Sheikh Mohammed Hussein al Amoudi the Ethiopian born billionaire took over 80 percent of Near East Financial Corporation, a Switzerland based holding company that owns the Paul Ries group of companies with subsidiaries in Ethiopia and Djibouti for an undisclosed amount.

After they unsuccessfully attempted to secure five Fokker-50 planes from Ethiopian Airlines because private companies are not allowed to have aircraft with over fifty seats, National Airways Plc, a locally based private air service, announced it imported what will become the first private and commercial chartered helicopter in Ethiopia.

An Afri Print and Packaging Exhibition was opened here on Thursday. Some 28 local and foreign investors engaged in printing and packaging are taking part in the event.

Bethlehem Tilahun Alemu, founder & managing director of soleRebels, Africa’s fastest growing footwear brand, has been awarded the prestigious Most Valuable Entrepreneur (MVE) award during a special event at the 2011 Global Entrepreneurship Week [GEW] in Ethiopia.

A new building height regulation for Addis Ababa City will be implemented in the near future, the City Administration said.

Haset Wholesale Business Share Company, the first privately owned wholesale share company in the nation, sees an untapped opportunity in opening up the wholesale trade for foreign entities. The company is currently busy with a bid to carry forward its business operation in Saris and is floating shares throughout the country. This was expressed last week, on October 23, 2011 when the company held its shareholders general assembly at the Addis Ababa Exhibition Center.

Bekele Molla Hotels Plc, a renowned hotel chain established by the late Bekele Molla, has taken to court a company owned by members of the family, claiming 7.7 million Br.

Midroc Gold Mine Pvt. Ltd. Co. (MGOLD), a member of the MIDROC Ethiopia Technology Group Sheik Mohammed Hussien Ali Al-Amudi’s, is engaged in Mining and Exploration activities in Ethiopia, announced on Thursday July 7, 2011 that it has discovered a gold deposit of 33,000 kilogram in Benshangul Gumuz regional state of Ethiopia

An Ethiopian businessman has made a rare offer to acquire a property alongside Lake Langano, which has been a popular weekend hangout for middle and upper class Ethiopians and foreign nationals residing in Ethiopia for decades.

Ayalew Tesema, the founder and major shareholder of Ayat S.C. is at the Tikur Anbesa specialist hospital after suffering a heart attack and stroke while in a prison cell, Capital learnt. Ayalew was accused of 23 multiple counts including; tax evasion, money laundering, illegal banking and transferring tax free vehicles to third parties. He was arrested on March 7, 2010 and has been in prison for the last year and two months.