Business

Mayor Adanech Abebe Launches Construction of Kasanchis-Ayat Residential Village

Addis Ababa, January 15, 2017 (FMC) – Addis Ababa City Mayor, Adanech Abebe, has officially inaugurated the construction of 13,752 residential units in the Kasanchis-Ayat Residential Village, a project being executed through a public-private partnership. The initiative, led by the Addis Ababa City Administration in collaboration with Ayat Real Estate, aims to deliver modern housing

January 23, 2025 • By Addis Insight

Business

Starbucks Celebrates Ethiopia’s Coffee Heritage with New Single-Origin Release

Starbucks is spotlighting Ethiopia, the birthplace of coffee, with the release of its newest single-origin coffee. The Starbucks Single-Origin Ethiopia whole bean coffee, sourced from the Sidama region, is now available across North America this winter. This blonde roast offers a unique flavor profile, with floral aromas and notes of tangerine and lemon balm, celebrating

January 23, 2025 • By Addis Insight

Business

Phoenix Group Signs 80MW Power Deal in Ethiopia to Expand Bitcoin Mining Operations

Abu Dhabi-listed blockchain and cryptomining conglomerate Phoenix Group (PHX.AD) has secured an 80-megawatt (MW) power purchase agreement (PPA) with Ethiopian Electric Power (EEP) as part of its global strategy to diversify operations. This milestone marks the company’s entry into the African market, with energy supplies expected to commence in the second quarter, according to a statement released on Wednesday. The agreement

January 23, 2025 • By Addis Insight

Business

OVID Holding: Aspiring to Become Ethiopia’s Second Vessel Operator Under Ambitious Five-Year Plan

OVID Holding, a rapidly expanding conglomerate, has announced its intention to become Ethiopia’s second vessel operator as part of an extensive five-year investment plan. This initiative, aimed at diversifying its business portfolio, complements a broader strategy encompassing mining, real estate, construction, agriculture, and logistics. Five-Year Investment Strategy The conglomerate’s USD 20 billion investment plan aligns

January 22, 2025 • By Addis Insight

Business

Koderlab: Empowering Ethiopia’s Next Generation of Digital Innovators

In a rapidly evolving digital world, the need to equip the next generation with tech skills is more urgent than ever. Koderlab, an innovative EdTech startup founded in September 2023, is redefining education in Ethiopia by empowering young learners with essential coding, digital literacy, and soft skills to prepare them for the challenges of tomorrow.

January 22, 2025 • By Addis Insight

Business

IMF Calls for More Increases in Ethiopia’s Electricity Tariffs Amid Economic Reforms

Partners are calling for additional revisions to address currency rate fluctuations, despite the government’s recent implementation of a long-awaited electricity tariff adjustment in June 2024. On June 20, 2024, the Council of Ministers approved a new power rate adjustment during its 36th regular meeting, which came into effect on September 11, coinciding with the Ethiopian

January 22, 2025 • By Addis Insight

Market

Ethiopia’s Debt Reaches $68.86 Billion: What’s Next

Ethiopia’s Debt Reaches $68.86 Billion: Insights from the Ministry of Finance Ethiopia’s public debt has reached a total of $68.86 billion by June 2024, according to the Ministry of Finance’s recently released Public Sector Debt Portfolio Analysis No. 25. This figure represents 32.9% of the nation’s GDP, marking a decline from 57.2% in 2019, signaling

January 21, 2025 • By Addis Insight

Business

Ethiopia’s Coffee Exports Hit $988 Million in Six Months, Powered by Nekmet’s Global Surge

Key Takeaways Ethiopia’s Coffee Boom Ethiopia’s coffee industry is enjoying a remarkable run, posting robust gains in both export volume and earnings over the past six months. According to the Ethiopian Coffee and Tea Authority, the country shipped 240,260 tons of coffee—far outpacing the official target of 133,063 tons—and generated $988 million in revenue, well

January 21, 2025 • By Addis Insight

Business

Ethiopian Airlines Honors Visionary Leaders Behind Its Success

Ethiopian Airlines, Africa’s largest and most successful airline, hosted a grand recognition and award ceremony to honor the distinguished former leaders who have significantly contributed to shaping its legacy. These leaders, who served as General Managers and CEOs, were instrumental in transforming Ethiopian Airlines into a globally recognized carrier. The honorees included Colonel Semret Medhane,

January 18, 2025 • By Addis Insight

Business

How to Calculate Property Tax in Ethiopia

The Ethiopian government’s new property tax law has sparked widespread debate, with opposition parties and members of the business community firmly condemning the move. This article explores the key provisions of the tax, its intended use, and the concerns it has raised. Overview of the Property Tax Bill On January 14, 2025, the Ethiopian House

January 18, 2025 • By Addis Insight