Nearly Ten Years of Service: Savor Addis Closes First Location Amid Eviction, Opens New Branch

Nearly Ten Years of Service: Savor Addis Closes First Location Amid Eviction, Opens New Branch Savor Addis, a renowned restaurant in Addis Ababa, recently announced the closure of its first location after nine years of operation. This decision coincides with the sudden eviction of the Eneredada Multipurpose Consumers Union, which managed the property for 47 years. The union, comprising over 270 members, received an abrupt directive to vacate the premises to make way for new development projects. Despite this setback, Savor Addis is planning to open a new branch behind Flamingo and will launch delivery services soon to continue serving its loyal customers. The Eneredada Cooperative, which has historically managed significant properties in the Bole area, was evicted without prior written notice, leading to significant controversy and legal challenges. The Addis Ababa city administration has cited a cabinet decision as the basis for the eviction, though the cooperative is seeking formal documentation and legal recourse. The social media post from Savor Addis expressed mixed emotions over the closure, highlighting the community’s support and loyalty as the backbone of their journey. The restaurant assured customers that this is not a final goodbye but a temporary pause as they actively scout for a new location around the Bole Atlas area. In the meantime, Savor Addis is thrilled to announce the opening of their new branch behind Flamingo, expected in just a few weeks. Alongside this new location, they will be launching delivery services to continue serving their patrons with the same dedication and love. Stay Connected: Savor Addis has encouraged its customers to stay connected through social media for updates on their journey and future announcements. The restaurant thanked its patrons for being an essential part of their story and expressed hope for continued support in their new endeavors.

Simonpietro Salini, Renowned Builder and Friend of Ethiopia, Passes Away

Simonpietro Salini, Renowned Builder and Friend of Ethiopia, Passes Away Addis Ababa, July 21, 2024 – The construction world mourns the loss of Simonpietro Salini, a key figure in the global infrastructure sector and a dedicated supporter of Ethiopia’s development. Salini, who played a vital role in the transformation of Webuild Group (formerly Salini Impregilo), passed away recently, leaving behind a legacy marked by monumental projects and enduring contributions. Prime Minister Abiy Ahmed Ali extended his heartfelt condolences to the Salini family and the Webuild Group. “Ethiopia is indebted to Simonpietro Salini for his contributions to the construction of the Legadadi Dam, Addis Ababa University’s Kennedy Library, the Tana Beles Project, the Gilgel Gibe hydroelectric projects, and the Grand Ethiopian Renaissance Dam (GERD),” the Prime Minister remarked in a statement on social media. Salini’s work in Ethiopia highlights his profound commitment to the nation’s growth. His leadership facilitated the execution of critical infrastructure projects that have significantly advanced Ethiopia’s development. His efforts in the construction of hydroelectric dams, in particular, have been crucial in enhancing the country’s power generation capacity, fostering economic growth, and improving the quality of life for millions of Ethiopians. Born on March 29, 1958, in Rome, Simonpietro Salini inherited the family business, transforming it into a global leader in construction. His strategic vision led to the merger of Salini with Impregilo, forming one of the largest infrastructure companies worldwide. Under his guidance, Webuild Group has undertaken major projects across five continents, showcasing Italian engineering excellence. In a joint statement, Webuild Group executives praised Salini’s unwavering dedication and innovative spirit, which have left a lasting impact on the construction industry. His son, Pietro Salini, who continues his father’s legacy, affirmed the company’s commitment to maintaining the high standards and visionary approach that Simonpietro championed. As Ethiopia and the global community remember Simonpietro Salini, his contributions to sustainable development and his deep bond with Ethiopia stand as testaments to his life’s work. His passing is a significant loss, but his legacy will continue to inspire future generations of builders and visionaries. 1 COMMENT Jeremy van Oorschot July 21, 2024 At 7:51 pm He was born on the 4th of June 1932. He was born on the 4th of June 1932. Comments are closed.

Tesla-Powered Luxury: Henock Demissew’s VIP Taxi Service Redefines Addis Ababa’s Transport

Tesla-Powered Luxury: Henock Demissew’s VIP Taxi Service Redefines Addis Ababa’s Transport Addis Ababa, Ethiopia – In the bustling streets of Addis Ababa, Henock Demissew is making waves in the luxury transportation industry. The owner of VIP Taxi and Henock Car has been significantly impacting the way the city’s elite and visitors commute since launching his business a year ago. His journey began with a chance encounter on a flight, leading to an idea that would set new standards for VIP ride services in Ethiopia. The Birth of a Vision Henock’s entrepreneurial journey started when he met an American traveler on a flight to Addis Ababa. The traveler mentioned the absence of VIP ride services at Addis Ababa Bole International Airport, a gap Henock decided to fill. His mission was to provide an exclusive, premium transportation service catering to the city’s affluent residents and international visitors. From Car Rentals to VIP Rides Henock’s initial business venture was in car rentals. Building on this experience, he transitioned into the VIP ride service market, launching VIP Taxi. This move was driven by a desire to offer a more personalized and luxurious transportation option in Addis Ababa. Challenges and Triumphs Henock initially sought a partnership with Uber, but negotiations fell through over a 5% commission disagreement. Moving forward independently, he leveraged his local insights to create VIP Taxi. Service and Fleet VIP Taxi’s fleet includes Teslas, V8s, V6s, Mercedes, and other high-end brands. The service starts at 200 Birr, with an additional charge of 150 Birr per kilometer. Henock personally oversees operations, often working late into the night to ensure quality service. Partnership Opportunities VIP Taxi allows owners of luxury cars to partner with the service, ensuring a diverse and impressive fleet. This model not only broadens the fleet but also engages a community of luxury car owners. Tech-Driven Convenience Customers can book rides through a dedicated call center (8678) or via the VIP Taxi app, providing a seamless experience. This tech-driven approach caters to a clientele that values efficiency. Performance at the African Union Summit VIP Taxi provided premium transportation services to delegates during the African Union Summit in Addis Ababa, receiving positive feedback for its reliability and luxury. Setting New Standards in Addis Ababa In one year, VIP Taxi has become a notable option for high-end transportation in Addis Ababa. The service has addressed a market gap, offering convenience and comfort to its users. The Future of VIP Taxi Henock Demissew plans to expand VIP Taxi, continually enhancing the service to meet growing demand. VIP Taxi aims to remain a key player in Addis Ababa’s luxury transportation scene. Henock Demissew’s journey from a chance encounter to establishing a luxury taxi service highlights his entrepreneurial initiative. VIP Taxi represents a move towards higher standards in the local transportation industry, catering to a discerning clientele. As Addis Ababa evolves, VIP Taxi seeks to maintain its position in the market, offering luxury and convenience. 1 COMMENT Tesla-Powered Luxury: Henock Demissew's VIP Taxi Service Redefines Addis Ababa's Transport - Tesla News July 21, 2024 At 9:37 pm […] VIP Taxi's fleet includes Teslas, V8s, V6s, Mercedes, and other high-end brands. The service starts at 200 Birr, with an additional charge of 150 Birr …View full source […] […] VIP Taxi's fleet includes Teslas, V8s, V6s, Mercedes, and other high-end brands. The service starts at 200 Birr, with an additional charge of 150 Birr …View full source […] Comments are closed.

47 Years in the Making: Eneredada Cooperative Battles Sudden Eviction in Addis Ababa

47 Years in the Making: Eneredada Cooperative Battles Sudden Eviction in Addis Ababa The members of “Eneredada Multipurpose Consumers Union Limited Liability Company,” which has been managing two properties behind Mado Hotel and Dessalen Hotel in Bole sub-district in Addis Ababa for the past 47 years, complained that they were informed that the properties would be transferred to individuals. Mrs. Manyahlushal Kebede, chairman of the association’s board, told the reporter that the holdings were “to be given to an investor and an organization for development, so they should vacate immediately.” The chairman of the board, who stated that the association had more than 270 members when it was founded, explained that they received a response saying, “We made you leave as per the decision of the administration cabinet of Bole sub-district, district 03 without being informed.” He mentioned that it is inappropriate for the association to release the properties they have been managing for many years to give to two investors. In a letter written to the city administration, the association stated that since the administration had decided to give two plots of land to private individuals, a verbal order was given to them to vacate the plots through the district 3 office. As the order given to the association was shocking and unexpected, they requested to be given a written document to prove which government body issued the order. However, they were told, “There is nothing to be given in writing, as it is an instruction from a higher body, leave the place in two or three days.” The association pointed out in the letter that one of the holdings of the Eneredada Multipurpose Consumers Union, which is managed by more than 220 members, is 5,700 square meters, and the other, which is located behind Dessalen Hotel, is 2,400 square meters. Ms. Manyahlushal pointed out that it is not clear why the association’s holdings are being given to only one individual and one organization, especially since the association has 500 million birr in deposit capital in addition to its assets and can develop as required by the city administration. Alemu Denekou, a member of the Legal Committee of Eneredada Multipurpose Consumers Private Limited Liability Company, said that the two properties of the association, which are located behind Bole Mado Hotel and Dessalen Hotel, are legal and have maps. He said that since the association can develop the two holdings to the full extent that the government wants, there is no reason why they should be transferred to other entities. When asked why the association’s holdings are being handed over to individuals, the Addis Ababa city administration replied that “it was a decision passed by the cabinet,” and the members of the legal committee explained that they would pursue legal action to get the government to respond to the matter immediately. The association, founded in 1999, was the first consumer cooperative society to build its own building by spending 18 million birr. He stated that the government should have held discussions before vacating the site and the law supports this. They added that a modern restaurant called Savor, located on the property that the association built and now being demolished, employs more than 200 workers. Regarding the matter, the Head of Complaints and Complaints Department of the Addis Ababa City Administration Mayor’s Office, Mr. Abayneh Amergu, told the reporter that such a complaint had not been received by the office and that the affected parties can submit their complaints. The official said that so far, only people whose properties have been destroyed by the corridor development are filing complaints. He said that such a case is significant and they should file their complaints so that they can be dealt with quickly. He explained that it is not possible to say “get up and leave” with such a decision and that it has its own procedure.

National Bank of Ethiopia Issues New Directive on Bank Investments

National Bank of Ethiopia Issues New Directive on Bank Investments The National Bank of Ethiopia (NBE) has introduced a new directive aimed at regulating the investment activities of banks within the country. This move is part of the NBE’s broader strategy to deepen Ethiopia’s capital markets and ensure the stability and soundness of the banking sector. Key Highlights of the Directive Equity Investment Limits:The directive imposes limits on the equity investments banks can hold. Banks are now restricted to holding up to 5% equity in a single insurance company. However, they are permitted to acquire up to 100% equity in capital market service providers, excluding credit rating agencies. Additionally, the aggregate equity investment in non-bank businesses must not exceed 15% of a bank’s total capital. Real Estate Investment:Banks are restricted from investing more than 10% of their total capital in real estate acquisition and development unless they receive prior approval from the NBE. This measure is intended to prevent excessive exposure to the real estate market and ensure banks maintain diversified investment portfolios. Interest-Free Banking:For banks engaged in interest-free banking, the directive mandates that all asset exposures to such activities be treated as large exposures. This is subject to the NBE’s Large Exposures to Counterparty or Group of Connected Counterparties Directive, which aims to manage the risk associated with significant financial exposures. Reporting Requirements:Banks are required to report any equity investments, except those in financial infrastructure and interest-free banking services, to the NBE within 30 working days of making the investment decision. This reporting requirement is designed to enhance transparency and enable the NBE to monitor investment activities effectively. Impact and Expert Opinions The new directive is part of the NBE’s ongoing efforts to strengthen the regulatory framework governing the banking sector. By promoting prudent investment practices and diversification, the directive seeks to mitigate risk exposure and ensure financial stability. Experts believe these measures will help banks focus on their core operations, such as debt financing and interest-free banking, while effectively managing investment-related risks. The move is also expected to encourage domestic lenders to increase their stakes in investment banks, brokerages, and other capital market operators, thus contributing to the growth and development of Ethiopia’s nascent capital markets. The NBE’s new directive represents a significant step towards enhancing the stability and soundness of the banking sector while fostering the growth of Ethiopia’s capital markets. By imposing clear guidelines and restrictions on bank investments, the directive aims to promote a balanced and diversified financial system that can support the country’s economic development.

Ethiopia Secures Critical Financing Assurances to Unlock New IMF Loan

Ethiopia Secures Critical Financing Assurances to Unlock New IMF Loan Addis Ababa, July 18, 2024 – Ethiopia has successfully obtained key financing assurances from its creditors, a vital requirement for unlocking a new loan from the International Monetary Fund (IMF). This development is a significant milestone in Ethiopia’s efforts to stabilize its economy and pursue necessary reforms, according to Bloomberg. Highlights: Creditor Commitments: Major creditors, including China and France, who co-chair Ethiopia’s official creditor committee, have provided the essential financing assurances. These commitments are crucial for the IMF’s loan approval process. Purpose of the Loan: The IMF loan aims to support Ethiopia’s comprehensive economic reform program, which targets debt sustainability, fiscal deficit reduction, inflation stabilization, and enhancement of foreign exchange reserves. The program is designed to foster economic growth and stability. Official Statements: Ethiopia’s Finance Minister expressed confidence in the IMF’s upcoming decision, emphasizing the government’s dedication to implementing rigorous economic reforms. “Securing these assurances is a critical step in our economic recovery journey,” the Minister stated. IMF Conditions: The IMF has made it clear that credible creditor assurances are a prerequisite for financial support. These assurances ensure that Ethiopia’s debt restructuring efforts are reliable and that the country can meet its future financial obligations. Economic Implications: Ethiopia’s economy has faced substantial challenges due to internal conflicts, the global economic downturn, and the lingering effects of the COVID-19 pandemic. The anticipated IMF loan is expected to provide essential relief, supporting Ethiopia’s efforts to rebuild and stabilize its economy. Next Steps: The IMF’s executive board will review the financing assurances and the proposed economic program before making a final decision on the loan. This process is expected to conclude in the coming weeks. Financial markets and the international business community are closely watching Ethiopia’s progress. The successful approval of the IMF loan could enhance investor confidence and signal improved economic prospects for the country. Securing financing assurances is a pivotal achievement for Ethiopia as it seeks international financial support. The impending IMF loan is set to play a crucial role in the nation’s economic reform and recovery strategy, potentially paving the way for sustained growth and stability.

Dashen Bank Reports a Profit of ETB 6.6 Billion

Dashen Bank Reports a Profit of ETB 6.6 Billion Dashen Bank, a prominent player in Ethiopia’s private banking sector, has reported a profit of ETB 6.6 billion for the fiscal year 2023/24, positioning it as a key competitor alongside Awash Bank. Established in 1995, Dashen Bank has demonstrated consistent growth, driven by strategic investments and operational efficiencies. According to the bank’s financial statements, it recorded a pre-tax profit of ETB 5 billion in the last fiscal year, representing a 31.9% increase compared to the previous year. This increase highlights the bank’s effective growth strategies and its ability to adapt to the evolving market conditions. Strategic Initiatives and Digital Transformation Dashen Bank’s recent performance can be attributed to several strategic initiatives. The bank has invested significantly in digital banking solutions to enhance customer experience and expand its reach. The introduction of mobile banking, internet banking, and other digital services has facilitated greater accessibility for customers, contributing to increased customer acquisition and retention. Expansion and Market Reach In addition to its digital initiatives, Dashen Bank has expanded its physical presence by increasing the number of branches nationwide. This extensive network has enabled the bank to access new markets and serve a broader customer base, combining the benefits of both physical and digital banking. Financial Stability and Risk Management The bank’s robust financial performance is also reflected in its strong capital base and liquidity position. Dashen Bank has maintained a healthy balance sheet, ensuring it can meet its financial obligations and support its growth initiatives. The bank’s prudent risk management practices have played a crucial role in maintaining financial stability and minimizing non-performing loans. Corporate Social Responsibility Dashen Bank continues to engage in various community development projects, focusing on education, health, and environmental sustainability. These corporate social responsibility (CSR) initiatives have enhanced the bank’s reputation and contributed to its overall brand image. In summary, Dashen Bank’s profit of ETB 6.6 billion for the 2023/24 fiscal year underscores its strong market position and effective growth strategies. The bank’s focus on innovation, expansion, and sustainability is expected to support its continued leadership in Ethiopia’s banking sector.

Ethiopian Airlines Implements New Policy on Air Ticket Payments for Travelers

Ethiopian Airlines Implements New Policy on Air Ticket Payments for Travelers Addis Ababa, Ethiopia – Ethiopian Airlines has announced a significant update to its payment policy for air tickets, effective immediately. The national carrier now requires that passenger tickets for flights originating outside of Ethiopia must be purchased in the currency of the country where the passenger begins their journey, or in hard currency, regardless of the place of ticket purchase. This policy change aligns with a new directive from the National Bank of Ethiopia and applies to all airlines operating within Ethiopia. The directive aims to streamline the financial processes related to air travel and ensure consistency in ticket purchases. Key Points of the New Policy: Currency Requirement: For flights originating outside of Ethiopia, tickets must be purchased in the local currency of the departure country or in a recognized hard currency. Local Purchases: For tickets originating from Ethiopia, Ethiopian nationals and foreigners holding a Resident Permit, Work Permit, Diplomatic ID, or Yellow Card issued by the Ethiopian government can still purchase tickets using the local currency (ETB). Foreign nationals buying tickets within Ethiopia will need to pay in hard currency. The airline has provided multiple channels for customers seeking more information or assistance regarding this policy change. Passengers can visit Ethiopian Airlines ticket offices, local travel agencies, or contact the Global Call International Centre at 6787 (locally). Additional details and support are available on the Ethiopian Airlines website at https://www.ethiopianairlines.com/aa/services/help-and-contact/Global-Customer-Interaction-Centre-numbers. In a statement, Ethiopian Airlines expressed regret for any inconvenience this policy update may cause and thanked its customers for their understanding and cooperation. About Ethiopian Airlines: Ethiopian Airlines is the flag carrier of Ethiopia and a member of the Star Alliance network. It operates a comprehensive international and domestic flight network, making it a crucial player in connecting Africa with the rest of the world. For more information about Ethiopian Airlines, visit their official website or contact their customer service for further assistance. 3 COMMENTS Pascal July 21, 2024 At 8:10 am Good morning… This agency is going downward.. I lost a bag that they are dening until today..almost a month.. I suggest y’all to don’t take it… Good morning… This agency is going downward.. I lost a bag that they are dening until today..almost a month.. I suggest y’all to don’t take it… Moges July 22, 2024 At 8:46 am Great Great Marisennayya Senapathy July 24, 2024 At 9:18 pm Thank you for having informed the useful information about the Ticket Booking etc. I am working in Wolaita Sodo University. If I want to Book Air Ticket online and I am facing the problem due to weak internet access here. While I want book Air Ticket I have to upload my Passport, Residential Permit etc but due to weak internet access and I was not successful in booking Air Ticket. How can I book the Air Ticket if this situation in Wolaita? What is further alternative to book the Air Ticket. You are encouraging the customers who will book the Air Ticket will get 10% reduced cost. I am looking for the more relevant answer to book the Air Ticket. Awaiting your reply. Regards Senapathy Thank you for having informed the useful information about the Ticket Booking etc. I am working in Wolaita Sodo University. If I want to Book Air Ticket online and I am facing the problem due to weak internet access here. While I want book Air Ticket I have to upload my Passport, Residential Permit etc but due to weak internet access and I was not successful in booking Air Ticket. How can I book the Air Ticket if this situation in Wolaita? What is further alternative to book the Air Ticket. You are encouraging the customers who will book the Air Ticket will get 10% reduced cost. I am looking for the more relevant answer to book the Air Ticket. Awaiting your reply. Regards Senapathy Comments are closed.

Awash Bank’s Pre-Tax Profit Jumps to ETB 14 Billion Amid Expansion

Awash Bank’s Pre-Tax Profit Jumps to ETB 14 Billion Amid Expansion Awash Bank Reports Significant Profit Growth for 2023/24 Fiscal Year Addis Ababa, Ethiopia – Awash Bank, one of Ethiopia’s private commercial banks, has announced a substantial increase in its profits for the 2023/24 fiscal year. According to the bank’s financial statements, Awash Bank reported a pre-tax profit of ETB 14 billion, reflecting a 42.85% rise from the previous year’s figure of ETB 9.8 billion. Financial Performance: Pre-tax Profit: ETB 14 billion, an increase of 42.85% from ETB 9.8 billion. Total Assets: ETB 224 billion as of June 30, 2023, up from ETB 95.6 billion at the end of June 2020. Paid-up Capital: ETB 14.6 billion, rising by 42.85% from ETB 10.2 billion. Growth and Expansion: Awash Bank, established in 1994, has expanded its operations to become a leading private commercial bank in Ethiopia. The bank now operates over 875 branches across the country and employs more than 20,055 individuals. The growth in profits and assets is attributed to the bank’s ongoing expansion and an increase in its customer base. Regulatory Challenges: The bank’s management indicated that profitability could have been higher if not for the credit cap imposed by the National Bank of Ethiopia. The central bank’s regulation, aimed at controlling inflation, restricts banks’ annual credit expansion to 14%. Market Position: Awash Bank’s financial results for the 2023/24 fiscal year underscore its capacity to adapt to economic changes and maintain a strong position in the Ethiopian banking sector. For additional information, please visit Awash Bank’s official website or contact their corporate office. Contact Information: Awash BankCorporate OfficeAddis Ababa, EthiopiaPhone: +251 11 557 7080Email: [email protected] About Awash Bank: Founded in 1994, Awash Bank is a prominent private commercial bank in Ethiopia, providing a wide range of financial services and products to individuals, businesses, and institutions. The bank is known for its extensive branch network and commitment to customer satisfaction. 3 COMMENTS Kemal Ebro July 20, 2024 At 4:47 am Awash bank Awash bank Habitamu Yizengaw July 21, 2024 At 5:31 am That is okay That is okay Elias July 21, 2024 At 9:11 am Wonderful Wonderful Comments are closed.