|
|
Ethiopia: Oromia Makes 2,000HCT Available for Abu Dhabi Group
 |
|
|||||||||
|
||||||||||
Addis Fortune (Addis Ababa)
14 January 2008
Posted to the web 14 January 2008
Wudineh Zenebe
Abu Dhabi Group, an umbrella of a series of Iraqi businesses, is keen to enter the Ethiopian market, investing in the real estate and hotel sectors that experts estimate would cost billions of Birr. Although very interested to invest in telecom and the finance sector, an exclusive state domain and reserved for nationals, respectively, the Group has agreed to take a 2,000hct plot on the outskirts of Addis in order to develop housing projects.
Groomed and invited by the Directorate for Economic Cooperation and Business Affairs under the Ministry of Foreign Affairs (MoFA), the Group's Chairman, Sheik Nahyan Bin Mubarak Al Nahyan, met senior federal and regional authorities last week, including Prime Minister Meles Zenawi, Trade and Industry Minister Girma Birru, and Oromia Regional State President, Abadulla Gemeda. His visit was a follow-up to a previous visit in November 2007 conducted by Bashir Ahmad Tahir, chief executive office (CEO) of the Group.
Abadulla has entered into a memorandum of understanding (MoU) on January 8, 2008, with the Group's Chairman, committing his administration to avail the 2,000hct plot within a 35Km radius of Addis Abeba, ideally in Erer, northeast of the capital, or Legetafo, to the south, Alemu Sime, Investment Commissioner of the Oromia Regional State, told Fortune.
"The Group can choose whichever area they like," said Alemu.
The houses to be developed in the chosen area, incorporating schools and hospitals, will be available for sale and rent both for foreign nationals and Ethiopians, a senior official from the Directorate told Fortune.
"This kind of business is new to Ethiopia," a city planning expert told Fortune. "It is a multibillion Birr investment that will have tremendous benefits for the country."
Authorities here are expecting the Group to send a team of experts in the coming two weeks to develop feasibility studies for its investment in real estate development; constructing a five-star hotel in Addis Abeba is also part of the Group's desire, thus its managers have agreed to submit their request to the city administration within the same period, a senior minister told Fortune.
Following a request from the Prime Minister's Office, the Caretaker Administration of Addis Abeba has prepared 50 plots for hotel construction and floated a public tender to lease them for private developers. There were not enough bidders when the tender was opened in December 2007.
Abu Dhabi Group was established in 1993 by Sheikh Nahyan Bin Mubarak Al Nahyan, Sheikh Suroor Bin Mohammed Al Nahyan, Sheikh Hamdan Bin Zayeed Al Nahyan and Sheikh Mohammed Bin Butti Hamed Al Hamed. The Group, employing 10,000 people, is very active in the Middle East, particularly in Iraq and United Arab Emirates (UAE), in banking, telecommunications, manufacturing, pharmaceuticals and the hospitality industry. It has a strong presence in Africa operating in Uganda and Botswana.
|
"The Ethiopian government is aware of the potential of the Group and committed to encourage it invest in Ethiopia," Minister Girma told Fortune.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 Addis Fortune. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
