The Kuriftu Resort and African Village, touted as the largest resort in the country, has officially opened its doors, promising to significantly boost tourism growth. Located in the suburb of Sharif, the resort features 163 rooms spread over 54 square meters, each designed to reflect the art, culture, and traditions of various African nations.

The inauguration ceremony was attended by prominent figures including representatives from the African Union, various ambassadors, and government officials such as Shimelis Abdisa, President of the Oromia Region, and Selamawit Kessa, Minister of Tourism. The event highlighted the government’s ongoing efforts to enhance the tourism sector through collaboration with private partners.

Tadiwos Getachew, CEO of Kuriftu Resorts/Boston Partners Plc, emphasized that this project is a testament to diaspora-led investments in Ethiopia. He stated, “This is more than a resort; it is a living tribute to the culture, community, and craftsmanship of Africa.” The resort’s unique African Village concept includes 54 individually designed villas that offer immersive cultural experiences.

The project is expected to create over 800 jobs initially, with potential for further employment opportunities as operations expand. The Kuriftu Resort aims to position itself as a premier destination for both local and international tourists, showcasing Ethiopia’s rich cultural heritage while providing world-class amenities.

As part of its offerings, the resort includes state-of-the-art conference facilities capable of accommodating large events and two restaurants that celebrate African cuisine. With its strategic location near Addis Ababa’s diplomatic and business hubs, Kuriftu Resort is set to become a key player in promoting Ethiopia as a top tourist destination in Africa.

The Ethiopian government’s fuel subsidies have significantly increased the debt of the Price Stabilization Fund, now totaling 133 billion birr over the past five months, according to the Petroleum and Energy Authority. Of this amount, 30 billion birr is attributed to subsidized payments, highlighting the growing financial strain on the government.

Sahrela Abdullahi, Director General of the Petroleum and Energy Authority, presented these figures during a session of the House of People’s Representatives. He noted that the failure to adjust oil prices in recent years has severely depleted the funds originally allocated for price stabilization. The fund’s reserves have dwindled from 58 billion birr to 133 billion birr in just five months of the current fiscal year.

Sahrela explained that despite stable global oil prices, the government’s losses have escalated. He stated, “The loss of 58 billion birr in July 2016 has now risen to 133 billion birr due to increasing debt from fuel subsidies.” This alarming trend was discussed during a session where lawmakers adopted a new bill aimed at regulating the trading system for petroleum products.

The new proclamation mandates that petroleum importers must prepare annual procurement plans based on national fuel needs and adhere to quality standards for imported products. Additionally, it imposes obligations on fuel distributors to maintain adequate reserves and build depots capable of holding significant quantities of fuel.

The authority also highlighted accessibility issues, revealing that over 500 districts in Ethiopia currently lack gas stations. To address this, regulations have been introduced to improve distribution networks and ensure better access to fuel.

Severe penalties have been established for violations related to petroleum product sales. Those found trading outside government-set prices or mixing fuels with foreign substances could face imprisonment of three to five years and hefty fines ranging from 300,000 to 500,000 birr. Similarly, storing or selling petroleum products outside authorized locations may result in up to three years in prison and fines between 350,000 and 500,000 birr.

The primary port operator in Morocco, Marsa Maroc, is set to make a significant investment in the petroleum port in Djibouti, where Ethiopia has expressed interest in acquiring a stake.

Marsa Maroc is expanding its presence on the African continent by establishing two new subsidiaries in Djibouti and Benin, according to various sources.

As part of a decision by the Moroccan government on January 6, Marsa Maroc plans to invest an undisclosed amount in Damerjog Oil FZE, a company responsible for constructing an oil and gas terminal in Damerjog.

To oversee this initiative, Marsa Maroc has established a subsidiary called Marsa Maroc International Logistics, which will manage a separate organization known as Marsa Djibouti.

This project aligns with Marsa Maroc’s objective of strengthening its role in the logistics chains of East Africa.

Reports indicate that the Marsa Maroc group is exploring new expansion opportunities, particularly through public-private partnerships for managing ports in other African countries.

Marsa Maroc International Logistics, which will supervise the company’s international investment projects, has a capital of USD 30 million.

In East Africa, Marsa Djibouti is expected to acquire a stake in Damerjog Oil Jetty FZE, which is responsible for developing and managing a petroleum terminal in Djibouti’s free zone.

The strategic location aims to capitalize on significant logistics flows related to the storage and reloading of petroleum products, especially targeting the Ethiopian and Djiboutian markets.

Ethiopia currently relies on the Damerjog port, a large construction complex located on the southern outskirts of Djibouti along the Gulf of Aden, to import petroleum products. These products are presently imported through Horizon, which is not fully equipped to serve the needs of the world’s most populous landlocked country.

It was noted that during a visit approximately five months ago, a team from the Ethiopian Petroleum Supply Enterprise (EPSE) requested alternative discharge ships for oil imports from Djibouti authorities, as the Horizon Djibouti Terminal was partially closed for repairs at that time.

The UAE’s Horizon Djibouti Terminal, opened in 2005 with an annual capacity of 4.5 million tons, is increasingly unable to meet Ethiopia’s growing demand for petroleum products.

In late 2017, transport ministers from both countries engaged in extensive discussions about constructing a new oil terminal to address Ethiopia’s rising needs for key commodity imports.

Additionally, Ethiopia has shown significant interest in acquiring a share of the oil port facility, based on negotiations held in previous years that culminated in a Memorandum of Understanding (MoU).

The recently established sovereign wealth fund (SWF), Ethiopian Investment Holdings, has been involved in negotiations with Djibouti authorities to secure a thirty percent stake in Damerjog Liquid Bulk Port, a state-of-the-art facility capable of accommodating the latest generation of oil tankers.

While no further progress has been reported, it was stated in late 2022 that the investment holding would secure the stake through EPSE, one of the 27 large public firms owned by the SWF.

Damerjog Liquid Bulk Port is projected to handle 13 million tons as part of the USD 4 billion Djibouti Damerjog Industrial Park.

Marsa Maroc’s financial performance reflects a strong market position, with profits reaching USD 85.2 million in the previous year, marking a 5% annual increase.

To support its expansion, Marsa Maroc recently secured USD 69 million in funding from the European Bank for Reconstruction and Development to enhance its terminal capacity.

The port operator, which is 25% state-owned and has Tanger Med Port as a 35% shareholder, continues to demonstrate its commitment to expanding its presence in Africa.

Ethiopia is taking significant steps to combat economic crime with the approval of a new legal framework aimed at recovering assets of unknown origin. The Standing Committee on Law and Justice Affairs has endorsed a draft proclamation that seeks to address the serious economic damage caused by illicit financial activities, which have hindered foreign direct investment and negatively impacted the country’s financial systems.

The new legislation focuses on recovering properties that have been acquired through illegal means. Under this proclamation, individuals must demonstrate that their assets or standard of living are proportionate to their legal income, or risk having their property classified as of unknown origin. If a person claims to have acquired assets from abroad, they will be required to provide proper bank receipts to prove that the funds have legally passed through the banking system. Failure to do so will result in those assets being deemed income of unknown origin, subject to confiscation.

The draft decree allows for legal action to recover properties acquired within ten years prior to the proclamation’s enactment. This includes provisions for confiscating assets without a prior conviction, allowing authorities to act against suspected economic criminals more effectively.

Individuals receiving inquiries from prosecutors regarding the source of their assets must respond in writing within one month, providing detailed descriptions and evidence of their properties. This initiative aims to close loopholes that have allowed economic crimes, such as money laundering and tax evasion, to flourish in Ethiopia.

The government hopes that this new legal framework will deter illegal activities and restore integrity to the financial system, ultimately fostering a more favorable environment for foreign direct investment and economic growth. As Ethiopia grapples with rising economic crime rates, these measures represent a critical step towards safeguarding the nation’s economic interests.