Business

Customs Commission Revises Price Verification Guidelines for Imported Goods

The Customs Commission has announced updates to the price verification system for goods imported by manufacturers, revising the Customs Duty and Tax Payment Value Determination Guideline No. 158/2011. This move is intended to address longstanding complaints from manufacturers regarding delays in determining the price of imported goods and streamline customs processes. The guideline, which has

January 24, 2025 • By Addis Insight

Business

Mohammed Al Amoudi Among the World’s Top 400 Billionaires in 2025

As of January 23, 2025, Mohammed Al Amoudi is ranked 317th on the Bloomberg Billionaires Index, placing him firmly among the world’s top 400 billionaires. With an estimated net worth of $9.07 billion, Al Amoudi’s business interests span energy, mining, agriculture, and real estate, making him a key figure in global industries and one of

January 23, 2025 • By Addis Insight

Business

Ethiopian Airlines Expands Cargo Fleet with Boeing 777 Freighter

Ethiopian Airlines, the largest airline in Africa and a leading global air freight operator, has announced the addition of a state-of-the-art Boeing 777 Freighter, ET-BAB, to its ever-growing cargo fleet. This strategic move further strengthens Ethiopian Cargo’s capacity to meet the increasing global demand for efficient, reliable, and environmentally conscious air freight services. A New

January 23, 2025 • By Addis Insight

Politics

Somalia’s President Visits Egypt After Ethiopia: Balancing Regional Tensions

Somalia’s President Hassan Sheikh Mohamud arrived in Cairo on Thursday for an official visit to meet with Egyptian President Abdel Fattah al-Sisi. The visit, made at the invitation of President al-Sisi, highlights the deepening ties between Somalia and Egypt while drawing regional attention due to recent geopolitical developments. The Somali national news agency SONNA reported

January 23, 2025 • By Addis Insight

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