June 28th, 2010, 08:01 PM
Ye Kebele Chairman
Join Date: Aug 2008
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ADDIS ABABA | Hotel & housing from Qatar company | Proposed
Qatar company to invest in hotel and housing market
By Yohannes Anberbir
HOCHEIMY Enterprises, subsidiary company of AL Mamoon Group a giant Qatar company wants to jump into the hotel and housing business in Ethiopia. Nabih Hochieimi general manager of HOCHEIMY Enterprises visited Ethiopia last week and proposed a multimillion dollar investment license for a hotel business in Addis Ababa.
The manager talked with Capital about suitable business areas in Ethiopia.
Ethiopia is a stable country and a diplomatic core of Africa. There are many hotels in the capital city; however the sector doesn’t meet its demand, he said.
“My company has recognized the gap and is interested into constructing a congress palace hotel if the authorities can offer me suitable and appropriate land here in Addis Ababa”, he told Capital.
“I know how to work with Ethiopians because there are over 425 Ethiopian construction professionals working for my company which is currently undertaking expansion work for the Qatar Intercontinental Hotel at a cost of 200 million dollars” Hochieimi said.
The company also plans to engage in a low cost housing project. They say they will be able to provide housing at competitive prices especially with the rising housing costs. “I had been close to media reporting about Ethiopia since 1997 and my current visit to Ethiopia made me think more highly of the country,” the manager added.
“The good strategy of Ethiopia’s prime Minister has put the country in the international scene and dominant position in Africa, but the war against poverty and economic growth has just begun. he said based on his observation during his stay.
“Ethiopia needs devoted technocrats who are not concerned with internal political cuisine, who believe in the future of the country”, he said.
He advised authorities to see the benefit from the booming real state construction and road construction. He recognized the investor’s effort to engage in the housing construction but prices of many homes are not affordable to Ethiopians and quality of roads should be given serious attention.
When something more concrete comes from this, I will change the title of the thread...adding a location and a name to the project.
For now it is just a proposal.