staff writer

Local developer Purpose Black has moved its 100 million birr in capital to a high-interest deposit after being forced to abandon plans for a landmark tower project in Mexico Square. The company had hoped to construct a 115-story skyscraper offering over 1,000 luxury condominiums. It secured 1.5 billion birr in deposits through pre-purchase agreements on […]

The state-owned Ethiopian Electric Utility will be vacating its longtime headquarters building in Addis Ababa and relocating elsewhere, according to an announcement by Adanech Abiebie, the Mayor of Ethiopia’s capital city. During a site inspection of ongoing urban regeneration projects, Mayor Adanech revealed plans to redevelop the iconic “Electric Hinsta” building located in downtown Piassa

Shega, an Ethiopian data and analytics firm, launched the Shega Insights digital finance portal today in collaboration with the Bill & Melinda Gates Foundation. The portal provides the first consolidated source of data and insights on Ethiopia’s digital financial services sector. It aims to boost financial inclusion by informing inclusive product design and strategies. Shega

The Ministry of Tourism has claimed generating 3.2 billion dollars in revenue over the past nine months from 861,126 foreign tourists and domestic visitors. This is a little lower than the country’s average annual export proceeds. However, such figures are being disputed given that one of Ethiopia’s major tourism regions, Amhara, has been embroiled in

Kenyan telecoms giant Safaricom has announced plans to tap into Ethiopia’s local bond market in a bid to fund its expansion across the East African nation. Safaricom entered the Ethiopian market in 2021 after winning a license through an international bidding process worth 850 million dollars. This marked its first foray outside of Kenya, as

KEFI Gold and Copper has launched construction of its Tulu Kapi Gold Project in Ethiopia, projecting 375 million dollars in annual exports and 69 million dollars in yearly royalties and taxes once operational based on current global market prices for gold. KEFI’s projections for Tulu Kapi’s annual gold exports would significantly surpass what Ethiopia’s largest

BGI-Ethiopia and Purpose Black Trading have reached an agreement resolving their legal dispute over a cancelled land sale, with BGI agreeing to repay the 1.15 billion birr deposit it had received. The dispute began in March 2024, when BGI terminated negotiations to sell its longtime brewery headquarters property in Bole to Purpose Black. BGI claimed

Just as Cuba’s once-mighty sugar industry suffers its worst declines in over a century, experts from the island nation have traveled thousands of miles in hopes of helping another nation reverse fortune. Seeking to stem plummeting harvests at home, eight specialists from Cuba’s state-run sugar company have arrived in Ethiopia with decades of combined experience. 

The Petroleum and Energy Authority has drafted a new directive outlining plans to leverage existing fueling station facilities for electric vehicle charging infrastructure development. The draft policy details specifications, permitting processes, and pricing models to establish EV charging stations. In discussions with fuel distributors, Authority Director General Sahrela Abdullahi said growing electric vehicle imports require

Dubai-based Emirates airline has posted its “highest ever profit”, earning AED 17.2 billion (4.7 billion dollars) for the financial year ending 31 March 2024. This represents a substantial 63 percent increase over the profit reported for the previous year. However, this trails the 6.1 billion dollars profit reported by rival Ethiopian Airlines, whose earnings jumped