Business

Ethiopian Shipping and Logistics Reports 8.8 Billion Birr Profit, Exceeding Targets by 32%

Ethiopian Shipping and Logistics (ESL), a major player in the transportation and logistics sector, has reported significantly higher profits than anticipated for the 2023/24 budget year. Berisso Amallo, CEO of ESL, announced that the company’s income surged past projections by 12.7%, culminating in a revenue of over 57 billion birr. The company demonstrated remarkable financial

July 26, 2024 • By Addis Insight

Business

NINJA 2024 Acceleration Program Announces Final Six Startups Heading to GITEX Dubai

The NINJA 2024 Acceleration Program has revealed the six startups selected to participate in its prestigious three-month program, culminating in a showcase at GITEX Dubai. This year’s finalists include Kabba Transport, Marakisoft Technologies Pvt.Ltd.Co, DrongoERP, FutureX Educational Consultancy, Tewos Technology, and Waza Addis Trading plc. The announcement highlights the program’s ongoing commitment to nurturing innovation

July 25, 2024 • By Addis Insight

Business

Ethiopian Airlines Takes Over Gorgora Resort Management

Ethiopian Airlines has officially taken over the management of Gorgora Resort, which will now operate under the Ethiopian Skylight Hotel brand. This significant development was announced during a formal agreement ceremony held at the Ethiopian Skylight Hotel today. Ceremony Highlights and Attendees The event saw the presence of key dignitaries, including Arega Kebede, the President

July 23, 2024 • By Addis Insight

Business

Nearly Ten Years of Service: Savor Addis Closes First Location Amid Eviction, Opens New Branch

Savor Addis, a renowned restaurant in Addis Ababa, recently announced the closure of its first location after nine years of operation. This decision coincides with the sudden eviction of the Eneredada Multipurpose Consumers Union, which managed the property for 47 years. The union, comprising over 270 members, received an abrupt directive to vacate the premises

July 22, 2024 • By Addis Insight

Business

Simonpietro Salini, Renowned Builder and Friend of Ethiopia, Passes Away

Addis Ababa, July 21, 2024 – The construction world mourns the loss of Simonpietro Salini, a key figure in the global infrastructure sector and a dedicated supporter of Ethiopia’s development. Salini, who played a vital role in the transformation of Webuild Group (formerly Salini Impregilo), passed away recently, leaving behind a legacy marked by monumental

July 21, 2024 • By Addis Insight

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