Business

Residents Ordered to Leave Bishoftu Amid Land Leases to Emirati Investors

In an effort to position the city as an “East African tourism center,” reports have emerged that significant portions of land in Bishoftu are being leased to investors from the United Arab Emirates. Residents say they have been instructed to vacate their properties within a week. “We have heard that up to 80 percent of

November 16, 2024 • By Addis Insight

Business

Abyssinia Bank Reports Over 5 Billion Birr Gross Profit for 2023/24 Fiscal Year

Abyssinia Bank has reported a gross profit of 5.28 billion birr for the 2023/24 fiscal year, representing a growth of 0.92% compared to the previous year. The announcement was made during the bank’s 28th Annual General Meeting of Shareholders, where key financial highlights were presented. Key Financial Performance: The meeting provided an overview of the

November 15, 2024 • By Addis Insight

Business

Ethiopian Government Raises Customs Duty on Imported Electric Vehicles

In a notable policy shift, the Ethiopian government has increased customs duty on imported electric domestic vehicles, raising the rate from 15 percent to 20 percent. The decision to implement a 5 percent increase follows the International Monetary Fund’s (IMF) call for Ethiopia to expand its tax base. However, it may impact vehicle affordability in

November 14, 2024 • By Addis Insight

Business

Ethiopian Capital Market Authority’s First Investment Directive Approved at the 2024 Capital Markets Summit

The Ministry of Justice has recently approved groundbreaking guidelines from the Ethiopian Capital Markets Authority (ECMA) focused on public offerings and trading of documented investments. Announced at the 2024 Capital Markets Summit in Addis Ababa, this directive represents the first formal document guiding investment provisions in Ethiopia, setting the stage for a structured, secure, and

November 14, 2024 • By Addis Insight

Business

Most Buildings in Addis Ababa Lack Insurance Coverage as Earthquake Risks Grow

Ethiopia has recently experienced a heightened seismic activity, with an earthquake originating from the Awash region making its way to Addis Ababa, leaving many buildings and structures in a vulnerable state. The tremor raised alarm bells about the lack of adequate insurance coverage for buildings, particularly in Ethiopia’s rapidly developing urban centers like Addis Ababa.

November 13, 2024 • By Addis Insight

Business

Ethiopia Ships Fresh Produce to Europe for the First Time, Opening New Markets

Ethiopia has marked a new chapter in its agricultural sector by sending its first refrigerated shipment of fruits and vegetables to Europe, as announced by the Ministry of Agriculture. Ethio Vegfru, a private export-import company, has initiated shipments of Sugar Snap and Mangetout vegetables to the Netherlands. The launch event was attended by Agriculture State

November 12, 2024 • By Addis Insight

Business

Ethiopian Airlines Set to Welcome Second Airbus A350-1000 in December

Ethiopian Airlines’ New Airbus A350-1000 Soars Across Continents: A Landmark in African Aviation On November 5, 2024, Ethiopian Airlines marked a historic milestone by welcoming its first Airbus A350-1000 into its fleet, making it the first African carrier to operate this advanced aircraft. This new addition is not just an achievement for the airline but

November 12, 2024 • By Addis Insight

Business

Crisis in Merkato: Fear of Government Crackdown Drives Merchants to Close Shop

Mercato Merchants in Crisis: Fear of Property Seizures Drives Shop Closures In Addis Ababa’s bustling Mercato, a wave of confusion and fear has swept through merchants as rumors of government property confiscation circulate widely. Concerns are mounting about sudden and ambiguous government actions enforcing receipt-based trading requirements, sparking a wave of shop closures and a

November 11, 2024 • By Addis Insight

Business

Ethio Telecom and MwareTV Launch IGADO+: A New Affordable, Localized Streaming Service in Ethiopia

MwareTV, a Dutch provider of cloud-based TV platforms, has introduced IGADO+, a new video streaming service specifically developed for the Ethiopian market. In collaboration with Ethio Telecom, the country’s primary telecommunications provider, IGADO+ aims to make diverse streaming options widely accessible. The service, available over both broadband and mobile networks, provides Ethiopian audiences with a

November 11, 2024 • By Addis Insight

Business

Fitch Upgrades Ethiopia’s Domestic Credit Rating Amid Economic Reforms

In a significant development for Ethiopia’s financial landscape, Fitch Ratings announced an upgrade of the country’s Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to ‘CCC+’ from ‘CCC-‘ on October 25, 2024, signaling a cautious optimism toward Ethiopia’s economic restructuring. While the Long-Term Foreign-Currency IDR remains at ‘Restricted Default’ (RD), Fitch’s upgrade of the local currency

November 11, 2024 • By Addis Insight