Latest Ethiopian News - Business News

Ethiopian Tourism Sector Challenges But Promising

Ethiopian-TourismFebruary 18, 2017 - In the midst of challenges faced by the tourism industry in the country, Ethiopia attracted 800,000 visitors last year, earning the country much-needed foreign exchange of USD 5.6 billion, according to the Reporter. This is decreased number from 2015 when the country hosted 900,000 tourists, the report indicated.

Jumia Travel, an online hotel-booking site, released its annual tourism report on Ethiopia at the Golden Tulip Hotel on Thursday, February 16th. The report highlighted challenges and achievements of the tourism industry in Ethiopia.

"Even though the challenges are many, prospects for the future are ins

French Multinational Hotel Group to Open Three Hotels in Ethiopia by 2021

Accor-Hotels-to-enter-ethiopiaFebruary 16, 2017 - French multinational hotel group and Europe's largest operator, AccorHotels, will open three hotels in Ethiopia by 2021, becoming the latest international chain to tap into the growing business and tourism sectors in the country, according to Reuters.

Looking to counter subdued growth in Europe, AccorHotels and others have been expanding in emerging markets such as Ethiopia, where visitor numbers have been rising by more than 10 percent a year for the past decade, albeit from a very low base.

The Horn of Africa country is the continent's second most populous nation and has one of the fast

Foreign Investment in Ethiopia Declines Following Unrest

FDI-ethiopia-declinesFebruary 15, 2017 - Foreign direct investment in Ethiopia dropped by 20 percent in the first half of the country’s fiscal year after violent anti-government protests in which foreign-owned businesses were targeted, according to Bloomberg.

The country attracted $1.2 billion in the six months through the end of December, compared with $1.5 billion in the same period a year earlier, Fitsum Arega, commissioner of the Ethiopian Investment Commission, said in a phone interview Monday from the capital, Addis Ababa. He said the government may miss its annual target of $3.5 billion, with $3.2 billion more likely to be attainable.

The gov

Dangote Plans to Expand Investments in Ethiopia

Dangote-to-expand-investments-ethiopiaFebruary 13, 2017 - The richest man in Africa, Aliko Dangote, is planning to invest in the Sugar industry in Ethiopia, according to the Reporter.

The Ethiopian government has invited the Nigerian business tycoon to invest in the sugar manufacturing sector. Dangote Industries has built the biggest cement factory in East Africa in Ethiopia that started production in June 2015.

Deep Kamara, managing director Dangote Industries Ethiopia, told The Reporter that in a recent discussion between Prime Minister Hailemaraim Dessalegn and Aliko Dangote investment in the sugar sector was a point of discussion. “While they were discussing

Ethiopia Gets USD 1.2B Foreign Direct Investment in First Half

Ethiopia-gets-1.2B-FDIFebruary 12, 2017 - Ethiopia attracted 1.2B US dollars in foreign direct investments (FDI) in the first half this budget year, the Ethiopian Investment Commission (EIC) said, according to ENA.

FDI inflows in the first half showed a slight reduction compared to the same period last year, Fitsum Arega, Commissioner of EIC told ENA.

The country targeted to attract FDI worth close to 3.5 billion US dollars in this Ethiopian fiscal year (2016/17), according to the Commissioner.

Fitsum further said the government has given over 100 million birr financial support for horticulture companies affected by the recent unrest in Oromia

Ethiopian Airlines Gets Record Profit of 6B Birr

Ethiopian-gets-6B-birr-profitFebruary 11, 2017 - Ethiopian Airlines made a record high net profit of six billion birr (273 million dollars) in the 2015-2016 fiscal year ending June 2016, according to the Reporter.

Ethiopian Airlines Group CEO Tewolde Gebremariam told The Reporter in an exclusive interview that the airline registered record high operating revenue of 55 billion birr and a net profit of six billion birr. The revenue increased by 10.3 percent while net profit has shown a whopping increase of 70 percent.  In the 2014-2015 fiscal year, the airline made 49.4 billion birr revenue and a net profit of 3.5 billion birr.<

Qata Investors Planning Real Estate Development in Ethiopia

Qatar-investors-starting-real-estate-developmentFebruary 10, 2017 - A Qatari investor has expressed interest to engage in real estate development in Ethiopia during the discussion held with Prime Minister Hailemariam Dessalegn, according to ENA.

Sheik Dr. Khalid Thani Al-Thani, Chairman of the Ezdan Holding Group said “we are doing big projects here in Ethiopia. I hope by April (2017) we will be announcing the size and the project that will be built in downtown.”

Disclosing the type of investment, the Chairperson said, “It is like a shopping center, five-star hotel and some accommodations.”

The premier assured the investors

Ethiopia to Spend 5B Birr Building Two Textile Parks

Ethiopia-to-build-two-textile-parksJanuary 28, 2017 - Ethiopia will build two new industrial parks for the textile and garment industry, according to Wlata. The Industrial Parks Development Corporation (IPDC) of Ethiopia has awarded construction of these parks to Chinese firms.

CGCOC will construct the Bole Lemi II industrial park, an extension of the Bole Lemi I, while CCCC will build the Jimma industrial park.

The Bole Lemi II Industrial Park will be constructed at a cost of 3.5 billion birr in southern part of Addis Ababa. IPDC has selected CGCOC to undertake the construction which will take 12 months, while the South Korean firm DOHWA w

Global Brands Showing Interest in Ethiopian Shoe Industry

shoe-business-in-ethiopia-thrivingJanuary 28, 2017 - Ethiopian shoemakers are propping up business relationships with renowned international brands that are eyeing to source bulks of shipments from Ethiopia, according to the Reporter.

Wondu Legesse, director general of the Leather Industry Development Institute (TIDI) told The Reporter that in an effort to upscale the marketability of the country’s footwear products, the institute under the guidance of the Ministry of Industry has collaborated with Made by Ethiopia, a local firm formed by a group of leather and footwear manufacturers, to launch a massive marketing campaign to prom

Chinese Companies Awarded Construction of Industry Parks in Ethiopia

Ethiopia-awards-construction-industry-park-chinese-firmJanuary 21, 2017 - The Ethiopian Industrial Parks Development Corporation (IPDC) awarded the construction of three industrial parks in Addis Ababa and Jimma at a ceremony, which was held at Sheraton Addis, to three Chinese construction firms, according to the Reporter. The total cost of the project is a staggering 10.5 billion birr.

IPDC will construct the Bole Lemi II Industrial Park, the extension of Bole Lemi I at a cost of 3.5 billion birr in southern part of Addis Ababa. Bole Lemi II is dedicated for textile and garment industry. The corporation has selected CGCOC to undertake the construction which will take 12

Ethiopian Airlines to Open 7 New Destinations in 2017

Ethiopian-airlines-to-open-7-new-destinationsJanuary 18, 2017 - Ethiopian Airlines has announced that it has planned to launch seven new destinations within five months in 2017, of which three are in Africa, a press release issued by the Airline indicated, according to ENA report.

Ethiopia will launch new service to Victoria Falls (Zimbabwe), Antananarivo (Madagascar), Conakry (Guinea), Oslo (Norway), Chengdu (China), Jakarta (Indonesia) and Singapore (Singapore).

In addition to these stations, Ethiopian would have services from Addis Ababa to 98 different international cities located across the world.

Group CEO Ethiopian Air

Capital Inadequacy of Commerical Bank of Ethiopia Alarms Government

CBE-capital-inadequacy-shocks-ethiopian-governmentJanuary 17, 2017 - A shocking decline of the Capital Adequacy Ratio (CAR) at the largest state-owned bank, Commercial Bank of Ethiopia (CBE) – currently at the lowest critical level of four percent – has prompted the government to deposit a security bond worth 26.5 billion birr, according to Reporter.

The security bond is intended to raise the bank's paid up capital. In a bid to apply it quickly, the government has tabled a draft proclamation on Tuesday before the House of People’s Representatives (HPR). The bill proposes an issuance of the security bond worth 26.5 billion birr. If approv

Ethiopian Premier Accuses Allana Potash of Tax Evasion

Ethiopia-pm-accuses-allana-potash-of-tax-evasionJanuary 16, 2017 - Prime Minister Hailemariam Dessalegn on Monday accused Allana Potash, the Canadian company which was engaged in potash mineral exploration and development project in the Afar Regional State, of tax evasion, according to Reporter.

In a press conference held in his office on Monday morning Prime Minister Hailemariam was asked about the state of the Ethiopian mining sector and the exit of prominent mining companies such as Allana Potash and Israel Chemicals Ltd (ICL).

Hailemariam said that the case of Allana was related to tax evasion. “Allana owes the Ethiopian government some two billion birr

Chinese Energy Firm Begins Drilling in Ethiopian Somali Region

somale-oil-fieldJanuary 11, 2017 - A Chinese firm, Poly-GCL, yesterday began drilling the 6th petroleum and natural gas well at Hilal- 7 gas field in Ethiopian Somali regional state, according to FBC report.

Poly-GCL, one of the companies engaged in natural gas exploration in Ethiopia, has so far drilled five deep gas wells around Calub and Hilala areas at the Ogaden basin.

The company had officially started yesterday the drilling of the 6th gas well-called Hilal-7, in the presence of Motuma Mekassa, Minister of Mines, Petroleum and Natural Gas and La Yifan, Chinese Ambassador to Ethiopia.

In an interview with EBC, Motuma Mekassa said the country wi

Haile Gebresilassie Seeks Plot of Land for Hyundai Assembly Plant

Haile-investing-car-manufacturingJanuary 10, 2017 - The legendary long distance athlete and investment tycoon, Haile Gebresilassie, said that he is still waiting for the approval of the Addis Ababa City Administration cabinet to secure a plot of land he requested to build an assembly plant for the Korean vehicle brand Hyundai in the southwestern outskirts of Addis Ababa.

However, sources told The Reporter that the city cabinet had a meeting last week where it evaluated Haile’s request for land but rejected it because the requested land size is too large in view of the current shortage of investment land. However, sources further

Ethiopia Earns USD 872 mln from Tourism in One Quarter

Ethiopian-tourismJanuary 10, 2017 - Despite the mounting fears and speculation that the State of Emergency (SoE) is likely to affect the tourism sector, the Ministry of Culture and Tourism said on Thursday that in the first quarter of the current fiscal year the nation has managed to bag some USD 872 million exclusively from foreign tourist flows.

The newly appointed Minister, Hirut Woldemariam (PhD), who appeared at the House of People’s Representatives (HPR) on Thursday to respond to questions from MPs on current affairs said that the tourist flow to the country has increased in past three months defying speculation and fears of violence th

Ethiopia May Offer Foreign Companies Stakes in Some State Firms - PM

PM-EthiopiaJanuary 10, 2017 - Ethiopia aims to offer foreign firms stakes in some state-owned companies to help modernise the businesses, the prime minister said on Monday in a shift from stressing state investment to drive growth, according to Reuters.

The move would include offering a stake in state-owned Ethiopian Shipping and Logistics Services Enterprise, Prime Minister Hailemariam Desalegn told a news conference, without naming other firms or giving the size of any stakes on offer.

It was not immediately clear if the initiative would mean opening up the state-run telecommunications sector or banks, which are either owned by the government or privat

Ethiopia Will Meet Chinese Loan Commitments - Standing Committee

Ethiopia-will-meet-chinese-loan-commitmentsJanuary 1, 2017 - Two weeks after Members of Parliament requested the Budget and Finance Affairs Standing Committee to assess the nation’s debt repayment capacity, the Standing Committee told of the Houses of People’s Representative (HPR) on Tuesday that the loan Ethiopia plans to secure from Chinese banks would not burden the country’s finances and that Ethiopia has the capacity to repay the loans, according to the Reporter.

Now three loan agreements have been approved and will finance two road construction projects in Addis Ababa and upgrade the capital's electric grid system.

One of the three project

Private Freight Forwarders May Be Allowed in Ethiopian Shipping Business

Private-shipping-may-be-allowed-EthiopiaDecember 30, 2016 - The Maritime Affairs Authority is going to introduce an alternative scheme for private freight forwarders and shipping agents to be part of the multimodal (land, sea, or road) transportation service, reports Capital.

The multi modal scheme has been solely operated by the state owned Ethiopian Shipping and Logistics Services Enterprise (ESLSE) for the past eight years.

The draft directive that will be tabled for discussion with stakeholders stated that the private freight forwarders will operate the system.

The draft directive that Capital obtained indicated that selected private movers wi

Chinese Firm to Build Pulp and Paper Factory in Ethiopia

New-paper-factory-in-ethiopiaDecember 27, 2016 - A newly-established joint venture Purewood Pulp, Paper and Packaging PLC is said to have invested USD 60 million to set up a manufacturing plant on a 68,000sqm plot located inside the Eastern Industry Zone, the first Chinese built and owned industrial park in the country, according to the Reporter.

Mahir Ismail, general manager of Ismail Ture Business PLC, the local partner of the joint venture with 45 percent share, told The Reporter that the new pulp factory will have an installed capacity of manufacturing 10,000 tons of toilet paper, 15,000 tons of Kraft paper and 7,500 tons of cartons per year.  According to Mahir

12345678910...

Archived News

No News to show