2merkato

Tsehay Industrials plc is to takeover the publicly Kality Metal Products Factory three months after being declared the winner in the privatization bid tendered by the Ethiopian  Privatization and Public Enterprises Supervising Agency.

The handover process was delayed for three months while the agency reviewed the company’s financial capacity to run the factory once it takes it over.  Tsehay acquired the manufacturing company for 55 million birr and has paid 35% pre-payment and will pay the remaining 65% over five years.

Ethiopia is to build a new international airport between Meki and Modjo roads to address the growth of air traffic at Bole International Airport, Addis Ababa.

The Ethiopian Airport Enterprise is conducting a study to build a new international airport said Colonel Wossenyeleh Hunegnaw, Director of the Ethiopian Civil Aviation Authority.

Bole International Airport, Addis Ababa currently services more than 150 flights daily with Ethiopian Airlines accounting for more than 60 departures a day while the numbers of international carriers operating in out of the airport have also increased to 13 contributing to the need to build a new airport explained the source.

Ethiopian Airlines has registered rapid and profitable growth in the past two years in spite of the global economic crisis and periodic increases in petroleum price.

The increase in petroleum prices, the global economic crisis and political instability in the Middle East has been a significant challenge for other airlines according to the Public Relations and Communication Service of the airline.  

Ethiopian Airlines managed to remain profitable and competitive during this financial year by synchronizing its services with the demand market and offering favorable flight conditions for passengers.

The city administration of Addis Ababa has finalized preparations to construct 35,000 condominium houses in the next financial year said the Construction and Housing Development Bureau of the administration.

The houses will be constructed at the Yeka Abido, Arab and Kilinto sites all reserved for the construction of condominium housing said Getachew Hailemariam, Head of the Bureau. 70% of the houses are designated for low income households he noted.

The administration expects to build more than 170,000 condominiums in the coming three years he added.

Ethiopia has earned more than 101 million US dollars from leather exports in just the last eleven months announced the Leather Industry Development Institute.

The revenue was earned from the export of leather products to Asia, African and European countries as well as the United States said Berhanu Serjebo, Director of the Corporate Communication Director with the LIDI.

The sum earned from the sector in the reporting period is close to the 104 million US dollars generated in the previous financial year.

The Ethiopian Radiation Protection Authority took steps to protect the public from radiation by enacting corrective measures on 58 institutions it announced.

The authority carried out inspections on the institutions in response to tips received from the public in Addis Ababa and other parts of the country according to Abdurezak Oumer, Director General of the Authority.

The authority has banned services that were delivered through equipment that emitted unacceptable levels of radioactivity he said.

Summit to introduce low hanging sector opportunities for local and foreign investors in Ethiopia.

Within the span of less than a decade, Ethiopia emerged as a global player in the cut flowers business ranking only second to Kenya.  With a good mix of incentives and active facilitation, the Government of Ethiopia took a non-existing flower sector and developed it into a USD $200 million export sector with more than 85,000 jobs created.  This was possible because Ethiopia enjoys an inherent comparative and competitive advantage in the production and delivery of flowers.  While Ethiopia’s agro-climatic and altitude variety give it vast advantages in growing a wide variety of fruits and vegetables, its location affords it fast and cheaper transport and delivery potential. The country is now determined to repeat the flower miracle, this time to develop a robust export oriented fruits and vegetables sector.

“The potential this country has in fruits and vegetables is even more awesome,” said Ato Hailesilassie Tekie, Director General of the Ethiopian Horticulture Development Agency.  “While there are plenty of opportunities for commercial farmers, there also exists significant opportunities in harnessing smaller holder farmers into outgrower schemes.  The opportunities are endless.  As the sector is very high on the priority of the Government of Ethiopia, we are preparing suitable land for investors, creating a better business operating environment, as well as facilitating adequate cold chain and logistics investments to ensure produce reaches regional and global markets in an efficient manner” he added.

The Association of Chartered Certified Accounts is to partner with the World Bank and the African Development Bank to help develop the accounting profession in Ethiopia.

The association is bidding on projects being launched by the banks to develop the profession said Helen Brand, Chief Executive of the ACCA. ACCA has worked with the WB and with the AfDB and the Asian Development Bank in the past.

The association has researched the projects and understands the cultural aspect of working globally said Brand. 

The Ethiopian subsidiary of BHP Billiton, World Exploration Incorporated will start to producing Potash in the beginning of 2014 announced the Ministry of Mines.

The Anglo-Australian company, which is one of five licensed companies prospecting for Potash in Ethiopia, is in the exploration stage said Bacha Fuji, Head of the Public Relation and Communication Department.

It is to be remembered that Allana Potash announced the discovery of 1.2 million tons of potash deposits in the Dallol depression of Afar Regional State.

Nine oil exploration companies are actively operating in Ethiopia with an estimated investment of 2.4 billion US dollars according to the Ministry of Mines.

The exploration companies are primarily operating in Afar, Gambella, Middle Abay, Rift Valley, South Omo Somali and Ogaden areas said Bacha Fuji, Director of Public Relations with the Ministry.

The companies are at different stages of the exploration process he said.

The Ministry has earned above 16.23 million birr from land rent, licensing, training and related activities noted Bacha.