2merkato

Habesha Construction and Materials Development, Ethiopia has selected Rama Construction plc to construct the 10 storey shopping center it proposes to build at a cost of 233 million birr. Rama will handle only the structural aspects of the proposed project at an estimated cost of more than 123 million birr according to the agreement signed between the two companies yesterday.

Rama will be expected to complete the structural work in 18 months from the time of the agreement.

The center to be named the Tigat Shopping Center will be constructed on 2,100 meter squares of land to be found on Haile Gebreselassie Street. It will be a mixed-use building to host offices, shops and a ninety bedroom four star hotel.

Habesha Construction Materials and Development Share Company, Ethiopia announced a profit of 5 million birr for the four months that it has been in operation, May-June.

The company was able to gross 16.6 million birr for the four months it has been in operation in spite of several it faced including the challenge of a financial sector reluctant to finance real estate projects, problems with acquiring land, and bureaucratic issues as well as shareholders defaulting on paying on contributions noted the report represented to the general assembly by the board of directors. 

The actual revenue earned by the company from constructions erected on the land it has acquired was just 3.3 million birr while it earned 13.3 million birr from joint ventures. The company spent 6.9 million birr over the last year enabling it retain 7.8 million before taxes making up 25 percent of its current paid up capital.

Haile Gebresilassie, Ethiopia’s legendary long distance athlete got honey export approval from European nations including Germany and the Netherlands, according to The Reporter.

Haile Hotels and Resorts Group is set to build its 11th resort in the town of Wolkite, in Ethiopia's southern region. Laying the foundation stone were renowned athlete Haile Gebreselassie, and Ristu Yirdaw, president of the Southern Nations, Nationalities and Peoples' (SNNP) region.

Haile Hotels and Resorts Group is set to build its 11th resort in the town of Wolqite, in Ethiopia's southern region. Laying the foundation stone were renowned athlete Haile Gebreselassie, and Ristu Yirdaw, president of the Southern Nations, Nationalities and Peoples' (SNNP) region.