FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds



City Stadium Revamp Leaves Businesses Stranded


City Stadium Revamp Leaves Businesses Stranded

Businesses nestled around the Addis Abeba Stadium are set for relocation, as the protracted renovation of the sports arena nears completion. Last week, law enforcement officers cleared the area where bikes and automobiles huddled in the parking space, following orders from the Ministry of Culture & Sports. Officials at the Ministry have ambition to revamp the location's image to sporting standards. In line with that, bars around the stadium are also poised for replacement when the renovation process is completed, which has fueled anxiety among business owners. The Minister of Culture & Sports, Kejela Merdasa, indicated that bars are completely against the spirit of physical exercise and would be replaced by sport-oriented establishments. "We hope the Ministry of Transport figures out what to do with the bicycle associations," he told Fortune. Four long-standing parking service associations that have operated in the area for around a decade have witnessed their daily incomes slashed since last week as the number of vehicles allowed to operate declined. The area around the stadium has been home to informal driving instructors who have honed the skills of urbanites in the oval grounds for decades. Mulugeta Shere, who has been averaging a daily income of 2,000 Br over the years, has become paralysed with fear as the business neighbourhood he grew up in is rendered a relic of olden days. "We can't insist on anything because we're unlicensed," he said.

[ssba-buttons]

Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...