China Civil Engineering Construction Corporation (CCECC) and DMC Trading PLC have signed an agreement for the construction of Five Star Hotel, Mall and Apartment in the heart of Addis Ababa with a cost of 14.2 billion Birr.
CCECC General Manager in Ethiopia, Guo Chongfeng and DMC Trading PLC CEO, Dereje Habtamu signed the agreement on Saturday.
Speaking on the occasion, Chongfeng said as Addis Ababa is known as the “Political Capital of Africa,” its growing number of business travelers, multinational organizations and foreign investors are driving the demand for quality accommodation.
Noting that CCECC entered Ethiopia in 2012, he said “since then, we have enjoyed mutual growth with Ethiopia. Ethiopia is where we grow, Ethiopian prosperity is what we wish for, and Ethiopian people are who we care about. The friendship between Ethiopia and China is just like our company’s name “CCECC”.
Appreciating Ethiopia for giving trust to CCECC to construct the Addis Ababa-Djibouti Railway, he stated that “We knew how important that railway was to you, a rail of equality, a way of prosperity. To contribute to Ethiopia’s economic growth, CCECC went on to build five industrial parks and dozens of other projects. We fulfill all contracts with integrity, quality and efficiency.”
DMC Trading PLC CEO and owner Dereje Habtamu, who has been living in USA for 15 years, said he come to invest in Ethiopia following the call made by Prime Minister Abiy Ahemed to all Ethiopian Diaspora to engage in development activities in their home land.
According to him, the Five Star Hotel, Mall and Apartment (Mixed Use Building) project to be built with an outlay of 14.2 billion Birr will be completed within 3-4 years.
The investment project is expected to create jobs for many citizens in addition to strengthening the development of tourism industry in the country.