Addis Park Development and
Management Plc (APDM), a subsidiary company of MIDROC Ethiopia, has launched
construction of a massive concert hall, beginning to bulldoze a 90,000sqm plot
located on Africa Avenue (Bole Road), in front of London Café. When completed at
the end of July 2007, according to schedule, the venue will consume an
investment of 10 million dollars and host a musical extravaganza in connection
with the Ethiopian Millennium, according to Abnet G. Meskel, coordinator of the
project and close confident of Sheikh Mohammed Ali Al-Amoudi.
It will be a modern concert
hall that is designed to accommodate 20,000 spectators, and comprises mobile
toilets to be imported from Italy, Abnet told Fortune. The design was
developed by a Dubai based architectural firm, PAG.
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CBE Threatens to Foreclose Properties of Tis Abay, Mina
Trading
The Commercial
Bank of Ethiopia (CBE) has threatened to foreclose properties put on
collateral against 100 million Br loans given 10 years ago to two
sister companies of Star Business Group.
In a letter it
issued on March 3, 2007, CBE’s Foreclosure Department warned
managers of Tis Abay Plc and Mina Trading Plc that failure to
restart servicing their debts within a month could compel it to put
a residential house, a warehouse and 100 trucks put as collateral on
the auction bloc. The two companies, both owned by Abebaw Desta and
Minwuyelet Atnafu, owe the Bank a little over 170 million Br.
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Fuel Reserves
Receive Forefront in Government Procurement
The National
Petroleum Depot Reserve Administration (NPDRA) is sitting with its
glass more than half empty, with the fuel reserves of the country
only amounting to 20 days when there is storage capacity for 82 days
worth of reserves. With this in mind the Administration has made a
1.3 billion Br budget request to fill the depots that are sitting
empty across the country with fuels and to complete lagging and new
depot projects.
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Lease Board Reclaims CBE Plot
The Addis Abeba Lease Board
has reclaimed a 7,000sqm plot which it had originally leased to the Commercial
Bank of Ethiopia (CBE) for the construction of the BAnk’s 30-storey
headquarters. The Board has instead offered CBE a plot across the street from
Ambassador Theatre in the Kirkos district.
The Bank protested the
decision in a letter written to the Board by Abi Sanu CBE president, and
requested it reconsider its decision. It said it would only settle for the
original plot, near Ethiopia Hotel in the same district, as is it is most
suitable for the envisaged project.
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NEWS
Science Agency
Lacking Funds for Tsetse Project
ESTA's plan to
eradicate the agriculturally devastating tsetse fly has run into trouble
as a one million dollar loan by ADB has been delayed. It is hoped that
more land can be devoted to productive purposes with the project.
Ministry, Comm’n Dispute over Prosecutor Corruption Case
The Ministry of Justice (MoJ)
and the Federal Ethics and Anti-Corruption Commission (FEACC) are in a dispute
regarding the trial of Yohanes W. Gabriel, former prosecutor of FEACC, who is
being tried by a federal court in connection with alleged corruption.
Wubshet
Berhanu (PhD), manager of the Addis Abeba City Caretaker Administration (AACCA),
left for China to discuss the designs of the new African Union (AU) Headquarters
produced by Chinese companies. The government of China pledged to finance the
construction of the headquarters for the continental body during the Forum on
China-Africa Cooperation in November 2006.
Mult-Million Br
Water Project Attracts One Local Firm
The Ministry of Water
Resources' (MoWR) new tender with lower qualification requirements for the
electro mechanical component of the Harar town water project attracted one local
firm. Seven companies, including the Ethiopian Yadot Business Group, have been
competing for this project with a close to 150 million Br budget.
Illegal Land Grabbing Allegations Lead 32 to be Detained
The Federal Ethics and Anti
Corruption Commission (FEACC) detained 32 people allegedly involved in illegal
exchanges of plots in the Addis Abeba districts. The detained include workers at
the City Land Administration and Development Authority (LADA) and five
districts. Chief among the suspects are also senior and line officers from the
Ministry of National Defence (MoND), Police Commission, members of the business
community and heads of district land administration departments.
Commission to Purchase Satellite Equipment for Upcoming Census
The Ethiopian Population
Census Commission will purchase satellite imagery equipment worth four million
pounds 69 million Br, which will be financed by a donation from the United
Kingdom (UK) Department for International Development (DFID). The satellite
equipment will be used for the Somali Regional State population census as part
of the upcoming national census.
Shortage of Inputs Brings Food Canning Plant to Halt
The sole manufacturer and
exporter of canned vegetables and grains in Ethiopia, Green Star Food Company,
has stopped production due to lack of inputs.
The company, located in Debre
Zeit, 45km southeast of Addis Abeba in the Oromia Regional State, had its first
successful export just this year. The 150,000 dollar deal with firms in the
United Arab Emirates (UAE) and Italy was made possible after its agro processing
machine, procured and installed at a cost of 74 million Br, started production.
Resident Doctors End Strike at Black Lion Hospital
A strike by
resident surgery and orthopaedic physicians of the Addis Abeba
University’s (AAU) Black Lion Federal Referral Hospital over night
duty payment ended amicably after the University agreed to meet
their demand.
The Maritime and
Transit Service Enterprise (MTSE) has begun a restructuring
programme including a management reshuffle following the
recommendations of a study by Mikir Plc, a local consultancy firm.
Mikir, the loan bidder in the consultancy tender, completed the
250-page document work four months ago.
Contrary to previous
trends, where only new cars were put on display, the fourth International
Automotive Trade Fair (IATF) went back in time to display cars from the 20th
century in addition to the current models.
