Business

Tesla-Powered Luxury: Henock Demissew’s VIP Taxi Service Redefines Addis Ababa’s Transport

Addis Ababa, Ethiopia – In the bustling streets of Addis Ababa, Henock Demissew is making waves in the luxury transportation industry. The owner of VIP Taxi and Henock Car has been significantly impacting the way the city’s elite and visitors commute since launching his business a year ago. His journey began with a chance encounter

July 21, 2024 • By Addis Insight

Business

47 Years in the Making: Eneredada Cooperative Battles Sudden Eviction in Addis Ababa

The members of “Eneredada Multipurpose Consumers Union Limited Liability Company,” which has been managing two properties behind Mado Hotel and Dessalen Hotel in Bole sub-district in Addis Ababa for the past 47 years, complained that they were informed that the properties would be transferred to individuals. Mrs. Manyahlushal Kebede, chairman of the association’s board, told

July 20, 2024 • By Addis Insight

Business

National Bank of Ethiopia Issues New Directive on Bank Investments

The National Bank of Ethiopia (NBE) has introduced a new directive aimed at regulating the investment activities of banks within the country. This move is part of the NBE’s broader strategy to deepen Ethiopia’s capital markets and ensure the stability and soundness of the banking sector. Key Highlights of the Directive Equity Investment Limits:The directive

July 19, 2024 • By Addis Insight

Business

Ethiopia Secures Critical Financing Assurances to Unlock New IMF Loan

Addis Ababa, July 18, 2024 – Ethiopia has successfully obtained key financing assurances from its creditors, a vital requirement for unlocking a new loan from the International Monetary Fund (IMF). This development is a significant milestone in Ethiopia’s efforts to stabilize its economy and pursue necessary reforms, according to Bloomberg. Highlights: Economic Implications: Ethiopia’s economy

July 19, 2024 • By Addis Insight

Business

Dashen Bank Reports a Profit of ETB 6.6 Billion

Dashen Bank, a prominent player in Ethiopia’s private banking sector, has reported a profit of ETB 6.6 billion for the fiscal year 2023/24, positioning it as a key competitor alongside Awash Bank. Established in 1995, Dashen Bank has demonstrated consistent growth, driven by strategic investments and operational efficiencies. According to the bank’s financial statements, it

July 18, 2024 • By Addis Insight

Business

Ethiopian Airlines Implements New Policy on Air Ticket Payments for Travelers

Addis Ababa, Ethiopia – Ethiopian Airlines has announced a significant update to its payment policy for air tickets, effective immediately. The national carrier now requires that passenger tickets for flights originating outside of Ethiopia must be purchased in the currency of the country where the passenger begins their journey, or in hard currency, regardless of

July 17, 2024 • By Addis Insight

Business

Awash Bank’s Pre-Tax Profit Jumps to ETB 14 Billion Amid Expansion

Awash Bank Reports Significant Profit Growth for 2023/24 Fiscal Year Addis Ababa, Ethiopia – Awash Bank, one of Ethiopia’s private commercial banks, has announced a substantial increase in its profits for the 2023/24 fiscal year. According to the bank’s financial statements, Awash Bank reported a pre-tax profit of ETB 14 billion, reflecting a 42.85% rise

July 17, 2024 • By Addis Insight

Business

Addis Abeba to Implement Shift System for Code 2 Vehicles to Alleviate Traffic Congestion

Addis Ababa, Ethiopia – In a bid to tackle the growing traffic congestion in the capital, the Addis Abeba City Traffic Management Authority has announced the implementation of a shift system for Code 2 vehicles during peak hours. This measure is part of a comprehensive strategy aimed at improving traffic flow and reducing the daily

July 17, 2024 • By Addis Insight

Business

Ethiopian Capital Market Authority (ECMA) Introduces Directive to License First Securities Exchange

Addis Ababa, Ethiopia, July 16, 2024 – The Ethiopian Capital Market Authority (ECMA) has announced the issuance of a groundbreaking directive that will facilitate the licensing of the first securities exchange in Ethiopia. This significant development marks a milestone in the evolution of the country’s financial sector, poised to enhance the capital market’s contribution to

July 16, 2024 • By Addis Insight

Business

Takele Uma Returns to Leadership as Ethio-Djibouti Railway CEO

Addis Ababa (July 9, 2016) – (Dr.) Engineer Takele Uma Benti has been appointed as the Chief Executive Officer of the Ethio-Djibouti Railway by Prime Minister,Abiy Ahmed (Dr.). The appointment is effective immediately. Engineer Takele Uma Benti has a diverse background in government roles. He served as the Mayor of Addis Ababa, where he oversaw

July 16, 2024 • By Addis Insight