Dubai Company Partners with Ethiopia’s Access Real Estate

Soliton Holding Ltd, a Dubai-based company signed partnership agreement with Access Real Estate, an Ethiopian share company, agreeing to invest 2 billion birr in the coming few years. Managers of the two companies signing the agreement at the

Sheraton Addis April 24, 2012 - Photo- newbusinessethiopia.com

The agreements is said will enable the joint-venture to quickly engage in a representative market which has unmet demand of over half a million units in the Ethiopian capital alone. The partnership also aims to heighten the underserved real estate market in the capital, Addis Ababa both quality and quantity wise.

“We believe that this partnership is a nucleus of our future investment strategy in Africa,’ said Tariq Nabil Sobhi, managing partner at Soliton Africa.

“It is not just financial investment; it also includes providing know-how to boost the existing projects of Access. We will restructure Access together in the coming three months as we have big ambitions.”

He also noted that controlling cost, improving quality and preparing the joint venture for international business mainly in Africa by re-branding it, are the three main focus of the partnership.

The fast growth of the country coupled with political stability and the vision of the political leaders of Ethiopia are among the reasons that convinced the Dubai Company to enter Ethiopian market, according to Mr. Tariq, who believes that Ethiopia will be like Dubai in the coming two decades.

Access Real States Share Company’s Chairman Ermias Amelga on his part stated that the partnership is a strong signal for other international companies who has interest in Ethiopia and Africa. “We are now poised on a major growth….It didn’t happen easily, quickly or lately. But, It just happened,” Ermias, said elaborating on the partnership.

Currently Access Real Estate has 40 construction sites for building apartments, villas, and commercial buildings in different corners of Addis Ababa of which three have failed to meet delivery deadline due to various reasons, according to Ermias who promised to deliver 1,200 units in the coming 12 months.

The turbulence period of the sector which resulted in changes such as land titling, building procedures, permits and related issues are mentioned by the chairman as among the reasons for the delay.

Access Real Estate was established in February 2008 by 652 shareholders with a
paid-up capital of 34.8 million birr.

Soliton Holding is a Dubai based company with offices in Hong Kong, UAE, Germany and Africa. The company was founded to focus on five specific areas: Real Estate, Private Equity/ Financial Services, Energy, Healthcare and Trading.Source..NewbussinessinEthiopia.com