United Insurance S.C has selected Ethiopian construction company, Zamra Construction PLC for a 140 million birr contract for the structural construction of its new headquarters building in Addis Ababa, Ethiopia. The agreement was signed on Monday, April 1, 2013.The Building, with 12 storey and three basement floors was designed by Geretta Architects and Engineering , two years ago. United Insurance, which reported a 36.2 million birr profit after taxes, is fully financing the construction project.
The construction of the headquarter building will be constructed on a 2,000 square meter plot purchased from individual possessions ten years ago, according to Mesfin Iyasu, UNIC's public relations officer.
The structural construction is expected to be completed in less than two years, while the entire construction of the building is scheduled to be completed within 30 month period.
Zamra Construction PLC is a Grade 1 construction company, employing 250 individuals. Zamra currently has 14 ongoing projects in different parts of Ethiopia.
"Unless the coming rainy season interrupts construction work severely, we are hoping to finish according to schedule" Yonas Mekonen, project manager for Zamra Construction told Fortune.
United Insurance S.C was established in 1994 with a startup capital of 8 million Ethiopian birr.