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Burger King to join Ethiopian market

Burger King, an American giant multinational fast food chain restaurant has teamed up with Belayab Foods Production, owner of Pizza Hut chain restaurants for its operations in Ethiopia. Aschalew Belay is a major shareholder of the Belayab group, now involved in a variety of business interest, including food, hospitality and in the automotive sector – the Kia brand, among others.

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Accor Hotels Group inks deal to bring Ibis Styles hotel to Addis Ababa

The French augmented hotelier, Accor Hotels Group, has agreed to bring in and manage Ibis Styles, a mid-scale brand as a fifth pipeline project in Ethiopia under its umbrella.
The property, costing USD 23 million, will open its doors by the end of 2023, and will have 150 keys (rooms) suitable for most young and middle class business travelers and executives, who would not mind spending USD 140 to 150 per room night.

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Ethiopian Banks Half Year Performance Report

Some private banks have stated out that their half year performance has improved compared to last year’s half year performance. Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year. Dashen Banks follows with 1.16 billion birr. Other banks have had an improved gross profit compared to last year’s performance.

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Africa Insurance Records 2.8 million birr loss for the 2019 / 2018 f.y

Ranked among the top three insurance companies two years back, Africa Insurance Company registered only the second loss in its quarter century existence.
The company registered a loss of 2.8 million Br, a drastic fall from the 59.1 million Br profit it made the preceding year. The loss translated into a huge fall in earnings per share that dropped to 16 Br from 334 Br.

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New car / vehicle excise tax rate for new cars to be reduced from 30% to 5%

According to the new changes to be introduced to the amendment, an excise tax levy which was proposed on imported new vehicles (cars with production dates not exceeding two years) and with engine capacity of 1300 horsepower and less was to be reduced from 30 percent down to 5 percent, according significant cost advantage to local car assembles and new car importers.

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Hidassie Telecom to re-start the bidding process for it’s Headquarter building construction

Hidase Telecom, a local telecom products and services distributor, started the construction of a mixed-use headquarters and business complex for an estimated half a billion Birr investment.

The headquarters, which will be built in the Hayahulet area will have 19 floors and four basement levels. To rest on 1,500Sqm of land, the building is planned to be completed within three years.

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