Category Archives: Business

Ayat Real Estate CEO Ayalew sentenced to 12 years, Ayat S.C to pay 90 mln birr


Ethiopian Reporter

The Eighth Criminal Bench of the Federal High Court, Lideta Division, on May 22, passed a 12-year sentence against Ayalew Tessema founder and CEO of Ayat S.C. and a 90-million birr fine against the company.

Apart from that, construction machinery worth some 86 million birr was ordered to be confiscated.

“We are all interested in Ethiopia,” “You’d be crazy not be.” CEO of Vodacom


By Chris Spillane

Vodacom Group Ltd. (VOD), South Africa’s largest wireless operator, plans to begin operating in three additional countries by the end of 2014 as it seeks to bring data services and smartphones to new markets.
The company will look to enter the countries by acquiring local operators, Chief Executive Officer Shameel Joosub said in an interview after a full-year earnings presentation. He declined to identify the target nations.
“We’ve cracked the African model,” Joosub said at the company’s Johannesburg headquarters. “Our formula is working. We’re a lot more confident today in terms of accessing new markets and pursuing those opportunities.”
Vodacom is expanding its data services in Africa to take advantage of increasing demand for smartphones. The company has operations in the Democratic Republic of Congo, Tanzania, Mozambique and Lesotho as well as South Africa. Revenue grew 11 percent in international markets in the year through March, compared with 2.9 percent in South Africa, the company said today.

Awash International Bank (AIB) to become one of the largest owners of Automated Teller Machines (ATMs) in Ethiopia

Awash international bank



Although the banking sector is going through modernization, cost and network issues concern some banks

Awash International Bank is the first private bank to build its own head quarter, a 17 and 18-storey twin tower on Ras Abebe Aregay Street.

In just two weeks Awash International Bank (AIB) will become one of largest owners of Automated Teller Machines (ATMs) in Ethiopia after it announces the winning bidder who will supply 100 ATMs and 80 Point of Sales (PoS) terminals.

Access Real Estate Saga Continues with Five Lawsuits


Access Real Estate SC is facing five suits at different benches of the Federal High Court, seeking refunds of deposits paid for houses, which the company has failed to deliver.

The company, established in 2008 by 652 shareholders with a capital of 35 million Br, has received partial and full payments from 2,000 clients wishing to buy houses, which were to be built in various parts of the city, including; CMC Ayat, Lafto Gerji, Bole, Lebu, Alem Bank and Betel.

ዘመን ባንክ ለጨረታ ያቀረባቸው የሆላንድ ካር ንብረቶች እንዳይሸጡ ታገዱ


- ለጨረታ የቀረቡት ሕንፃዎችና ማሽነሪዎች ነበሩ

ዘመን ባንክ ለብድር መያዣነት ይዟቸው የነበሩትን የሆላንድ ካር ኃላፊነቱ የግል ማኅበር ንብረቶች ለመሸጥ አውጥቶት የነበረው ጨረታ ተግባራዊ እንዳይሆን ፍርድ ቤት አገደ፡፡

የፌዴራል የመጀመሪያ ደረጃ ፍርድ ቤት ልደታ ምድብ አምስተኛ ፍትሐ ብሔር ችሎት መጋቢት 10 ቀን 2005 ዓ.ም. ባስተላለፈው ትዕዛዝ፣ ሆላንድ ካር ኃላፊነቱ የተወሰነ የግል ማኅበር ላይ ጥር 7 ቀን 2005 ዓ.ም. የመክሰር ፍርድ ተላልፎበታል፡፡ ለንብረቱ መርማሪ ዳኛና ንብረት ጠባቂ እንዲሾም ውሳኔ መስጠቱን አስታውሶ፣ መክሰሩ ተ…ረጋግጦ በቅድሚያ መፈጸም ያለበት ተግባር ሳይፈጸም፣ ማስጠንቀቂያ ሳይሰጥ ወይም ዕዳው መኖሩ ሳይታመንና ሳይረጋገጥ የሆላንድ ካር ንብረቶችን መሸጥ እንደማይቻል አስታውቋል፡፡

Ethiopia: Cashing in On Mobile Cards

Ethiopian mobile card

[sociallocker] Bezawit Tadese, 24, found it difficult to get a job after she graduated in Agriculture from Bahir Dar University, in June 2011. She Searched for a job for 14 months, whilst living with her family in Bekoji town, 235Km from Addis Abeba.

In September 2012, Bezawit’s mother, Tsige Wagaw, suggested that she start distributing mobile cards in Bekoji town, promising that she would rent space for her, from which she could conduct her business.

Ethiopia’s GDP Gowth Declines by 3 Percent


Growth Domestic Products (GDP) growth performance of Ethiopia, one of the fast growing countries in the Sub Saharan Africa, has declined by almost 3 percent percent for the fiscal year 2011/2012 as compared to the previous fiscal year.
Sufian Ahmed, Minister of Finance and Economic Development of Ethiopia – Photo – March 6, 2013

The country, which is at the midpoint of implementing its ambitious Five years Growth and Transformation Plan (GTP), grew by 8.5 percent in 2011/12 fiscal year while in the preceding fiscal year 2010/11 the economy grew by 11.4 percent.

Sebastopol Looking to Build City’s Biggest Cinema Complex


With 10 cinemas in total, Sebastopol aims to change the way films are watched inEthiopia

Sebastopol Entertainment Plc is to construct a two-tower, four-storey multiplex on a 948sqm plot it has leased, in Arada District, for seven million Birr.

Sebastopolpaid 30pc of the total lease price when it acquired the land early in February, according to Tewodros Teshome, manager of Sebastopol Entertainment.

The multiplex has been designed by Chartered Structural Consulting Engineers Plc(CSC) for 310,000Br. Construction is expected to cost 50 million Br and will begin in June 2013.