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Along with Chinese and Indians, Ethiopia could now witness a rush of investment from the Gulf, with the Dubai state investment company's $100 million hospitality venture getting a green light.
Limitless LLc, the real estate developer subsidiary of Dubai World - a multi-billion dollar holding company of the Dubai government - has reached an agreement with Addis Ababa city administration to lease two big plots to construct two five star luxury hotels.
The decision to invest in Ethiopia had been first taken after a delegation led by Sheikh Sultan Ahmed Bin Sulayem, chairman of Dubai World met Prime Minister Meles Zenawi in July 2008.
According to the business proposal, Limitless intends to erect a 250-room business hotel, 150 serviced apartments, as well as additional office space and food and beverage stores on the 30,525 square metre plot near the African Union headquarters site.
The second proposal is for a 200-room business hotel, 50 serviced apartments, cultural and entertainment centres, as well as offices, retail and food and beverage market spaces.
This is a 'doorway investment' for the Gulf giant because the delegation also announced its interests in receiving a management concession to operate the 761 kilometre Ethio-Djibouti railway lines and to install a pipeline for oil that runs from Djibouti to the Awash area, a few hundred kilometres east of Addis Ababa.
