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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.

The foreign exchange black market has revived to eclipse the official exchange again. Banks are buying US dollars for 17.85 birr and selling for 18.21 birr according to official rates set by the National Bank of Ethiopia while the black market is buying a dollar for 18.5 birr.

The increase in black market foreign exchange trading rates marks a new high since the depreciation of the Ethiopian currency against the dollar two years ago,

The difference of almost 5% between the official rates and those on the black market can be expected to divert exchange transactions from official channels to more unofficial ones.

Ethiopian investment opportunities were promoted to Zhejiang enterprises in Hangzhou City, the capital of Zhejiang Province of China, the Ethiopian Ministry of Foreign Affairs announced.

An Ethiopian business delegation is attending a business forum organized by the American Corporate Council, in the United States.

The delegation consists of a number of both private companies and public enterprises and government officials.

A 12 member Ethiopian business delegation  took part in a host of business seminars and discussions in Israel.

The visit was organized to introduce Israel's technology and businesses to Ethiopia through partnership with Ethiopian businesses. Businesses in agro-industry, automotive, hotel and tourism, energy and manufacturing  industry, among others, were involved in the visit.

The Ethiopian delegation said, the visit further enhances existing relations between businesses of the two countries. The visit intends to identify companies that can invest in Ethiopian energy generation and distribution sector.

The trading exchange between the two friendly countries has now reached around 83 million dollars.

Source: Walta