MIDROC Embarks on Mega Real Estate Project

Sep 17 , 2022

MIDROC Investment Group has kicked off construction on a luxury residential development project in Addis Abeba. A launch ceremony last week saw the attendance of Mayor Adanech Abiebie and Jamal Ahmed, chief executive officer (CEO), of the Group. Dubbed "Mahmadya Residential Village," MIDROC executives estimate the project will cost up to 50 billion Br to execute. It comprises houses and apartment buildings, as well as as commercial facilities, to be erected on MIDROC's Mechare Meda property in the Sarbet neighbourhood. The project also includes a parking lot with the capacity to hold close to 9,000 vehicles at a time. MIDROC Investment Group has previously been involved in large-scale construction projects such as commercial buildings and infrastructure. The project in Sarbet marks its first venture into major real estate investment.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...