Latest Ethiopian News - Business

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

Ethiopian Police Raids Shops for Illegal Currency Trade

By Staff Reporter

Black-market-raid-addis-ababaAugust 28, 2018 - The government of Ethiopia has closed more than 100 businesses which were allegedly involved in black foreign exchange market in the busiest commercial area around National Theater in the capital city, Addis Ababa.

The closure was carried out with the assistance of members of the federal police who seized tens of thousands of Birr, Dollar and other currency notes following unannounced search raid. They searched pockets, safe boxes and drawers of shop keeprs and owners who were normally licensed to sell ready made clothes.

The government in Addis Ababa led by D

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

Ethiopia Seizes Over One Billion Birr Worth of Contraband Last Year

By Staff Reporter

Coffee-Contraband-EthiopiaAugust 24, 2018 - The Ethiopian Revenue and Customs Authority seized over 1 billion Birr worth of contraband goods as they were being smuggled into and out of the country during the past Ethiopian fiscal year.

In a briefing on Friday, Communication Director of the Authority, Ephrem Mekonnen said 827.4 million worth of the contraband goods were seized while they were smuggled into the country.

Further, 179 million Birr worth of the contraband goods were captured as they were smuggled out of the country via the porous border.

The incoming contraband goods include clothes, different c

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

Foreign Direct Investment to Ethiopia Reached 4.1 Billion USD Last Year

By Staff Reporter

FDI-Inflow-EthiopiaAugust 22, 2018 - Ethiopia attracted more than $4 billion foreign direct investment (FDI) during the last Ethiopian fiscal year which ended on July 8, 2018.

In a presser on Wednesday, Meles Alem, spokesperson for the country’s Ministry of Foreign Affairs, said the nation had managed to attract 156 big companies during the year with a combined capital of over $4.1 billion.

Despite continued unrest and poor metrics for doing business in Ethiopia, including severe government red tape, FDI inflow to the country has accelerated in recent years, making Ethiopia one of the top performing African countries

Oil Companies Evacuate Personnel from Ethiopian Somali Region

Oil-Companies-EthiopiaAugust 11, 2018 - Oil companies engaged in exploration projects in Ethiopian Somali region have evacuated their staff to Addis Ababa, according to the Reporter.

This follows the deteriorating security situation in the region where conflict erupted in the regional capital, Jigjiga, and other places. Civilians have been killed and houses, business establishment and churches have been looted and torched in Jigjiga and other small towns in the region.

According to the Reporter, Poly GCL Petroleum Investments, the Chinese company engaged in oil and gas exploration and development projects in the Ogaden basin, has evacuate

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

Ethiopian Airlines Wins SKYTRAX Best Airline in Africa Award

Ethiopian-Airlines-AwardJuly 19, 2018 - Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that it has won SKYTRAX World Airline Award for the Best Airline in Africa for second successive year, according to press release sent to Ezega.com.

According to the statement, Skytrax is the most respected global air transport rating organization that conducts the world’s largest annual airline passenger satisfaction survey where customers make their own personal choices as to which airline they consider to be the best.

Group CEO Ethiopian Airlines, Mr. Tewolde GebreMar

Ethiopian Government Considers Taking Measures Against Currency Black Market

By Staff Reporter

Ethiopia-Black-MarketJuly 13, 2018 - The government of Ethiopia is considering taking measures against those individuals who are involved in dollar exchange in a black market, sources disclosed to Ezega.

The move comes after the country’s new Prime Minister Abiy Ahmed last week told parliament that his government had injected new dollars into the Ethiopian market to deal with the crisis.

Following his remark, the dollar exchange rate in Ethiopia’s black market has gone down to almost comparable levels with the exchange rate at the country’s commercial banks.

The exchange rate at the black market had

Ethiopian Export Revenue Misses Target

Ethiopian-export-misses-targetMay 14, 2017 - Ethiopian exports missed earnings target of USD 3.66 billion over the past nine months, according to the Reporter. The country secured only USD 2.1 billion, according to the report. This is 4.3 percent better compared with the preceding year’s nine-month report, but still short of the target for the year as was the case last year as well.

The report by the Ministry of Trade indicated that looking at the plans, export earnings from most of the commodities ranging from oil seeds, coffee, horticulture and cereals have witnessed a low performance year. 

From the total revenu

In Rapid Expansion, Ethiopian Airlines Orders More Planes

Ethiopian-Airlines-expansionMay 7, 2018 - Revising a 15-year strategy set in 2010, Ethiopian Airlines plans to buy more planes to step up its rapid expansion, according to FBC.
 
The plan was to double its fleet to 120 airplanes and become Africa’s biggest airline by 2025, but the airline already has 100 planes flying to dozens of destinations throughtout the world.

The state-owned carrier has also outpaced regional competitors Kenya Airways and South African Airways to become Africa’s largest airline by revenue and profit, according to the International Air Transport Association.

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KFC to Enter Ethiopian Market

KFC-entering-EthiopiaFebruary 10, 2018 - Kentucky Fried Chicken (KFC), one of the largest restaurant chains in the US, to launch the Kentucky Fried Chicken (KFC) franchise in Ethiopia within a year. KFC’s franchise restaurants in Addis Ababa will be run by Ethiopia’s most recognized coffee shop brand Kalid’s coffee.  
 
“We are in the final stages of negotiation to bring the brand here in Ethiopia. We have settled on most of the details and we are closer to having to sign the final document within weeks. We are excited,” said Elias Ketema Kalid’s representative.

The company behind KFC, the Kentucky based

Ethiopian Airlines to Start Direct Flight to Chicago

Chicago-direct-flight-EthiopianFebruary 5, 2018 - Ethiopia’s flag carrier, Ethiopian Airlines Group, announced that it will start its direct flight from Addis Ababa to Chicago effective as of June 02, 2018. Regarding the launch of the service, Mr. Tewolde GebreMariam, Group CEO of Ethiopian Airlines, remarked: “Chicago will be our 4th destination in the U.S. and our 7th in the Americas. It is the third biggest city in the U.S. and one of the most important global aviation hubs. We will be filling a critical air connectivity vacuum as our flights will be the only direct service between Chicago and Africa.”

The Ethiopian will connect to C

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