Israelis to Build Condominiums and Industrial Parks in Ethiopia
Ethiopia approaches Israeli Real Estate entrepreneurs: “Come to build our condominiums and Industrial Parks”.
Ethiopia calls Israeli investors to take part in the Ethiopian governmental scheme for the next 5 years, where 2.4 million new apartments will be built, out of which 900,000 units in the capital, Addis Ababa. In addition, 8 new industrial parks are planned to be built as part of the government’s policy for industrialism of the country.
AlefBet’s Planners representatives, one of the largest design groups in Israel, visited Ethiopia and the sites where those new neighborhoods and parks are to be built. They have also met the Ethiopian Urban and Development state minister. The hosts have expressed their desire for cost effective and high quality projects. In the last years, many projects were built by companies from the Far East. As the Ethiopians are not satisfied with the quality of the construction, they have decided to turn to the Israeli market.
Daphna Regev from AlefBet Group said: “Ethiopia’s economy is growing very fast, the construction sector reached more than 30% growth in the past two years. The average growth rate is expected to reach 11.6% per annum. This construction capacity is beyond the capacities of the local industry. The Ethiopian government is granting incentives such as land plots free of charge, fast track design, and more. Contrary to Europe, North-America and even Israel who have all experience saturation of construction, Africa is only at the brink of massive development.
AlefBet Planners have signed an agreement for cooperation with TIRET, one of Ethiopia’s mega construction groups, to bridge the local gap of knowledge in the fields of Hi-Rise construction, site and regional development, design and supply of supporting services to the community and more.