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MIDROC Strikes Deal with Marriott International

Nov 13 , 2021

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MIDROC Ethiopia and Marriott International have signed an agreement to place the management of a hotel in the compound of the African Union headquarters under the latter's Westin Hotels & Resorts brand. MIDROC, under the ownership of business tycoon Mohammed Hussein Al-Amoudi, began construction of the hotel in 2012, and has been negotiating with Marriott to take over management since. The two finalised the deal during a signing ceremony last week attended by Jemal Ahmed, CEO of MIDROC Investment Group, and Yasin Munshi, director of East African lodging development for Marriott International. Westin Hotels & Resorts is a hotel chain owned by Marriot International.

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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...

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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...

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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. ...

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