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Ethiopian Airlines, Ethiopia’s flag carrier, sold five Fokker 50 aircraft to Fortran Aviation Limited a Singaporean company.

The Fokker 50 aircraft were sold in the continued efforts to modernize the airlines said Tewolde Gebremariam Chief Executive Officer of Ethiopian Airlines.

The Fokker 50s will be operated by a new airline, Pacific Royale, explained Tewolde. The first Fokker was to be delivered by the end of December according to Tewolde.

Ethiopian Billionaire Sheikh Mohammed Hussein al Amoudi took over 80% of of Near East Financial Corporation which owns the Paul Ries group. The Paul Ries group is made up of Paul Ries and Sons in Ethiopia and Savon et Ries in Djibouti.

The Near East financial Corporation is a holding company based in Switzerland.

Business in the Paul Ries group companies in Ethiopia and Djibouti will continue as usual according to Daniel Le Roux the new Chief Executive of Near East Financial Corporation currently based in Dubai, United Arab Emirates.

National Airways plc, is to introduce charter helicopter services in Ethiopia. The helicopter imported by the air service will be the first private and commercial helicopter charter in Ethiopia. 

The company imported an AS350 helicopter according to Captain Abera Lemi owner of National Airways. The air service hopes to acquire more helicopters in the future he said.

The National Mining Corporation plc announced that it discovered gold and base metal reserves in Ethiopia. The Ethiopian mineral discoveries were made in Oromia and Tigray regional states.

The mining corporation estimates that the 550,000 kg gold reserve at Dawa Okote, in Oromia Regional State is worth more than 4 billion US dollars according to Melaku Beza General Manager of National Mining.

The gold reserves discovered at Werri, Tigray Regional State have estimated gold reserves of 18,000 kg expected to be worth 792 million US dollars explained Melaku.

Ethiopian Airlines, Ethiopia’s flag carrier, is to undertake a study of four new routes to the East; South Korea, Malaysia, Singapore and further destinations in China.

Ethiopian Airlines plans to strengthen its role in the Asian market by targeting new destinations in the East according to Tewolde Gebremariam, Chief Executive Officer of the airline. The airline is carrying out market studies on flight to Kuala Lumpur, Seoul, Singapore and further locations in China explained Tewolde.

Ethiopian Investment Summit 2012 is to present investment opportunities in Ethiopia to representatives at the World Economic Forum on Africa to be held in Addis Ababa, Ethiopia in May of 2012.

The business summits plans to present the opportunities available in Ethiopia to international investors said Henok Assefa Managing Partner of Precise Consult International, organizing the event in collaboration with local and international partners.

The Maintenance, Repair and Overhaul unit of Ethiopian Airlines, Ethiopia's flag carrier, has received approval from the European Aviation Safety Agency. The Approval Certificate, EASA Part 145, was granted to the maintenance division of Ethiopian Airlines on the 21st of November. 

The approval from the European Aviation Safety Agency allows the MRO division of Ethiopian Airlines to repair the airplanes and aircraft components of European Union member country registered airlines. The airline is also authorized to issue EASA Airworthiness Certificates.

Ethiopia earned an estimated 1.1 billion US dollars from the export of various items over the past five months announced the Ethiopian Ministry of Trade.The revenue earned from exports, in Ethiopia, is 227.5 million US dollars higher than the same period last financial year said Amakele Yemam Public Relations Director for the Ministry of Trade.

During this period, Ethiopia, exported no less than 35 types of agricultural produce and industrial products to about 120 countries across the globe according to Amakele.

Ethiopia has entered into loan agreements adding up to more than 1 billion US dollars in the last few months according to Hailemariam Desalegn Foreign Minister and Deputy Prime Minister of Ethiopia.

The loan agreements Ethiopia signed include arrangements with China for 612 million US dollars, with the United States for 52 million US dollars, with Saudi Arabia for 25 million US dollars, with the World Bank for 210 million US dollars and 1.4 million US dollars from the Czech Republic.

Ethiopian contractors, Kassa and Sons Consulting were awarded the civil work for Total Ethiopia’s depot at Dukem. Total Ethiopia is expected to put out further tenders for mechanical and electrical work.  

Kassa and Sons secured the contract after a limited invitation made to eight companies to present engineering estimates along with proof of having the necessary equipment and personnel to realize the design for the depot executed by Ultimate Plan plc.