Various businesses are showing increasing interest in buying shares of the 3 billion Birr Addis Africa International Convention and Exhibition Center (AAICEC).
The construction of the AAICEC is set to be completed in 2021/22. Kumneger Teketel, AAICEC Board Chair and OZZIE International Project Consultancy CEO tells The Ethiopian Herald that the project is going well. “By the end of this current Ethiopian year, we are hoping to finalize the basic finishing works of the project,” he says.
The successful completion of the project requires the strong commitment of the Board, and all project members, he adds. “As the project has attracted different sector actors, professionals, Diasporas, and CEOs, we are working with the utmost commitment to accomplish the construction on time.”
“Banks, members of the Ethiopian Diasporas, businessmen, as well as private and public organizations are showing increasing interest in buying project shares.” Besides, the Board of Directors is taking its responsibilities seriously. “We will soon launch promotional activities to attract the international market and customers.”
For his part, AAICEC General Manager Ayalew Abey says that AAICEC is a golden project for the country as it will not seek further investment once it is completed. The center is being constructed in three phases. CGCOC GROUP CO. LTD, a Chinese contractor, is in charge of the project and the first phase [concrete filling] of the project is already finalized.
The total budget of the first phase project alone is 1.2 billion. The selling of shares is the main source of finance for carrying out the project. So far, giant companies and 900 individuals have bought shares whose value is close to one billion Birr. With 700 million Birr worth of shares, the Addis Ababa City Government is the largest shareholder. The Commercial Bank of Ethiopia and the Ethio-South S.C (South African Diaspora Community) are the second and third largest shareholders with 150 million and 115 million Birr worth shares respectively.
The project’s completion will have a significant contribution to the country’s Meetings, Incentives, Conferences and Exhibitions(MICE) industry, he added. Currently, the country does not have a convention center that meets international standards. Thus, the construction of this project will bring with it tangible market and economic opportunities, he noted.
Upon completion, the convention center will have a greater contribution to building the positive image of the country, generating hard currency and attracting foreign direct investment. It will also reinforce the country’s business environment, particularly the aviation and hotel industries.
Different international companies had presented their request to take over the construction and ownership of the maiden convention center. But, local companies conjoin to make the project real, he indicated. Located in Saris square, the project is landed on 11 hectares. Upon completion, the convention center will have different facilities; auditoriums, amphitheatre, underground parking for close to 3,000 cars and other luxurious service centers.
The Ethiopian Herald, November 7/2019
BY TEWODROS KASSA
