Fortune News | Aug 17,2019
Jemal Ahmed (left), managing director of Horizon Plantations, leads the charge in showing off to the city’s Deputy Mayor, Adanech Abiebie (centre), its latest offering: a new supermarket. An event that was also attended by Abinet GebreMeskel, CEO of MIDROC Ethiopia, the fifth Queen’s Supermarket, the wholesale arm of MIDROC, was inaugurated on November 21, 2020.
A rather hurried affair, the event was not attended by a media briefing but rather a tour of the Supermarket located in Nani Tower, which is one of the tallest buildings in Addis Abeba and is also owned by one of the subsidiaries of MIDROC. The building had been designed with a supermarket store on its ground floor in mind – a store that aims to take in over 75 million Br in sales annually now.
“I’m happy that we've gotten [Nani] building working again,” said Adanech, concerning the building that has long been as famous for its inactivity as for its towering size in Addis Abeba’s skeletal skyline.
The decade-old Queen’s, which boasts sales of over 100 million Br in the first quarter of this fiscal year and plans to add three more stores by the end of this year, is one of over two dozen companies under MIDROC. One of the largest business conglomerates in Ethiopia, its relationship to the City Administration has grown warmer since its rather uncertain initial introduction.
MIDROC was one of the companies from whom land was repossessed by the City Administration two years ago. Some 55ha of land was taken from it with the claim that the land remained idle. But relations have grown warmer ever since, most visibly with the establishment of the 900-million-Br industrial-sized bakery, Sheger Bread & Flour Factory – a project much touted by the City Administration as a game changer in the production and distribution of loaves of bread at a subsidized price.
PUBLISHED ON
Nov 21,2020 [ VOL
21 , NO
1073]
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