Business

Elevating Ethiopian Flavors: Marcus Samuelsson Set to Open Marcus Addis on Addis Ababa’s Skyline

Chef Marcus Samuelsson, an eminent figure in the culinary world, renowned for his unique blend of multicultural influences, is poised to unveil his latest gastronomic venture, Marcus Addis. This new restaurant is strategically located on the 46th floor of the Commercial Bank of Ethiopia building in Addis Ababa, with a grand opening scheduled for December

November 20, 2023 • By Addis Insight

Business

Ethiopian Airlines Boosts Fleet with Additional 11 Airbus A350s, Strengthening Its Market Dominance

Dubai, November 15, 2023 – Ethiopian Airlines Group, the leading carrier of Ethiopia, has enhanced its fleet capabilities by signing a memorandum of understanding (MoU) for 11 more Airbus A350-900 aircraft. This agreement, announced at the Dubai Airshow, boosts Ethiopian Airlines’ total Airbus A350 orders and commitments to 33, including four A350-1000s, solidifying its status

November 16, 2023 • By Addis Insight

Business

Ethiopia Secures Landmark Agreement for Debt Suspension and Eurobond Restructuring

In a significant move to alleviate its economic challenges, Ethiopia has secured an agreement with its bilateral creditors for a temporary suspension of debt services. This development comes as the country prepares to negotiate the restructuring of a $1 billion Eurobond due next year. Facing pressures like double-digit inflation, currency shortages, and increasing debt repayments,

November 16, 2023 • By Addis Insight

Business

Mohammed Al Amoudi’s Net Worth Surges 62% to $8.5 Billion in 30 Days

Ethiopian oil tycoon Mohammed Al Amoudi, recognized as one of Africa’s wealthiest individuals, has witnessed a substantial increase in his fortune. In just a month, his net worth skyrocketed by 61.9%, reaching $8.5 billion. This growth, tracked by Bloomberg, began in mid-October 2023 from a baseline of $5.24 billion, culminating in a $3.25 billion boost

November 16, 2023 • By Addis Insight

Business

USAID Resumes Food Assistance in Ethiopia Following Significant Reforms

In a major step towards humanitarian aid reform, the United States Agency for International Development (USAID) announced the resumption of food assistance across Ethiopia starting next month. This decision comes after months of diplomatic engagement and negotiations led to major reforms in Ethiopia’s food assistance structure. Jessica Jennings, a spokesperson for USAID, highlighted the United

November 15, 2023 • By Addis Insight

Business

Ethiopia’s Economic Outlook: Prime Minister’s Optimism Contrasts with Fitch Ratings’ Downgrade

Ethiopia’s GDP Growth and Fitch Ratings’ Concerns While Ethiopian Prime Minister Abiy Ahmed (Dr.) projected a rosy picture of the nation’s economic growth in his recent parliamentary address, citing a doubling of the GDP to approximately $164 billion, a contrasting perspective emerges from Fitch Ratings. On November 2, 2023, Fitch Ratings downgraded Ethiopia’s Long-Term Foreign-Currency

November 14, 2023 • By Addis Insight

Business

EthSwitch Unveils Game-Changing National Payment Gateway in Ethiopia

Today marked a significant advancement in Ethiopia’s digital payment sector with the inauguration of the National Payment Gateway (NPG), developed by EthSwitch. The launch event, held in Addis Ababa, was attended by EthSwitch CEO Yilebes Addis, who introduced the NPG platform. This new development promises to transform the processing of online transactions nationwide. At the

November 13, 2023 • By Addis Insight

Business

Djibouti’s Space Milestone: First Satellite Launched with SpaceX

In a significant advancement for Djibouti’s space ambitions, the Republic of Djibouti successfully launched its first satellite, Djibouti 1A, as part of SpaceX’s Transporter-9 dedicated SSO rideshare mission from Vandenberg Space Force Base. This launch aligns with SpaceX’s recent Falcon 9 rocket launch for the 29th resupply mission to the International Space Station (ISS), showcasing

November 12, 2023 • By Addis Insight

Business

CBE Birr Enhances its Mobile App: A Strategic Move in Ethiopia’s Digital Payment Space

The Commercial Bank of Ethiopia (CBE) has recently upgraded its mobile payment application, CBE Birr, marking a significant development in Ethiopia’s digital payment landscape. This enhancement is seen as a strategic response to the growing competition in the sector, particularly with TeleBirr. The updated version of CBE Birr introduces a more user-friendly interface and an

November 11, 2023 • By Addis Insight

Business

Mobile Money Titans Clash: Safaricom’s M-PESA Hits 1.2 Million Users in Ethiopia, Challenging Telebirr’s Dominance

In the competitive landscape of Ethiopia’s mobile money market, a significant development unfolded with Safaricom’s announcement during its 2023/2024 Half Year Results. The Kenyan telecom giant has successfully registered 1.2 million customers for its M-PESA service in Ethiopia since its inception in August. M-PESA’s rollout was a strategic move by Safaricom, positioning it against Ethio

November 9, 2023 • By Addis Insight