Overseas Employment Minimum Wage Set

Jan 12 , 2019


[ssba-buttons]

Ethiopia and Saudi Arabia have set 1,000 Saudi Riyals as a monthly minimum wage for domestic workers. The agreement was signed between Ergoge Tesfaye (PhD), Ethiopia’s minister of Labor & Social Affairs, and Abdullah Abuthnain (PhD), Saudi’s minister of Labour & Social Development, early last week. The two countries signed a labour exchange agreement back in 2017 and have been negotiating to implement the agreement. After they ink the deal, the two parties have formed a committee that will be negotiating details including setting a minimum wage. After the new detailed agreement, another committee was formed that will meet every half year to evaluate the applicability of the agreements. The two countries will exchange detailed documents via their embassies. Ethiopia has more than three million migrants in different parts of the world. And approximately 17pc of them are reported to reside in Saudi Arabia, a popular overseas employment destination for Ethiopians.


Radar

Dangote, EIH Break Ground on Mega Fertilizer Plant in Somali Region

Ethiopian Investment Holdings (EIH), the state's sovereign investment arm, has struck a deal with Dangote Group to build one of the world's largest urea fertiliser complexes in Gode, Somali Regional State. The 2.5 billion dollars project will see EIH hold a 40pc stake while Dangote keeps 60pc. With agriculture employing over 70pc of Ethiopians, the government hopes the factory will cut fertiliser costs, create jobs, and boost crop yields while positioning the country as a regional hub. Design...


Radar

CBE Capital Joins Nib Bank for Market Expansion

Nib International Bank has partnered with CBE Capital, the investment arm of the Commercial Bank of Ethiopia (CBE), to expand investment banking services and shore up its finances. The deal covers advisory services, seeking to strengthen Nib's balance sheet, attracting capital, and positioning the bank in a modernising financial sector. The partnership follows a difficult year for Nib, where net profit dropped 36pc to 957.9 million Br and deposits shrank, despite paid-up capital climbing to ...


Radar

Credit Cap Nears Lift-Off

The National Bank of Ethiopia (NBE) is preparing to lift its long-standing credit cap by September, unlocking 1.3 trillion Br in bank lending. The move, flagged by board member and State Minister of Finance Eyob Tekalegn (PhD), follows years of complaints from businesses that borrowing limits choked large-scale projects. Eyob told a local radio station the reform reflects rising investor appetite and improved economic conditions, though he admitted "financing has been the biggest bottleneck for...