The UAE Central Bank has partnered with the National Bank of Ethiopia to establish a bilateral currency swap agreement, aimed at enhancing financial and commercial cooperation between the two countries.
The United Arab Emirates (UAE) had put an indefinite ban on all meat imports from Ethiopia starting from October 1, 2015, according to Addis Fortune.
The United Arab Emirates (UAE) based, Al Ghurair Group, is going to set up an aluminum factory in joint venture with Tracon Trading Plc at an outlay of U.S. $ 50 Million here in Ethiopia.
Al Brooge Securities Company, which acquired 75 percent stake in a Djibouti Oil Refinery, is set to invest 150 million dollars to increase its daily output, Husam Alameri, CEO of the company, said.
Alameri said that the acquisition deal had been concluded with investors from the UAE and Saudi Arabia. He said that the new owners would spend 150 million dollars to increase by 150 percent the refinery's current capacity of 40,000 barrels per day of Arabian Light Crude and Arabian Heavy Crude to 100,000 barrels per day.
The chief executive officer said that the next expansion phase would start in the six months period.
The United Arab Emirates (UAE), Ethiopia’s largest meat export destination had lifted a ban it imposed on all meat imports from Ethiopia.
