Business

MIDROC Investment Group to Build $200 Million Gold Processing Plant in Benishangul-Gumuz, Ethiopia

MIDROC Investment Group, owned by Ethiopian-born Saudi billionaire Mohammed Al-Amoudi, is investing over 26 billion Ethiopian birr (approximately US $200 million) to build a modern gold processing factory in Ethiopia. This move is aimed at enhancing the country’s gold production capabilities and supporting the broader economic growth of the region. The factory will be located

January 4, 2025 • By Addis Insight

Uncategorized

Earthquake Measuring 5.5 on the Richter Scale Strikes Awash Fentale and Surrounding Areas

An earthquake measuring 5.5 on the Richter scale struck Awash Fentale and surrounding areas at 2:01 AM tonight, according to the United States Geological Survey (USGS). Many residents in the region reported feeling the tremors, indicating the quake was widely experienced. This earthquake is the strongest recorded in recent days among a series of seismic

January 3, 2025 • By Addis Insight

Business

Ethio Telecom Claims Company is World’s Cheapest Service Provider 

Frehiwot Tamiru, CEO of Ethio Telecom, took the spotlight at Parliament yesterday, answering over 200 questions from lawmakers about the company’s growth and its role in Ethiopia’s digital revolution. She proudly shared how Ethio Telecom’s commitment to cost-effective services has positioned it as the world’s cheapest telecom provider. “Over the last five years, our focus

January 2, 2025 • By Addis Insight

Market

Haile Hotels & Resorts Group Unveils 10th Property in Jimma

JIMMA, ETHIOPIA – Haile Hotels & Resorts Group, a hospitality brand founded 15 years ago, has announced the completion of its newest property, Haile Resort Jimma, built in just under two years. The resort—the group’s 10th destination—will officially open its doors tomorrow, January 2 (Ethiopian Calendar: Tahsas 24, 2017 E.C.). According to Mr. Tesfaye Asrat,

January 1, 2025 • By Addis Insight

Business

Faida Digital ID Requirement for Bank Account Openings in Addis Ababa Starts to Take Effect Today

Addis Ababa, December 23, 2017 – In a landmark move to streamline banking services and promote financial inclusion, the National Bank of Ethiopia (NBE) announced that all banks in Addis Ababa must now require customers to present a Faida digital ID—commonly referred to as the “Faida number”—when opening a new account. This directive officially took

January 1, 2025 • By Addis Insight

Business

National Bank of Ethiopia Holds Policy Rate at 15% to Curb Inflation and Boost Stability

Addis Ababa, December 31, 2024The Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) held its inaugural meeting to evaluate the nation’s macroeconomic landscape and chart an effective monetary policy course. In a period marked by fiscal and global economic challenges, the MPC’s deliberations and subsequent decisions aim to balance price stability and

December 31, 2024 • By Addis Insight

Business

Tax and Tensions: Ethiopia’s Car Market Faces Unprecedented Challenges

After the shift to a market-based foreign exchange system, importers have become one of the hardest-hit groups in Ethiopia’s economy. The floating exchange rate has triggered sharp and unpredictable currency fluctuations, driving up the cost of acquiring foreign currency and creating immense financial pressure.  Car importers, added to this tension, are facing excessive taxation, further

December 31, 2024 • By Addis Insight

Business

ZamZam Bank, an Emerging Bank, Weighs In on What Foreign Bank Entry Means for Ethiopia

This year, Ethiopia’s economy will invite optimistic phenomena as the nation takes bold steps to reshape its financial landscape. The shift to a floating exchange rate marks a pivotal moment, fostering transparency and encouraging investor confidence. Alongside this, the establishment of the Ethiopian Securities Exchange is set to open new doors for businesses and investors,

December 30, 2024 • By Addis Insight

Uncategorized

The Grand Palace Museum Officially Opens for Public Visits

Addis Ababa, December 29, 2024 – The Prime Minister’s Office has officially announced the opening of the Palace Museum for public visits, marking a significant milestone in the preservation of Ethiopia’s historical and cultural heritage. The Grand Palace,has undergone extensive renovations initiated under the leadership of Prime Minister Abiy Ahmed. The restoration project aimed to

December 29, 2024 • By Addis Insight

Business

Ethiopian Airlines Among Five Sanctioned for Passenger Rights Violations by NCAA

The Nigerian Civil Aviation Authority (NCAA) has sanctioned Ethiopian Airlines alongside four other carriers for breaching passenger rights, marking a significant regulatory intervention aimed at safeguarding air travelers during the peak holiday season. Ethiopian Airlines, Africa’s largest and most prestigious carrier, was implicated in violations of NCAA regulations under Part 19, which govern passenger rights.

December 27, 2024 • By Addis Insight