Business

Ethiopian Airlines to Begin Construction of $10 Billion Bishoftu Airport in November

Ethiopian Airlines Group has announced it will break ground in November 2025 on one of Africa’s most ambitious aviation infrastructure projects: the $10 billion Bishoftu International Airport. Located approximately 39 kilometers southeast of Addis Ababa, near the town of Bishoftu (Debre Zeit), the airport will become a central pillar of Ethiopia’s long-term aviation and economic

August 5, 2025 • By Addis Insight

Business

Ethiopian Airlines Denies Reports of Aircraft Lease Talks with Russia

Addis Ababa – August 5, 2025Ethiopian Airlines Group CEO Mesfin Tasew has firmly denied reports claiming the airline is in negotiations to lease aircraft to Russia, calling the allegations “completely false.” The statement comes in response to a recent article published by Capital newspaper, which suggested that Ethiopian authorities were in talks with their Russian

August 5, 2025 • By Addis Insight

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

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

Business

National Bank of Ethiopia Urges Local Banks to Brace for Foreign Competition

“Many Foreign Banks Are Applying for Licenses,” Says Governor Mamo Mihret The Governor of the National Bank of Ethiopia (NBE), Mamo Mihret, has called on domestic banks to step up their preparedness as Ethiopia’s banking sector inches closer to opening its doors to foreign competitors. His remarks come at a time when a growing number

August 1, 2025 • By Addis Insight