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06 October, 2007
The Dubai-based Injaz Plc is set to launch what will become the biggest ever single investment project the country has witnessed so far, Oromia Investment Commission Commissioner Alemu Sime told The Reporter .
The project involves virtually building a city with an investment outlay of 13 billion birr, according to the commissioner.
Dubbed a tourist city, the project includes building villas targeting high-, middle-and low- income clients, market and sport centers, airport, hospitals, guest houses and other facilities a tourist city incorporates.
The project will be constructed on a 38,000-hectare land at a site located around lakes Shala and Abyiata, some 200 kilometers south of Addis Ababa. The company has already secured the plot of land on lease basis from the Oromia Investment Commission, at an attractive price, according to the commissioner. It has also acquired additional four thousand hectares of land around the project site, where it will be constructing a plant that manufactures prefabricated housing materials.
Destined to become a tourist city and the first of its type investment in the country, the design of the project is already completed by a Chinese company Injaz Plc hired, according to the commissioner.
The commissioner said that the Ministry of Foreign Affairs played a crucial role in attracting the investment. “The investors have already carried out the feasibility study, and so far have been investing in other tasks associated with the project, including finalizing the design of the project,” the commissioner. “The company has as well shown the project to the shareholders.”
The project is expected to create job opportunities for over 20,000 people, some 12,000 of which will be hired on a permanent basis, according to the commissioner.
By Hayal Alemayehu - Ethiopian Reporter