State Giant CBE Inaugurates $303m HQ


State Giant CBE Inaugurates $303m HQ

Nearly 304 million dollars and six years of construction later, the state-owned Commercial Bank of Ethiopia (CBE) has inaugurated its new headquarters in Addis Abeba. The 48-storey building on Ras Desta Damtew Street was erected by the China State Construction Engineering Corporation Ltd. Laying on an 18,000sqm plot, the HQ comprises three separate buildings. The main edifice, which is officially the tallest building in the country, contains four underground layers that will serve as parking space with the capacity to hold 1,500 vehicles each. The other two structures are 11 and 13 storeys high. Altogether, the headquarters boast a floor space of 150,000sqm.  The CBE's executives plan to lease the 47th floor to an upscale dining establishment and open the highest floor to the general public as a destination for sightseeing, offering a 360 degree view of the capital. The state-owned giant is the latest to open a headquarters in the Sengatera area, known as the Wall Street of Addis Abeba. Nib and Hibret banks have also inaugurated their respective HQs, with Zemen Bank expected to do the same in the coming months.

[ssba-buttons]

Radar

New Directive Tightens Rules for Foreign Employment Agencies

The Ministry of Labour & Skills has issued a directive under the Ethiopian foreign employment framework, setting clear standards for agency size, capital, and operations. Depending on their level, newly established agencies can serve between 10 and over 100 workers a day. Office space requirements range from 100sqm to 700sqm, tied to operational scale. Level-one agencies must hold a paid-up capital of 20 million Br and place a security deposit of 250,000 dollars or its birr equivalent...


Radar

Audit Findings Expose Deepening Gaps in Accountability

A new study reveals that audit irregularities in Ethiopia have continued to rise year after year, driven by weak enforcement and unresolved legacy problems. The finding, commissioned by the Office of the Federal Auditor General (OFAG) and conducted by independent researchers from Addis Abeba University, examined audit reports covering 2009–2023. The study attributes the persistent irregularities to limited accountability, poor follow-up, and reduced audit coverage during political transitio...


Radar

Africa Maritime Conference Sets Sights on Seafaring Innovation

The Ministry of Transport & Logistics has launched the first-ever Africa Maritime Conference, marking a bold move to position landlocked Ethiopia as a continental hub for seafaring innovation at a time of global talent shortages. At a pre-conference briefing, Frans Joubert, CEO of YCF Manning Ltd, underscored Africa's untapped potential in the maritime sector. Of the 1.9 million seafarers worldwide, only four percent are African—despite the continent hosting around 150 maritime academie...