The Ethiopian Army Foundation, in collaboration with UAE-based Reportage Properties, has officially launched a significant mixed-use development project in Addis Ababa. This expansive initiative will cover 23,000 square meters and feature a total of 1,086 residential units alongside approximately 15,000 square meters designated for commercial activities.
Project Details and Features
The new development will consist of two residential towers and will include various essential amenities, such as retail spaces, recreational facilities, and beautifully landscaped green areas. The groundbreaking event marked the commencement of a project that symbolizes the growing economic and investment partnership between Ethiopia and the United Arab Emirates.
Economic Impact and Job Creation
Martha Luwigi, the board chairperson of the Ethiopian Army Foundation, emphasized during the ceremony that this initiative will generate employment opportunities, enhance living conditions for local residents, and facilitate the transfer of cutting-edge construction technology and expertise. She underscored the significance of collaboration among governmental agencies, private enterprises, international investors, and development partners in attracting investment and enabling the exchange of knowledge and technology.
Commitment to Ethiopia’s Development
Aref Ismail Al Khoori, the Chairman of Reportage Group, expressed the company’s ongoing commitment to investing in Ethiopia and spearheading various projects. Reportage’s CEO, Andrea Nucera, pointed out that the company has already established a workforce of over 70 employees in Ethiopia and aims to function as a fully integrated Ethiopian business.
As a global player, Reportage operates in 25 countries and employs nearly 15,000 individuals worldwide. The company has successfully delivered more than 55,000 housing units, with an additional 45,000 units currently under development, signifying their robust presence in the real estate market.
The Role of the Ethiopian Army Foundation
The Ethiopian Army Foundation plays a crucial role in managing commercial and development investments for the Ethiopian National Defense Forces, with interests spanning real estate, agriculture, manufacturing, and hospitality. Operating under the Ministry of Defense, the foundation directs proceeds from its ventures to support welfare programs benefiting military personnel and their families.
This latest project further enhances the economic ties between Ethiopia and the UAE, as companies from the UAE make substantial investments in sectors including real estate, agriculture, logistics, and energy, thereby fostering a climate of collaboration and growth.