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Horizon Plantations, subsidiary of MIDROC owned by the Ethio-Saudi billionaire Mohammed Al-Amoudi, has acquired full ownership of Bebeka Coffee Plantation S.C and Horizon Addis Tyre after it bought the Ethiopian government’s shares in both enterprises for 667.2 million Ethiopian birr.

The Ethiopian government’s share in Bebeka was 36 percent, which is sold for 207.8 million birr and  the governments share in Horizon Addis was 31 percent.

Albwardy Investments, a Dubai-based holding company has struck a US$25 million deal with M.A Kharafi & Sons PLC. for the acquisition two hotels under construction. The partially constructed 7 and 6 floor hotels are located at the junction of Africa Avenue and Jomo Kenyatta Street, at Meskel Square.

The original plan of M.A Kharafi & Sons PLC was to build one three-star hotel, named Ibis, on the side of the Jomo Kenyata Street and another four-star, named Novotel, along Africa Avenue.

Standard Bank Group, South Africa's largest financial services group is planning to establish a representative offices in Ethiopia, the Bank's spokesperson said on Monday. Standard Bank is also planning to set up representative office Ivory Coast, the bank's latest move to expand into sub Saharan Africa, where it already has operations in 18 countries.

Ethiopia, Africa's second most populous nation after Nigeria, is seen as a potentially big market for foreign banks, although the financil sector of the country still remains closed to foreign companies.

Ethiopia's consumer price rose to 8 percent in July up from 7.4 percent in June, Fortune reported citing the latest Consumer Price Index released by the Central Statistical Agency.

The year-on-year food inflation in July was 5.8 percent from 3.7 percent in June, while non-food inflation was 10.5 percent in July from  11.9 percent in June.