Debub Global Bank Buys Six Housing Units


Debub Global Bank Buys Six Housing Units

Debub Global Bank bought six commercial housing units from the Addis Abeba Housing Development Corporation for close to 93.5 million Br. The units are sited in Bole Ayat, Bole Bulbula, and Ihil Nigd areas and were built under the middle-income housing schemes. It bought the housing units after winning a bid for the transfer of the houses. The higher value the Bank paid was 24 million Br for a housing unit that rests on 176Sqm in Bole Bulbula. The lowest value, 8.6 million Br, was paid for a 153.1Sqm housing unit in Bole Arabsa. The Bank announced that once it has completed the handover process and any necessary construction work, it will use some of the sites to open branches and rent the others out as a means of generating income. The Bank also previously completed a similar transaction of 13 million Br for a unit in the Addisu Gebeya area. It is now using the site as a branch office where it also houses a data centre. It now owns seven housing units. Debub Global Bank registered 292 million Br in profit over the last fiscal year and currently employs over 1,800 people.


Radar

Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Radar

Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Radar

Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...


Back
WhatsApp
Telegram
Email