Prince Aklile Berhan Mekonnen entered a deal with PPEPSA to renovate one of the oldest hotels in Ethiopia with an investment of 512 million dollar to upgrade it to a five star hotel. The investor will own 80 percent of the shares, while the rest will be government-owned.
The Federal High Court heard seven defence witnesses in the Askallukan Trading Plc criminal suit, involving Menna Terefe, the first defendant and general manager of the company, and three others, before adjourning the case for verdict pronouncing to October 19, 2010.
The third annual Art of Ethiopia exhibition at the Sheraton Addis opened on Saturday, August 21, 2010, with 40 established and aspiring artists displaying 400 artworks, writes MIREILLE DE VILLIERS, SPECIAL TO FORTUNE.
For the last few months, Internet connectitiy has been very poor. The fixed line broadband and CDMA users have both been having trouble getting the bandwidth they paid for, causing many owners of Internet Cafés a loss of revenue, writes HAILU TEKLEHAIMANOT and ADERAJEW ASFAW, FORTUNE STAFF WRITERS.
August 22, 2010 (ADDIS ABABA) – Ethiopian government said today that it will invest billions of dollars over the coming five years to enhance the road sector development program of the country.
Atekilt Terra, the biggest fruit and vegetable market in Addis Abeba, has two companies, Arada Vegetable Association and Bis Fruit & Vegetable Agro Industry SC, scrambling to be the first involved in its redevelopment.
The Privatisation and Public Enterprises Supervising Agency (PPESA) is auctioning Ethiopia Hotel again, from September, claiming that Bazeto Industry Trading Plc has failed to make the down payment on time.
A critical report on land use and transfer was released on June 14, 2010 by the special taskforce for the Addis Abeba City Administration. ZEKARIAS HADDUSH, FORTUNE STAFF WRITER spoke with Mekuria Haile, general manager of the Addis Abeba City Administration, and asked how the administration planned to solve the problems and challenges outlined in the report.