November 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 massive project will by built by Eagle Hills, Abu Dhabi-based private real estate development company.
The project also aims to develop a social housing, where residential units will be built to permanently accommodate tresidents currently living in the project site.
La Gare, is an area south of the main railway station in Addis Ababa, a rail system connecting Addis Ababa to Djibouti. It is close to some of the more popular hubs in the capital such as Bole International Airport and Mercato.
The Chairman of Eagle Hills, Mohamed Alabbar, said: "As one of Africa’s hidden gems, Ethiopia is rich in history, culture and natural beauty. Our vision is to bring attention to such locations across the globe, revealing the charm and potential within them and inviting future residents and tourists to consider making new homes for themselves there," as quoted by TradeArabia.com.
The chairman added, “La Gare is a project of passion that will be developed on a land of heritage. It will be built upon the historical grounds of La Gare train station that has stood the test of time, and with our project, will live in people’s collective memories for even longer.”
The project will take seven years to full completion, including three years for construction of the first phase, according to current estimates.
Commercial activities in Addis Ababa are currently mainly served by Mercato, one of the largest shopping areas in Africa, and a few small malls and hundreds of thousands of tiny shops scattered around the city. Mercato is vast and the hub for multi-million dollar transactions every month. However, it is very old and crowded, and severely lacking space for parking, sanitary and basic necessities.
With the completion of this project, Addis Ababa will join the league of nations with such massive commercial centers.
After its completion, the mega mall is expected to create 25,000 jobs.