BuaNews

January 26, 2007

Addis Ababa

UAE Firm, Ethiopian Province to Build "Tourist City"

Oromia region in Ethiopia and the Indus Investment company of the United Arab Emirates (UAE), signed an agreement Thursday, to construct a 1.47 billion US dollar "Tourist City" in Oromia.

Chief of the Oromia State Abadula Gemeda and Indus Investment's chief executive officer, Ahmed Hilal Al Falahi, signed the agreement, set to boost development and employ about 12 000 people.

In terms of the agreement, the city, the first of its kind in the country, would be constructed on 38,197 hectares of land in the Abiyata Shalla area.

The city would have an airport, a school, a business centre and hotels, among others.

Mr Abadula said the planned city would significantly contribute to the economic development of the region and the country as a whole.

Various incentives have been provided to Insud Investment, he said, adding that the company should launch construction immediately.

Following the signing, Mr Al Falahi said the company decided to invest in Ethiopia because of the encouraging investment opportunities there.

The country is receiving positive worldwide attention as it hosts Africa Union Heads of State Summit and related events in the capital, Addis Ababa from this week until 30 January.

Delegates from across the continent global organisations including the United Nations and world football governing body FIFA have converged on the city.

African minister of foreign affairs are currently meeting to map out and discuss issues to be tabled at the 8th AU Heads of State Summit next week, under the theme "Science, Technology and Research and Climate Change."

UN Secretary General Ban ki-Moon is to address the African leaders on issues of continental and global importance, while FIFA President Sepp Blatter will address the meeting in connection with the launch of 2007 as the African year of football.

The declaration to make 2007 an international Year of African Football was taken in Sudan at last year's summit.

The summit will also elect the new chair of the AU and Bureaus of the Assembly.