2merkato

Lucy Insurance S.C., one of Ethiopia’s private insurance companies, has registered a net profit of 13.3 million Birr. The insurance company’s performance shows a 57 percent increase but earning per shares have declined to 166 Birr from 247 Birr when compared to 2014/2015 fiscal year.

Awash Insurance Company (AIC) disclosed it has made a net profit of 91 million Birr during 2015/2016 fiscal year. The profit made by AIC, which is among the biggest insurers in Ethiopia, shows a 41 percent increase in net profits when compared to the 2014/2015 fiscal year.

Bedisa Group, a Turkish giant established half a century ago, is negotiating to acquire 75 percent of a sugar project in Ethiopia at an outlay of a little over 1 billion USD. The sugar project is Beles Sugar Project, which is found in Amhara State.

Agriculture and Rural Development Bureau of Tigray State, one of the 9 federal division of Ethiopia, forecasted 28 million quintals of crop will be harvested from this season.

Addis Ababa – Djibouti railway line, which will connect Ethiopia with Djibouti, is said to commence trial service by the first week of October. The railway will connect the landlocked Ethiopia with Port Djibouti.

As part of its quest to make economic inroads in investment in Africa, the Dubai Chamber of Commerce and Industry has embarked on a four-day trade mission to Nairobi and Addis Ababa to highlight its strategy for the continent.

Belayab Motors PLC, one of Ethiopia’s leading vehicle assembly companies, has announced that it has signed a local assembly partnership agreement with KIA Motors Corporation (KMC), world’s fastest-growing car manufacturing company.

Remittance service launched with CBE signals evolution of Ethiopian payment ecosystem

Addis Ababa, Ethiopia – September 21, 2016 – HomeSend and the Commercial Bank of Ethiopia (CBE) today announced a new remittance service at the US-Africa Business Forum, that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country.

Ethiopian Sugar Corporation (ESC) has announced the 2 Omo Kuraz sugar factories are set to commence production by the coming January.

Ethiopian Airlines signed Cooperative Memorandum of Understanding (MoU) with Guangdong Airport Authorities in areas of increasing passenger flight frequency, launching new routes and joint promotion of Ethiopia cargo for additional frequency in Guangzhou.