Business

Wegagen Bank Secures $85M Trade Finance Boost from TDB and Afreximbank

Wegagen Bank has secured an $85 million international trade finance guarantee facility through partnerships with the Eastern and Southern African Trade and Development Bank (TDB) and the African Export-Import Bank (Afreximbank). The facility is expected to enhance the bank’s capacity to support Ethiopian traders by easing access to Letters of Credit and trade-related guarantees. This

August 5, 2025 • By Addis Insight

Business

Ethiopia’s Halal Meat Exports Surge to $120 Million, Driven by Gulf Demand

Ethiopia has recorded a sharp increase in earnings from halal meat and livestock by-product exports, generating $120 million in the fiscal year ending June 2025 — a 53% rise compared to the previous year, according to the Ethiopian Institute of Animal Development. The surge was largely driven by strong demand from Gulf nations, with Saudi

August 5, 2025 • By Addis Insight

Business

Ethiopian Airlines Reports Record $7.6 Billion Revenue in 2025 Fiscal Year

Ethiopian Airlines Group, Africa’s largest and most profitable carrier, has announced a record-breaking annual revenue of over $7.6 billion for the 2017 Ethiopian fiscal year. The announcement was made by Group CEO Ato Mesfin Tase, who attributed the achievement to strong demand for the airline’s services and continued expansion into new markets. According to the

August 5, 2025 • By Addis Insight

Business

National Bank of Ethiopia Announces $150 Million Forex Auction to Ease Currency Pressure

In a move signaling increased momentum in foreign currency management, the National Bank of Ethiopia (NBE) has announced plans to hold its ninth foreign exchange (forex) auction, scheduled for Tuesday, August 5, 2025. The central bank has allocated $150 million USD for this round—tripling the amount offered in the previous auction. This decision follows a

August 4, 2025 • By Addis Insight

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Sheraton Addis Reaches Key Renovation Milestone as Marriott Approves Mock-Up Room

Sheraton Addis Reaches Key Renovation Milestone as Marriott Approves Mock-Up Room: A Blend of Legacy, Luxury, and Global Standards Addis Ababa, Ethiopia – August 4, 2025Sheraton Addis, one of Africa’s most prestigious hotels, is undergoing a transformation that promises to elevate Ethiopia’s hospitality sector to new heights. The landmark hotel reached a major project milestone

August 4, 2025 • By Addis Insight

Business

A $4.5 Billion Drop Overnight: What’s Behind the Shake-up of Al Amoudi’s Empire?

A Deal that Reshaped a Billionaire’s Empire: How the Sale of Preem Erased $4.5B from Al Amoudi’s Net Worth ADDIS ABABA – A dramatic plunge in the wealth of Saudi-Ethiopian billionaire Mohammed Al Amoudi, which saw his net worth plummet from approximately $10.5 billion to $5.98 billion around April 4, 2025, can be attributed to

August 4, 2025 • By Addis Insight

Business

Russia Turns to Ethiopian Airlines for Aircraft Amid Western Sanctions

Addis Ababa | August 3, 2025 As Western sanctions continue to isolate Russia’s aviation sector, Moscow is turning its gaze toward Africa—specifically, Ethiopian Airlines—as a potential partner to sustain its crippled fleet operations. Blocked from acquiring Airbus and Boeing jets and their spare parts, Russia has struggled to maintain its commercial aviation industry. In response,

August 3, 2025 • By Addis Insight

Business

National Bank of Ethiopia Warns Diaspora Against Using Unlicensed Money Transfer Operators

Addis Ababa, August 2, 2025 —In a stern public advisory issued today, the National Bank of Ethiopia (NBE) has warned the Ethiopian diaspora community against using unauthorized money transfer services, following the identification of several operators allegedly involved in illicit activities. The central bank emphasized that all cross-border fund transfers must be conducted through formal,

August 2, 2025 • By Addis Insight

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Ethiopian Airlines Welcomes Fourth Airbus A350-1000, Unveils New Livery in Symbolic Leap Forward

Addis Ababa, August 2, 2025 — In a major stride that blends innovation with tradition, Ethiopian Airlines has officially welcomed its fourth Airbus A350-1000 into its growing long-haul fleet, marking not just another aircraft delivery, but the beginning of what the airline calls “a majestic new chapter.” The latest addition—described as a “big bird” by

August 2, 2025 • By Addis Insight

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Addisu Arega Appointed Ethiopia’s New Minister of Agriculture

Addis Ababa, July 25, 2025 (FMC) — In a move signaling renewed commitment to agricultural transformation, Prime Minister Abiy Ahmed (PhD) has appointed Ato Addisu Arega as Ethiopia’s new Minister of Agriculture, effective immediately. The announcement came today from the Office of the Prime Minister, underscoring the administration’s intensified focus on food security, rural development,

August 1, 2025 • By Addis Insight