2merkato

Sunshine Construction, Ethiopia is to finalize an agreement for the management of the first Ethiopian  Marriott Apartment and Courtyard Hotels in the next two months according to sources.

The five-star executive apartment hotel owned and constructed by Sunshine opposite Estifanos Church, and the four-star Courtyard Marriott around Bole Medhanialem in Addis Ababa will be managed by Marriott International.

The Commercial Bank of Ethiopia has announced 3.7 billion in gross profits for the first half of the current fiscal year. The revenue earned has surpassed the bank’s target earnings as well as exceeding the bank’s performance for the same period in the previous financial year according to an official with CBE.

The Commercial bank was able to mobilize tens of billions of birr in loans and savings also exceeding targets set said the official.

The Tendaho Sugar factory, Ethiopia is expected to be operational in October of 2012 according to Endalkachew Zenebe Deputy General Manager for the Project.

The factory is being constructed by Overseas Infrastructure Alliance Private Limited, an Indian company which won the construction bid for 345 million US dollars. Disagreements between OIA and some of its sub-contractors have allegedly contributed to delays encountered with the project according to sources. 

The government of Ethiopia is to sign an intergovernmental agreement on air traffic with the Ukraine.

The draft for the agreement submitted by Borys Kolesnikov, Vice Premier and Infrastructure Minister was approved by the Ukrainian Cabinet this week said a press release from the Infrastructure Ministry of the Ukraine.

The agreement will be the foundation for regular air links between Ethiopia and the Ukraine explained the press release.

Computerized vehicle inspections and technical investigation are to begin in Ethiopia next week. It is expected that the new form of inspections will enhance transport service and prevent deaths and material damage caused by vehicular accidents.

The new system will better inspect the technical performance of a vehicle and its assorted parts according to Kasahun Hailemariam, Director-General of the Ethiopian Transport Authority.

The new system will also eliminate the subjective and inconsistent manual inspection system that was previously in place and associated corrupt practices explained Kasahun.

Addis Ababa, Ethiopia is to host a textile expo from the 8th to the 11th of March. The exhibition will be held at the Addis Ababa Exhibition Center according to the Textile Industry Development Institute.

The expo is expected to include an exhibition, design competition, symposium, and site visit.

The exhibition will be an opportunity to promote Ethiopia’s textile products to the rest of the world said Sileshi Lemma Institute General Director.

Alliance Media, prominent advertisement provider in Africa, is to begin operating in Ethiopia. The international advertising firm expects to erect more than a hundred large billboards in Addis Ababa, Adama and Hawassa.

The billboards designed for outdoor advertisement will be 23.5 meters high, 1.2 meters wide and 85 centimeters thick. Each metal billboard will cost 1.1 million birr to set with out taking into account the foundation.

Three Ethiopian companies have been assigned the task of supplying and building the structure while 26 local contractors will be in charge of the foundation work according to sources.

The Privatization and Public Enterprise Supervisory Agency of Ethiopia is to privatize four farms and four factories that are currently publicly owned.

The four farms are Ababo, Bilito, Gojeb and Siraro. Bilito, Gojeb and Siraro farms are divisions of Hawassa Farm Development and Coffee and Tea Development Farm.

The four factories up for privatization are Awash Wine, Ethiopian Marble, Kality Metal and Upper Awash Agro. PPESA is expected to privatize fifty five more government operated enterprises in the future.

Ethiopia’s trade deficit remains high in spite of notable increases in exports. The gap in the trade balance is failing to lessen because many raw materials used by significant projects, including infrastructure, are imported according to Abdurrahman Seid, Public Relations Deputy Coordinator at the Ministry of Trade.

Import requirements associated with infrastructural development in particular affect the trade deficit because of the massive infrastructure projects that are currently being implemented in the country he said.

Ethiopian products were dominate at the second ISE Construction and Housing Exhibition held from the 12th-16th of January in Ethiopia. Fifty local and international exhibitors were represented at the exhibition.

It took two months to organize the exhibition which aimed to correct mistakes made in the first one and to include a wide range of industries with a majority of participants being from the construction industry explained Mekdela Mekuria, Marketing and Outreach Executive at Lexicon Promotion Service plc.