Ethiopia Cedes Stake in Berbera Port

Jun 11 , 2022


[ssba-buttons]

The federal government has lost a 19pc stake in the Berbera Multi-Purpose Port, according to Somaliland officials. It effectively voids the terms of a deal struck in 2017 between the government, DP World, and the Somaliland Port Authority. The government of Somaliland, a self-declared state, owns a 30pc stake in the Port, while DP World accounts for the majority 51pc. Somaliland officials say the Port will still be available to serve as an alternative to ports in Djibouti. DP World Berbera, a joint venture company, will serve landlocked countries in the Horn of Africa such as Ethiopia, which ferries 13.5 million tonnes of imports and 1.8 million tonnes of export cargo annually through ports in Djibouti, representing nearly all trade shipments of the country.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...