By our staff reporter

Chef Marcus Samuelsson is set to open a new restaurant called Marcus Addis on the 47th floor of the Commercial Bank of Ethiopia building with the grand opening slated for December 20, while the soft opening will be held today November 19.

Known for his culinary innovation and multicultural influences, Samuelsson’s reputation as an acclaimed chef and restaurateur precedes him. With a background that blends Ethiopian and Swedish heritage, he gained recognition as the executive chef of Aquavit in New York City, earning three stars from the New York Times.

Samuelsson’s culinary empire encompasses various renowned establishments, including Red Rooster in Harlem and Overtown, Hav & Mar in Chelsea, and multiple MARCUS locations worldwide. He holds the distinction of being the youngest chef to receive a three-star review from The New York Times and has catered events such as the inaugural State dinner for the Obama Administration.

Dedicated to highlighting culinary diversity, Samuelsson curated a team of chefs for the 2022 Met Gala menu, showcasing accomplished women chefs. His accolades also include multiple James Beard Foundation awards and hosting popular culinary shows on platforms like Peacock and PBS.

Marcus Addis, Samuelsson’s latest venture, embodies his culinary expertise by combining international flavors with an Ethiopian essence. Located on the 47th floor of the Commercial Bank of Ethiopia building, the restaurant boasts a modern and chic interior design. Inspired by the vibrant traditions of Ethiopia, the ambiance features carefully curated artwork that immerses guests in an Ethiopian experience.

Speaking about the restaurant, Samuelsson told Capital his excitement for introducing Addis Ababa to the fusion of international cuisine and Ethiopian flavors. The menu at Marcus Addis offers a blend of globally inspired small plates and grand feasts, each dish crafted to celebrate culinary excellence and cultural fusion.

For Samuelsson, opening Marcus Addis in Addis Ababa holds special significance. Despite not being born in the city, it holds familial connections and represents a meaningful homecoming. The opportunity to be involved in a pioneering architectural project in East Africa adds to the excitement, as does the chance to work with aspiring young professionals and students in the culinary field.

When it comes to Ethiopian cuisine, Samuelsson emphasizes the importance of honoring its cultural heritage while infusing his own interpretation. He appreciates the global impact of Ethiopian flavors and ingredients and aims to present them in a contemporary and personal manner that resonates with the local market. Marcus Addis reflects a harmonious blend of tradition and innovation, paying homage to the past while embracing the present and future.

In the culinary creations at Marcus Addis, Samuelsson celebrates the essence of Ethiopian cuisine by incorporating fundamental elements such as injera, berbere, and authentic Ethiopian ingredients. While staying true to traditional roots, he also adds his own innovative touch, resulting in a cuisine that reflects his distinctive culinary vision and approach.

Oromia Insurance changes its trademark which it deployed for the last 15 years to mark the beginning of a new era that defines the strategic growth of the company.

In the rebranding launching ceremony held at Skylight Hotel on November 15, 2023, the insurer revealed that its new brand identity concept was geared towards making the brand a household name through attracting customers in a new and better way.

The new trademark which sourced its roots from traditional lifestyle with a blend of modern touch is made up of a ‘Borati’- a neck supporting tool used in the Oromo community when sleeping, amongst other uses.

The ‘Borati’ will now serve as the crest of the insurer to signal a new dawn of rest, assurance and peace of mind to its customers. Furthermore, the colour combination that was used in the new trademark, that is emerald and green symbolize balance and nature.

On related news, the company announced that it was able to collect 1.7 billion birr in premium income in the completed fiscal year, with its total assets reaching 3.8 billion birr while its paid-up capital topped 870 million birr.

By Eyasu Zekarias

Ethiopia pulses, oilseeds and spices processors exporters association reveal that Ethiopia being a member of BRICS will catapult their export business economics.

BRICS, which is an intergovernmental organization comprised of Brazil, Russia, India, China, and South Africa, with Ethiopia recently being placed in the mix, is expected to propel the country’s fortunes to greater heights.

As a result of the solidified bloc partnership, the Ethiopia pulses, oilseeds and spices processors exporters association have disclosed that, “Ethiopia joining BRICS will enable them to export their products to China and India in a better way.”

This announcement was made in the wake of the organization of the 12th International pulses and oilseeds grains Conference, and depicted BRICS as a pivotal piece in its business matrix.

According to the association, grain and oilseeds made up 82% of Ethiopia’s agricultural exports in the fiscal year 2022/23, for a total of 571 million dollars.

In the 2022/23 fiscal year, 147,205 tons of oilseeds were exported, earning 253,344,754 US dollars. As the association reported, 377,261 tons of grain products were exported and earning about $310,568,278.

The association announced that it has organized the 12th International Cereals and Oilseeds Conference on November 21 and 22, 2023. It is expected that more than 400 exporters and suppliers from over 100 international buyers will attend the event.

The conference is said to create a platform for business ties by connecting international buyers, agricultural product input suppliers, high government institutions and various service providers in one space, whilst also creating an opportunity to establish new business relationships.

The General Assembly has made the decision to increase the capital by Birr 1.08 Billion

By our staff reporter

Nyala Insurance S.C. (NISCO) has announced that its gross written premium exceeded Birr 1.3 billion, showing a 47% growth compared to previous achievements.

During the 29th General and 22nd Extraordinary General Meeting held on November 11, 2023, at the Sheraton Addis, Dr. Sara, the Chair of the Board of Directors, presented the company’s annual performance report to the shareholders.

She mentioned that despite the numerous challenges faced by the nation, NISCO has achieved outstanding results compared to the previous fiscal year.

The company’s total assets also reached Birr 3.8 billion, marking a 28.7% increase over the previous fiscal year.

Dr. Sara also noted that the company’s general and long-term insurance operations have generated a gross profit of Birr 303.6 million, marking a 15.4% increase from the previous fiscal year.

On the other hand, the shareholders have unanimously agreed to retain Birr 254.5 million from the net profit in order to increase the company’s paid-up capital to over Birr 1.08 billion. This move will make the company highly competitive in the industry.

Conversely, the company’s net claims saw a significant increase from 209.4 million to Birr 370.8 million. Consequently, the loss ratio for general insurance rose from 37% to 49% compared to the previous production period.

The chair of the board attributed the remarkable achievements in premium income to the company’s prudent underwriting practices and implementation of business innovations based on customer needs and demands.

Yared Mola, CEO of Nyala Insurance S.C., highlighted the company’s commitment to digital insurance services and introduced a groundbreaking five-year strategic plan called “DigiLeap”. The strategy primarily focuses on customer centricity, operational excellence, digital transformation, profitable growth, and blue ocean move as its core themes.

The company aims to streamline processes, enhance customer experience, and carve out a new market space, with a specific focus on underserved and un-served market segments.