Two New Hotels Receive Star Ratings

Nov 2 , 2019


The Ministry of Culture & Tourism, mandated to asses the standards of hotels, gave star ratings to Hyatt Regency and Eliana hotels on October 29,2019. While the former received a five–star rating, the latter received a four-star rating. To be eligible for grading, hotels have to satisfy all statutory regulation, including requirements for health, safety, security, environmental services and waste management. Exterior view, standards of bedrooms, bathrooms, public areas, bars and dining facilities are some of the criteria evaluated to determine hotel ratings. Last August, the Ministry gave four-star ratings to 12 hotels, three-star ratings to 13 hotels, two-star ratings to 31 hotels and one star to 17 hotels across the country. There were 164 star-rated hotels that have a total of 8,000 rooms and 10,000 beds in Addis Abeba as of August 2017.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email