Ethiopia aims to triple its number of foreign visitors to more than 2.5 million by 2020, making tourism a pillar of one of Africa’s fastest-growing economies.
Buoyed by huge spending on infrastructure and an expansion of its services and agricultural sectors, Addis Ababa expects annual economic growth of around 11 percent for the next five years.
Though lacking the palm-fringed beaches and safari trails of neighboring Kenya and Tanzania, the Horn of Africa country boasts magnificent terrain and a fascinating imperial past.
Visitor numbers have risen at least 10 percent a year for the past decade. More than 750,000 tourists came during fiscal year 2014/2015, generating $2.9 billion for the economy, said Culture and Tourism Minister Amin Abdulkadir.
“There is a lot of demand in terms of bookings and investment plans. Our target is to receive more than 2.5 million in five years’ time,” he told Reuters in an interview.
“This sector will generate foreign direct investment and foreign currency and create job opportunities, as well as contribute to image-building.”
Hilton Worldwide Holdings signed a management deal on Wednesday to open its first hotel in Ethiopia in more than four decades, while sub-Saharan Africa’s first Marriott-branded serviced apartments have also been unveiled in the capital.
Sheraton, Radisson and Golden Tulip are among a handful of global groups already operating, and U.S. chain Best Western International Inc, France’s AccorHotels and Ramada say they are also working on new projects.
“We are a peaceful and stable country. Plus, we have the right policies and strategies,” said Amin. “It will not be long before we reach the levels of our neighbors.”
Source: Business & Financial News, Breaking US & International News | Reuters.com
- Hilton becomes latest hotel chain to tap Ethiopia’s fast growth
- AccorHotels signs deals to open three hotels in Ethiopia
- Ethiopia: The Addis millionaire’s club
- Hotel developers will invest billions of dollars in African projects over the next few years
- Fact of the Day: Addis Ababa has Africa’s highest hotel room rates
- East Africa’s second-tier cities hold untapped potential
- Days Inn and Ramada Hotels owner Wyndham to open hotel in Ethiopian capital in first half of 2015: Bani Haddad, Vice President, Middle East & Africa, Wyndham
- Ethiopia Commodity Exchange (ECX) considers adding stock & bond trading
- Sheraton owner Starwood plans to add as many as 20 hotels in Africa as travel demand rises
- France & Angola sign business deals from oil to hotels
- Tourism in Africa: On the rise but has not at its full potential
- World’s fourth-largest hotelier AccorHotels to open 50 hotels in Angola by 2017
- Starwood Hotels accelerates growth in Africa with seven new deals
- Bloomberg African Business Weekly: Afreximbank, PTA Bank, South African Private Equity, Powering Rwanda, & Agriculture in Gabon (Video)
- From chefs to musicians, talented ‘re-pats’ come back to build a modern Ethiopia
- Standard Bank opens Ethiopia office to cater to fast growing economy
- Nigeria’s Transcorp Hotels raises NGN 4.2B (USD 23M) from IPO
- Hotel development in Africa jumps 30% to 64,000 rooms for 2016
- Why Marriott’s Expansion in Africa Could Mean Long-Term Gains
- Work begins on the tallest skyscraper in Africa
- Pizza Hut Enters Ethiopia in Latest Expansion Into Africa
- Marriott Sees ‘Super Growth’ in Africa’s Three Biggest Economies: Alex Kyriakidis, President, Middle East and Africa, Marriott International
- Transcorp to expand hotel and power investments in Nigeria
- Inside Mauritius: The tropical paradise with a booming economy (Infographics)
- Investing in Africa – Nigeria vs East Africa: Malimu Museru, Senior Analyst, RisCura
- Hotel real estate sector in Africa set for strong growth: JLL
- Best Western continues Africa expansion with launch of first BW Premier Collection hotel on the continent
- Marriott International opens first Marriott Executive Apartments property in Africa (Photos)
- BON Hotels extends its footprint into Ethiopia
- Hilton to open hotel in Africa’s tallest development (Photos)
- Africa: A land of opportunity for property investors
- The top 10 most tourism-ready countries in Sub-Saharan Africa (Infographic)
- Made in Africa: Ethiopia positions itself as manufacturing alternative to China
- European Investment Bank Plans Africa Expansion Amid Growth
- African economies to grow by 4.4% in 2016, up from 3.7% in 2015
- EXEO Capital’s agribusiness Agri-Vie Fund II attracts over $100M in first close
- Why you should take chances: Marek Zmyslowski, Managing Director of top African hotel booking website Jovago (Video)
- First woman candidate for AfDB boss says Africa must retain wealth
- Into Africa: The continent’s Cities of Opportunity – PwC (Video, Presentation, and Report)
- Curio – A Collection by Hilton makes its Africa debut at Nigeria’s Murtala Muhammed International Airport