Business News/borkena
January 2, 2017
Source : Capital
Legadadi, a small town 23 kilometers outside of Addis Ababa, is to have biggest resort in four years time, according to a report by Capital.
Seemingly, the project is a joint venture by local real estate developer from Ethiopia, who is throwing $150 million US towards the project, and Dusit Thani, a Thai company with its specialties in the sector. Dusit Thani is to manage the business once kicked off, suggests the report by Capital.
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Legedadi will have to give up 400,000 sqm of land for the construction of the resort. When completed, the property will have features like artificial lake, swimming pools and parking areas enough for 500 vehicles in addition to presidential suits, 380 rooms, café, restaurant and rooftop cocktail bar, among other things.
The construction is set to begin this year,indicated the report by Capital. Contractors from Ethiopia, China and Italy are bidding for the project which is expected to be financed by international banks, although Capital did not mention about the nature of financial arrangement with the banks. The project has two phases apparently and a golf course will be completed during second phase.
With growth in the number of tourists, unfortunately including sex tourism, resort business became visible in Ethiopia. Track legend Haile Gebreselassie owns one, Haile Resort, along the shores of Lake Awassa in Southern Ethiopia.
Oromia region of Ethiopia saw persistent popular protest nearly for a year until it was suppressed by unprecedented crackdown which led to tens of thousands of arrests following declaration of state of emergency in October 2016. Angered by dispossessed small scale farmers whose land was given to investors , protesters even destroyed factories and properties owned by foreign investors in towns like Sebeta -just outside of the west side of the capital Addis Ababa. It is not even a week since regime released thousands of prisoners who were arrested during the state of emergency in Oromia region.