impose travel bans to try and contain the pandemic.

“Had the a

Ethio Telecom Earns 22.4 Billion Birr in Six Months

By Staff Reporter

Frehiwot-Ethio-TelecomJanuary 15, 2020 ( -- Ethio telecom, the Ethiopian telecom monopoly, announced it has earned over 22.4 billion birr in revenue from its service sales during the first half of this Ethiopian fiscal year.

Briefing journalists on Wednesday, Ethio Telecom CEO Firehiwot Tamiru said the company has achieved 104 percent what it had planned for the first half of the budget year.

According to the CEO, the cash flow for the 126-year-old company, serving 45.6 million subscribers, was healthy and positive and saw a 10.9 percent increment over the last six months.

Firehiwot said the earning i

More Opportunities Ahead in Tourism, Says Deputy Head of CTTI

By Staff Reporter

Gezahegn-Abate-Gizawe-CTTIDecember 12, 2019 ( -- On a previous article we published regarding the Expansion of Hotel Business in Ethiopia, we promised to bring the Deputy General Director of Catering and Tourism Training Institute (CTTI), Gezahegn Abate Gizawe, to talk about the expansion of hotel in Ethiopia, the opportunities, as well as the challenges in the service sector across the country. Ezega News recently interviewed Gezahegn Abate Gizawe.

Gezahegn Abate Gizawe previously worked as head of Sub-city Education Office at Addis Ababa Nefas Silk Lafto Sub-city and Public and International Relations Directorate Direct

Ethiopia Allows Foreigners of Ethiopian Origin to Engage in Insurance Business

By Staff Reporter

Diaspora-finance-EthiopiaNovember 5, 2019 ( -- The Ethiopian parliament has lifted a ban that prevented foreign nationals of Ethiopian origin from engaging in insurance and finance businesses. Foreign nationals of Ethiopian origin can now engage in insurance and microfinance businesses.

In its 3rd regular session on Tuesday, November 5, 2019, the parliament unanimously approved the amended insurance business proclamation, allowing foreign nationals of Ethiopian origin to participate in the country’s insurance sector.

The most probable reason for the Ethiopian government to prevent foreigners but

Ethiopian Earnings from Gold Dwindles to Just $32M, a Record Low

By Staff Reporter

Gold-EthiopiaOctober 10, 2019 ( -- Ethiopia has reported declining revenue from export of gold over the years, the latest being a record low of just $32 million this year, the country’s Ministry of Mines and Petroleum has disclosed.

In a presser he gave on Thursday October 10, 2019, an advisor to the Ministry of Mines and Petroleum, Tewoldeberhan Abay, said the country’s earnings from the export of gold have dwindled over time from $445 million in 2014 to $32 million this year.

The advisor attributed the devastating earning from the resources to ever increasing contraband trade being carried out at gold extractio

The Booming Hotel Business in Ethiopia

By Staff Reporter

Skylight-HotelOctober 1, 2019 ( -- Ethiopia is becoming East Africa’s new economic giant. The country has become the biggest economy in the region thanks to the dominating agriculture and service sectors which account for much of the country’s gross domestic product.

According to Ethiopian Ministry of Finance and Economic Development, in the current phase of the Growth and Transformation Plan, Ethiopia has planned to reduce the share of the agricultural sector in its Gross Domestic Product in favor of industry and service sectors.

The overall growth of Ethiopia’s economy has come from the expansion of the servic

METEC Asks Ethiopian Government to Cancel Over 24B Birr of Debt

By Staff Reporter

Brigadier-General-Ahmed-HamzaAugust 20, 2019 ( -- Metals and Engineering Corporation (METEC) has requested the Ethiopian government to cancel its debt of more than 24 billion, money that the corporation borrowed from the Commercial Bank of Ethiopia (CBE).

The Corporation was established ten years ago by the Council of Ministers to advance Ethiopia’s industrialization drive. However, it has been a target of blame for lack of capacity, wastefulness and delays of mega projects, including the GERD.

Director General of the corporation Brigadier General Ahmed Hamza told local media on Tuesday that t

Ethiopian Government Licenses First Foreign Leasing Company

By Staff Reporter


August 8, 2019 ( -- The government of Ethiopia has licensed the first foreign leasing company called Ethio Lease to provide equipment leasing and financial solutions to different businesses in the country.

Ethio Lease is a subsidiary of Africa Asset Finance Company (AAFC), a US-headquartered equipment finance company that owns and operates a group of companies that provides asset backed lending and leasing services through Africa.

Talking about the significance of the launch of Ethio Lease, board chairman of the Ethio Lease Girma Wake said "leasing high equipment could have potentially transformative i

Tigray Appoints CEO of Ethiopian Airports Deputy Mayor of Mekelle City

CEO-AirportsMay 18, 2019 -- Tigray regional state has appointed the Chief Executive Officer (CEO) of Ethiopian Airports Enterprise, Tewodros Dawit, as Deputy Mayor of Mekelle city, according to the Ethiopian Reporter.

Tewodros Dawit has served as the CEO of Ethiopian Airports Enterprise for several years.

He was appointed deputy CEO of Ethiopian Airports in 2010 and its CEO in 2013, replacing Shiferaw Alemu, the former CEO.

Ethiopian Airports Enterprise is responsible for the construction and administration of airports in the country. The enterprise administers 23 airports, of which four are international.

It is unknown why Tewodros Dawit

Hyundai, the Latest Entrant to Ethiopian Automobile Market

Haile-Gebresilassie-HyundaiFebruary 22, 2019 ( - South Korea’s Hyundai Motor Company is the latest vehicle manufacturer to set up camp in Ethiopia after Volkswagen. The plant, which is expected to assemble more than 10,000 vehicles annually, is the first in East Africa region.

Despite second-hand vehicles dominating the country’s market, Hyundai is optimistic locally-assembled cars will be attractive due to the costly nature of imported vehicles, where high duties are levied.

According to Haile Gebrselassie--- the former Olympic gold medal champion who’s partnered with the South Korean company--- the assembly plant will

Ethiopian Tourism Revenue Fell Short of Target

Tourism-revenue-misses-targetFebruary 20, 2019 ( - Ethiopia bagged $1.4 billion tourism revenue in the second quarter of the year 2018, falling short of its projected target of $2.7 billion.

Ethiopia’s Minister of Culture, Dr. Hirut Kassa disclosed that the country managed to attain 53% of its target by earning $1.4 billion in the first half of the fiscal year (July-December) last year.
Pertaining the figures, around 380,000 foreign tourists visited the country’s different attraction sites in the said period.

For a long time, Ethiopia has been a destination for international tourists. It has luxurious hotels, attracti

Ethiopian Airlines Revamping Network; Increasing Flights to Chicago, Washington

Ethiopian-Airlines-Revamping-NetworkJanuary 29, 2019 ( - Ethiopian Airlines that’s the largest aviation entity in the continent and a SKYTRAK licensed 4-star carrier, stated it will revamp its operations in America; opening up new destinations, increasing flights and changing entryways by the summer of 2019.

The new U.S. network intends to offer travelers between America and the rest of Africa the shortest routes and the best connectivity, whether they are on official state visits, vacation or business.
Consequently, flights to Washington D.C. will be increased to ten per week. The three additional flights will depart Addis Ab

Ethiopian Airlines Inaugurates 5-Star Hotel Near Bole International Airport

Ethiopian-Skylight-HotelJanuary 28, 2019 ( - Ethiopian Airlines inaugurated a huge five-star hotel complex near Bole International Airport today.

Prime Minister Abiy Ahmed officially opened the hotel complex, along with the Chairperson of the African Union Commission (AUC), Moussa Faki Mahamat, and senior Ethiopian government officials and public figures.

The hotel, named Ethiopian Skylight Hotel, is located just outside the Bole International Airport perimeter. It was built with the an outlay of 65 million USD, according to reports.

The new hotel was built on a 40,000 square meter lot and has 373 rooms with 27 presidential and exe

Ethiopia Misses Export Targets By Wide Margin

Ethiopia-misses-export-targetsJanuary 26, 2019 ( - Ethiopia has missed export targets by wide margins, according to the Ministry of Trade and Indutry (MoTI) report.

According to the Minister of Trade and Industry, FetleworkGebregziabher, Ethiopia missed the export target of USD 1.96 billion by miles, realizing only 62 percent (USD 1.21 billion) of that target.

According to Fetlework, Ethiopia’s export performance was USD 135 million less than what it had been in the previous year, the same report period. The minister raised specific items such as Khat and Tantalum that fetched better export revenue, at least higher thanw hat was

Ethiopian Airlines Announces Self Check-In, Boarding Pass By Email

Ethiopian-Airlines-Self-Check-inDecember 28, 2018 ( - Ethiopian Airlines just announced that it is allowing self check-in through mobile or computer systems or at kiosks, so its customers do not have to go to the airport and wait inlines. With self check-in, passangers can complete check-in process ahead of time and just drop checked-in luggages before proceeding to security and the gates of departure.

In the press release sent to, Ethiopian Airlines also announced that domestic passengers can also get boarding pass by email 3 hours before their departure.

Here follows the full text of the press release Ethiopian Airlines s

Addis Ababa City to Get Massive Multi-Use Residential-Commercial Center

Eagle-Hills-Mega-MallNovember 19, 2018 - Addis Ababa will get a mixed-use mega mall project built in the La Gare area over 360,000 square meters of land and at a cost of 50 billion birr, according to FBC report.

According to the report, the mega mall will have 4,000 apartments, 3 hotels, office buildings and outdoor service areas, surrounding a park.

Prime Minister Abiy Ahmed laid down the cornerstone for the construction of this ultra-modern city mall project.

Also in attendance were Deputy Prime Minister Demeke Mekonnen, Deputy Mayor of Addis Ababa city, Engineer Takele Uma, and other senior government officials.

The mas

Ethiopia to Build Roads and Power Projects at a Cost of $7 Billion

Ethiopia-7-Billion-Road-ProjectsOctober 26, 2018 - Ethiopian office of the Public-Private Partnership (PPP) announced three new roads and 14 power supply projects at a cost of 7 billion USD, according to FBC report.

The three road projects announced are a 125km highway connecting Adama and Awash, a 72km highway connecting Awash-Mieso, and a160km highway connecting Mieso and Dire Dawa.

According to FBC, the power projects under plan are a-469MW Genale Daw 5, 100MW Genale 6, 280MW Chemoga 1&2, 424MW Halele Werabe, 798MW Dabus, 125MW Gad, 125MW Dichato, 100MW Mekelle, 100MW Humera, 150MW Wolenchiti, 150MW Weranso, 125MW Metema, and 125MW Hurso.

Ethiopian Airlines Flying to Somalia for the First Time in 41 Years

Ethiopian-Airlines-Flight-SomaliaOctober 16, 2018 - Ethiopian Airlines just announced that it will start flying to Mogadishu, Somalia, effective 2 November 2018,according to press release sent to Ezega. The last time Ethiopian Airlines flew to Somalia was some 41 years ago.

Regarding the resumption of the Mogadishu flights, Mr. Tewolde Gebremariam, Group CEO of Ethiopian Airlines, said: “It gives us a great pleasure to resume flights to Mogadishu, the capital Somalia after stopping the service over four decades ago. I wish to express my gratitude to the Governments of Ethiopia and Somalia for making the resumption of these flights possible.  

Ethiopia Leading in Hotel Development in East Africa

Hyatt-EthiopiaSeptember 27, 2018 - Hotel development projects in Ethiopia are almost 50 percent higher from last year, according to a new report, leading East Africa on this front. Addis Ababa is said to account for 86 per cent of the total, almost 5,000 rooms in 25 hotels.

In addition to the upcoming branded hotels, there many unbranded hotels under construction, but many are stalled, looking for investors to help finish them, according to the report.

Government incentives, international conferences and NGOs, embassies and aid agencies have all fueled the hotel growth in Addis Ababa.

To encourage hotel and toursim development, the Ethiopian governmen


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