Ethiopia Economy

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Business news for Ethiopia week 46

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Short Business News from Fortune:

Demble City Centre might go on auction
The state-owned Development Bank of Ethiopia (DBE) has publicly threatened Yencomad Construction plc to put Ethiopia’s first and biggest city centre on auction if they do not horner the loan (186 million Birr) that was taken to build Demble City Centre.

Fertilizer have increased again in Ethiopia
Since 2004 the fertilizer prices have increased more than 600 % and have now reach a price level at 650 USD per ton.

NOC wins the 3 year fuel bid made by Ethiopian National Defense
NOC wines the bid from the last winner Total. It has a worth at 1.2 billion usd.

Short Business News from Capital:

Maersk Line to enter Ethiopia

The world biggest container shipping company Maersk with a world leading expertise in cooling transport has set out to help the flower industry in Ethiopia. By transporting the flowers in cooling containers instead of by air, Maersk is expecting to cut more than 50% of the freight cost, without any quality decrease. If their estimation is right then it will create a huge boom in the Ethiopian flower industry and the Ethiopian economic.

BMI is flying to Addis Ababa Ethiopia
BMI have started to fly to Addis Ababa 5 times a week. They will hopefully increase the completion for better quality and lower prices.

Short Business News from Guardian (Ethiopia):

Ethiopian Airlines have leased two cargo aircrafts
Ethiopian Airlines has expanded its air cargo capacity by leasing two B747-200F Boeing cargo aircrafts. They will be used to export flower to Europe and cars back to Ethiopia if you judge by the big ads for car transport in the Ethiopian news papers.