Council of Ministers to Revise Urban Land Leases

Nov 16 , 2019


[ssba-buttons]

The Ministry of Urban Development & Construction has drafted a bill to revise the floor price of urban land lease. The bill has already been sent to the Council of Ministers for deliberation. The low value of the floor price of urban land leases was sited as a major gap that needs to be addressed by the bill. The bill is intended to address the increasing demand for land and the illegal settlement and expansion problems widely observed in different parts of the country, according to Tazear G. Egziabhear, state minister of Urban Development & Construction. The bill requires urban administrative authorities to allocate 10pc to 20pc of the available land for the construction of residential houses for citizens. It also prohibits cities that do not revise floor prices within two years of the passing of the bill from leasing any land, including through bids, to any entity. "The revision process will be given enough time to ensure wider participation of all the relevant stakeholders," according to the State Minister.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...