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The city administration of Ethiopia’s capital Addis Ababa has announced the new per m2 prices for land lease in the city. The city revised the existing lease rate as per the current market price it was learned.

The new prices will serve as a benchmark for land being auctioned by the city and for former private holdings being transferred to the lease system as per the new Urban Lands Lease Holding Proclamation.

The new directive divides land in the city into three zones according to their proximity to the center.

Ethiopia fixed the price of cotton at 29 birr to 32 birr a kilogram to allow cotton growers to dispose of accumulated stock estimated at 106,000 tons.

The price was fixed by a committee of cotton and textile industry players with government oversight. The committee met with Tadesse Haile, State Minister for Industry and included representatives of textile manufacturers, the Ethiopian Textile Development Institute and cotton growers.

The tax authority of Ethiopia is to probe petroleum distributing companies on potential windfall gains following the regular price adjustments to the price of fuel by the government.

The Ethiopian Revenues and Customs Authority will launch the investigation in the coming weeks and will levy windfall tax should it discover that the companies are earning undeclared gains from the price adjustments according to sources.  

The tax authority was notified of the windfall gains in the sector by anonymous informants who presented a study conducted on seven petroleum companies it was learned.

The Commercial Bank of Ethiopia announced the launch of internet banking services for the 74 branches connected through integrated banking solutions (Core Banking).

The bank will offer the service to individual customers as well as to companies.

The new system operates on any device that is able to support an internet browser and makes use of anti hacking and anti E-theft systems building up on the experience of Asian and European banks said Solomon Mengesha, Assistant Vice President of Information Systems with CBE.

Tsehay Insurance SC formally entered the insurance sector in Ethiopia at a ceremony held last Saturday.

The Insurance Company launched operations with its first branch opened in mid-May and currently has three branches located in the Abune Petros, Haya Hulet and Merkato areas of Addis Ababa.

The company is planning two more branches before the end of the current financial year in July in the Addis Ketema and Meshualkia areas.

The National Bank of Ethiopia is to issue a new directive for mobile banking directives. The central bank regulation officials and presidents of banks had final discussions on the draft regulation last week.

The bank circulated the draft regulation to all banks for comments and expects it to come into effect in three weeks time according to sources.

The regulation will control the way in which mobile banking is implemented, identifying and protecting users and how much money can be transacted.

Dalol Oil Share Company, Ethiopia has formally announced the official launch of its sixth fuel station in Suluta.

The new station is located on 3500m2 in a joint investment with a local investor at a cost of 4 million birr.  

The opening of the 6th fuel service station as well as a depot marks the official launch of the company said Esayas Eyesuswork, Chief Executive of Dalol Oil. The new service station expects to provide all kinds of fuel, lubricants, shops washing facilities and cafes.

Ethiopian Entrepreneur Bethlehem Tilahun Alemu is to be featured by Sony Pictures Entertainment in its upcoming series ‘Trading Secrets: Inside the Minds Shaping Global Business’.

The participants selected to be part of the series represent the most inspirational business leaders from around the world and Bethlehem was selected for her business acumen, ingenuity, innovation and commitment to establishing an international brand that aims to benefit both consumers and workers equally said Mat Steiner, Managing Director for the GOGGLE box division of Sony producing the series. 

Ethiopian Airlines, Ethiopia’s flag carrier, has awarded a seven year contract for Integrated Component Solutions services to the Boeing 737NG fleet to Abu Dhabi Aircraft Technologies, the largest independent maintenance, repair and overhaul service provider in the Middle East and a part of the Mubadala Aerospace MRO network.

The contract covers a total of 19 aircraft, eleven of which are the fleet of B737NG aircraft and eight new aircraft on order.

ADAT will provide repair cycle management and pool access coverage supported by the combined Integrated Component Solutions experience and capabilities of ADAT and SR Technics.

The IT Park project in Ethiopia is expected to create 300 thousand jobs when it is completed said the Ministry of Information and Communication Technology.

The project aims to enhance the quick growth of micro enterprises as well as benefiting companies in its vicinity to support the development of research institutes and creating trade relations and transfer of technology explained Beker Seid, Public Relations Officer with the Ministry.

It is also expected that the project will create favorable conditions to allow domestic companies to become competitive on the international markets he said.