Business News - Ethiopian News

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

By Staff Reporter

Brigadier-General-Ahmed-HamzaAugust 20, 2019 (Ezega.com) -- 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

Girma-Wake

August 8, 2019 (Ezega.com) -- 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 (Ezega.com) - 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 (Ezega.com) - 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 (Ezega.com) - 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 (Ezega.com) - 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 (Ezega.com) - 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 (Ezega.com) - 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 Ezega.com, 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

Bole International Airport Gets New Terminal

New-terminal-Addis-AbabaSeptember 25, 2018 - Addis Ababa is getting a passenger terminal at Bole International Airport. Ethiopian Airlines said that the new passenger terminal has started providing service partially.

The passenger terminal was built as part of an expansion project to ease congestion at the existing terminal.

The new passenger terminal is expected to accommodate up to 20 million passengers per year.The existing terminal was built to accomodate five million passengers, but has been serving 11 million passengers, creating congestion.

Speaking at the occasion, Ethiopian Airlines Group CEO Tewelde Gebremariam said that the new te

Ministry of Trade Advises Public to Avoid Classy Bottled Water

By Staff Reporter

Classy-bottled-waterSeptember 21, 2018 - The Ethiopia’s Ministry of Trade has urged the public to avoid drinking bottled water branded Classy. Upon inspection, the Ministry of Trade has found Classy bottled water unfit for public consumption.

Belay Private Limited Company, which manufactures Classy bottled drinking water, has been ordered to collect its product from the market before it poses health problems to consumers, the Ministry’s Public Relations and Communications Director Wondimu Filate disclosed.

According to the director, the company once again failed to produce a product that meets the minimum quality se

Ethiopia to Build Four New Industry Parks

Ethiopia-4-industry-parksSeptember 4, 2018 - Ethiopia announced plans to build four industrial parks by the end of the year, according to Ethiopian Investment Commission.

Belachew Mekuria, the commissioner of the Ethiopia Investment Commission, said the government expects to start building parks at Jimma, Adama, Arerti, and Dire Dawa, reports Xinhua, China’s state news agency.

According to the report, parks in Jimma and Arerti are expected to be built by China Communications Construction Company (CCCC), and Dire Dawa and Adama Industrial Parks by China Civil Engineering Construction Corporation (CCECC).

According to the plan, Arerti I

METEC Terminated from Ethiopian Grand Dam Project

METEC-Ethiopia-GERD-TermintedAugust 27, 2018 - The Ethiopian government has terminated the Ethiopian military-affiliated Metals and Engineering Corporation (METEC) from the Grand Ethiopian Renaissance Dam (GERD) project due to numerous delays in completing the project.

During the first press conference he held since he was elected Prime Minister, Dr. Abiy Ahmed had complained about the delay METEC has caused on the project, leading Salini Impregilo, the main contractor for the project, to demand extra compensation for the delays.

METEC was the contractor for the electromechanical and hydraulic steel structure divisions of the project. The Prime M

Azeb Asnake Sacked as CEO of Ethiopian Electric Power

Azeb-Asnake-sackedAugust 23, 2018 - Reports indicate that Azeb Asnake, Chief Executive Officer (CEO) of the Ethiopian Electric Power (EEP), has been relieved of her duties as CEO.

She was replaced by Dr. Abrham Belay, former Deputy Director General of Information Network Security Agency (INSA), according to information released by Misker Negash, EEP’s external relations director.

No reason was given for the dismissal or the manner in which it took place. It is well known that the new leaders of Ethiopia are unhappy by the progress of big projects such as the Ethiopia's Grand Renaissance Dam. Also there has been allegations of rampant corruption wi

Ethiopian Airlines Reports Soaring Profits

By Staff Reporter

Ethiopian-Record-ProfitsEthiopian Airlines has earned record high net profit of 6.87 billion Birr ($229 million) during the past Ethiopian fiscal year which ended on July 8, 2018.

Group CEO of the Ethiopian Airlines Tewolde Gebremariam in a briefing on Friday said the national carrier has managed to register historical success in financial, commercial, operational and customer service sectors.

The Flag carrier has transported 10.6 million passengers in the reported period, up by 21 percent from the total number of passengers it carried in the previous fiscal year. Domestic passengers to 20 destinations constituted 1.6 m

Ethiopian Airlines Rolls Out Stopover Packages to Promote Tourism

Ethiopian-Tourism-PackageAugust 3, 2018 - Ethiopian Airlines announced that it is rolling out travel package where travelers can spend time discovering Ethiopia as part of their travel itinerary. Best of all, according to the press release sent to Ezega, there is no additional cost for trip interruption. Here follows the full text of the press release.

"Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that, starting from August 1, 2018, it has rolled out stopover packages without any additional airfare that cater for all leisure needs with a view to promote tourism into Ethiopia.&quo

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