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The Radisson brand enters Cape Town with the newly rebranded Radisson Hotel Cape Town Foreshore

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Radisson Hotel Group (www.RadissonHotels.com) brings the renowned Radisson brand to South Africa’s “Mother City” with the rebranding of Park Inn Cape Town Foreshore to Radisson Hotel Cape Town Foreshore. Strategically located just minutes away from the International Convention Centre (CTICC) and the famous Victoria&Alfred Waterfront, Radisson Hotel Cape Town Foreshore marks the Group’s third Radisson property in South Africa.

Positioned at the heart of Cape Town’s city center, Radisson Hotel Cape Town Foreshore is the perfect destination for travelers visiting South Africa’s oldest city for both business and leisure. The hotel’s prime location places it just a stone’s throw away from world-renowned tourist attractions and the bustling business district. Following an eight-month renovation, Radisson Hotel Cape Town Foreshore’s120 rooms now boast a fresh and modern decor that creates a relaxing environment for guests, as well as magnificent views of the prominent, Table Mountain and the city center.

Tim Cordon, Chief Operating Officer, Middle East, Africa and South East Asia Pacific at Radisson Hotel Group says, “We are thrilled to debut our rapidly expanding Radisson brand in Cape Town, which marks our third Radisson property in South Africa. With its strategic location nestled among the finest leisure attractions and business addresses and boasting one of the best rooftops in the city, it was a natural choice to refurbish and elevate the hotel to our Radisson brand standards. Radisson is renowned for striking the perfect balance between work and play, and we’re confident that our guests will experience nothing but the best during their stay at Radisson Hotel Cape Town Foreshore.”

Upon arrival, guests are welcomed to the newly re-energized reception lobby and foyer. Radisson Hotel Cape Town Foreshore is home to South Africa’s first Filini restaurant, following the restaurant’s success at Radisson RED London Heathrow airport. Filini offers a delectable dining experience of fresh, simple, and delicious Italian-style cuisine, from starters to decadent desserts. The restaurant’s open-plan kitchen creates a dynamic and interactive dining setting, while the hotel’s vibrant Harald’s Rooftop Bar&Terrace is the perfect spot to unwind and enjoy uninterrupted views of Table Mountain and the cityscape. The bar and terrace also feature a perfectly positioned plunge pool to complete the hotel’s rooftop experience.

“At Radisson Hotel Cape Town Foreshore, we are dedicated to offering our guests the perfect balance during their stay. Our new offering and amenities will bring added value to the Foreshore area, catering to both business and leisure guests, where from nearby or from abroad. We’re excited to welcome back our guests and provide them with an even better experience, thanks to our updated features and added comfort, designed to ensure our guests have a great night’s sleep and overall stay,” added Angus Spurr, General Manager.

Radisson Hotel Cape Town Foreshore offers a diverse range of business and meeting amenities to its guests, including versatile meeting and event venues, secure indoor parking, and complimentary access to a state-of-the-art gym. The 125-square-metre meeting space is elegantly designed and can accommodate up to 120 guests theater-style or 140 guests in a cocktail setting, and provide a perfect blend of functionality and sophistication, making them the ideal choice for hosting events and meetings.

Click for here (https://apo-opa.co/4aVeHwk) for more information and to book. 

Distributed by APO Group on behalf of Radisson Hotel Group.

MEDIA CONTACT:
Saadiyah Hendricks,
Area PR&Social Media Director, Middle East, Africa and the Mediterranean
Radisson Hotel Group
Saadiyah.hendricks@radissonhotels.com

Connect with Radisson Hotels on:
LinkedIn: https://apo-opa.co/4cYkxi1
Instagram: https://apo-opa.co/3UfBI7C
Twitter: https://apo-opa.co/4cYkyT7
Facebook: https://apo-opa.co/49EHoMX
YouTube: https://apo-opa.co/3Uf38dE

Connect with Radisson on: 
LinkedIn: https://apo-opa.co/49wpQm0
Instagram: https://apo-opa.co/3PZcBTW
Twitter: https://apo-opa.co/3xJgeac
Facebook: https://apo-opa.co/3UfBRYI
YouTube: https://apo-opa.co/49Fc7t0

RADISSON HOTEL GROUP:
Radisson Hotel Group is an international hotel group, operating in EMEA and APAC with over 1,320 hotels in operation and under development in +95 countries. The international hotel group is rapidly expanding with a plan to significantly grow the portfolio. The Group’s overarching brand promise is Every Moment Matters with a signature Yes I Can! service ethos. 

The Radisson family of brands portfolio includes Radisson Collection, art’otel, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn&Suites by Radisson, and prizeotel brought together under one commercial umbrella brand Radisson Hotels.  

Radisson Rewards (https://apo-opa.co/48eby8X) is Radisson Hotel Group’s loyalty program, which delivers an elevated experience that makes Every Moment Matter. As the most streamlined program in the sector, members enjoy exceptional advantages and can access their benefits from day one across a wide range of hotels in Europe, Middle East, Africa, and Asia Pacific.   

Radisson Meetings (https://apo-opa.co/49xBHAD) provides tailored solutions for any event or meeting, including hybrid solutions placing guests and their needs at the heart of its offer. Radisson Meetings is built around three strong service commitments: Personal, Professional and Memorable, while delivering on the brilliant basics and being uniquely 100% Carbon Neutral.  

At Radisson Hotel Group we care for people, communities and planet (https://apo-opa.co/3SC295s) and aim to be Net Zero by 2050 based on the approved near-term Science Based Targets. With unique solutions such as 100% carbon neutral Radisson Meetings, we make sustainable hotel stays easy. To facilitate sustainable travel choices, all our hotels are becoming verified on Hotel Sustainability Basics. 

The health and safety of guests and team members remain a top priority for Radisson Hotel Group. All properties across the Group’s portfolio are subject to health and safety requirements, ensuring we always care for our guests and team members. 

For more information, visit our corporate website (https://apo-opa.co/42k6te0).  

ABOUT RADISSON:
Radisson is an upscale hotel brand that offers Scandinavian inspired hospitality, which enables guests to find more harmony in their travel experience. With natural surroundings and unexpected delights, Radisson inspires the art of being in the moment. We are committed to helping our guests find the right balance for their stay, removing the discomforts travelling may bring and enabling them to switch off and relax, using our Yes I Can! attitude to ensure satisfaction of every guest. Radisson hotels can be found in suburban and city settings, near airports and leisure destinations. Guests and professional business partners can enhance their experience with Radisson by participating in Radisson Rewards, an international loyalty program offering exceptional benefits and rewards. 

Radisson is part of the Radisson family of brands, which also includes Radisson Collection, art’otel, Radisson Blu, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn&Suites by Radisson, and prizeotel brought together under one commercial umbrella brand Radisson Hotels. 

For reservations and more information, visit our website (https://apo-opa.co/3SkREDo). 

Court rules in favor of Al Amoudi in Bole Tower dispute

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Court rules in favor of Al Amoudi in Bole Tower dispute

In the ongoing legal saga between billionaire Sheikh Mohamed Ali Al Amoudi and his ex-partner and close friend Abinet Gebremeskel, a judge has ruled in the tycoon’s favor in relation to the Bole Tower PLC case.
The plaintiff, Abinet, filed a charge with the Federal First Instant Court Commercial and Investment Bench in September 2021. The complaint demanded that Al Amoudi, the defendant, resign from the firm or that it be dissolved, as Abinet owns forty percent of the company that was founded approximately 22 years ago.
In his filing, Abinet stated that he disagrees with the defendant, who has filed multiple charges in different benches, and that he played several important roles in the company’s expansion while serving as general manager.
He also added that he has personally invested in order to complete projects. He asserted that the defendant ought to vacate the share company or the court ought to rule that the firm must dissolve in accordance with the recognized legal process in the nation.
The defendant contended that dissolving the company would harm the national interest and also argued that his exclusion from ownership should not be enforced.
Instead of dissolving the company, he contended, the plaintiff should be excluded from the company or sell his ownership position.
Additionally, Al Amoudi filed a lawsuit against the plaintiff, alleging that Abinet was responsible for the disappearance of company legal documents, such as the memorandum of association, from the local government administration and for the unauthorized transfer of ownership of a land parcel and other properties at the investment site.
In his charge sheet, the defendant also said that the plaintiff obtained a 425 million birr loan from Dashen Bank in the company’s name, but that he misused it and transferred it to himself, his friends, and family, harming the company’s interests.
Additionally, he stated that the plaintiff was supposed to incorporate the 2,000 square meter parcel of land as business property, as per the company’s memorandum of association, but he did not.
He maintained that the plaintiff had obtained a title deed in his own name in opposition to the terms of the company’s memorandum of formation.
He argued that the court should bar the plaintiff from ownership of the business by their decision.
The plaintiff, on his part, argued that, aside from the 2,000 square meters he claimed to be in accordance with the memorandum of association, he intended to include two plots of land of 3,383 square meters and 1,971 square meters that belong to him, and that there is no legal basis to include them in the company.
The court that convened on Monday, April 8, rendered a ruling that rejected the plaintiff’s demand that the defendant quit the firm or dissolve it.It reminded me of the recent ruling by the Federal High Court that stated Abient personally did not own the properties, but rather the Share Company did. In regards to the defendant’s expulsion from the share company, the First Instant Court concluded that the plaintiff had not provided a reasonable explanation and therefore the defendant would remain a shareholder in Bole Tower plc.
The plaintiff, who served as general manager of the firm for 20 years, was accused by the defendant of improperly leading the business, not paying his share payment as stated in the company’s memorandum of association, dishonestly altering the title document, and committing other unlawful acts.
Furthermore, the defendant requested that the plaintiff be prohibited from owning any shares in the business. The court made a final decision, ordering the plaintiff to leave the share company and allowing the defendant (Al Amoudi) to remain the company’s owner, taking into account the verdict of the Federal Higher Court and the decision of the First Instant Court in other related cases.
Very recently, the First Instant Court has issued a verdict on Abinet’s removal from the position of general manager at the company.
The court, which dismissed the defendant’s argument that Abinet had not fulfilled his commitment to contribute shares, also stated that Abient would receive his entire interest from the company upon his departure.

Banking sector faces liquidity risks due to high depositor concentration, Central Bank Report Warns

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Banking sector faces liquidity risks due to high depositor concentration, Central Bank Report Warns

The financial sector is said to be threatened by a significant depositor concentration in the banking sector.

A new report launched by the National Bank of Ethiopia (NBE), a central bank, aims to address risks and promote financial stability in Ethiopia.

The report, ‘Financial Stability Report’, examines developments and risks in Ethiopia’s economy in general, and in the financial sector in particular. It evaluates the risks that the financial sector, including the banking industry, faced in the fiscal year that ended in June of last year.

It states that the high concentration of deposits and the difference in maturities between deposits and loans may create liquidity risk in the banking sector, despite the existing high liquidity ratio.

According to the report, at the end of June 2023, 56.3 percent of the total banking sector deposits were held by only 0.5 percent of the total banking sector depositors. “In addition, the liquid assets of banks only included a small share of high-quality liquid assets (cash).”

“As a result, some banks were facing real-time transaction-level liquidity shortages,” it added.

The report elaborates that the liquidity stress test considers the aggregate impact on the banking sector liquidity if the top ten depositors in each bank suddenly withdraw all their money.

It states that the stress test results show that the banking sector liquidity ratio would fall from 24 percent in the pre-shock situation (based on data as of the end of June 2023) to 13.0 percent, slightly below the 15 percent regulatory minimum requirement.

However, some of the banks would be in a worse situation than the industry average. “Even though the systemic bank, Commercial Bank of Ethiopia (CBE), shows resilience to the shock, 18 banks would fail to meet the regulatory minimum requirement – four medium-sized banks and 14 small banks.”

These results suggest that many Ethiopian commercial banks are highly sensitive to liquidity risk from sudden withdrawals by a few big depositors. The banking industry has also become more sensitive at the end of June 2023 than in the previous year.

The report also reveals that the banking sector’s loans and advances are concentrated in the hands of a few large borrowers.

It states that the top ten borrowers from the banking industry held 23.5 percent of total loans and advances of the banking industry at the end of June 2023, a significantly higher share than a year earlier, which was 18.7 percent.

The report said that even though borrowers with an individual credit exposure of above 10 million birr constituted only 0.5 percent of the total, they held almost three-quarters (73.7 percent) of the entire banking sector loans – again, a higher share than the year before. Virtually all loans (99.8 percent at the end of June 2023) were held by borrowers from urban areas.During the same period, the ratio of loans to deposits rose by 0.9 percentage points to 60.6 percent. Meanwhile, the ratio of loans and bonds to deposits dropped slightly to 90.3 percent. “This is still very high, though, and suggests that nearly all depositors’ money is held by borrowers rather than being liquid assets, which could lead to a liquidity problem under unfavorable circumstances.”

Total deposits at end-June 2023 reached 2.2 trillion birr, accounting for 24.8 percent of GDP, while the total loans and bonds of banks amounted to 1.9 trillion birr, representing 21.7 percent of GDP. Total bank deposits grew by 24.6 percent, reflecting rapid growth in both saving and time deposits. Similarly, loans and bonds grew by 24.3 percent. However, GDP increased at a faster rate than the share of deposits, causing it to decrease from 28.2 percent in the previous year to 24.8 percent by end-June 2023. The share of loans and bonds also decreased from 16.0 percent to 14.3 percent.

Total assets of commercial banks reached 2,845.9 billion birr by end-June 2023, marking a 19.9 percent increase from the previous year.

By end-June 2023, the total assets of the financial sector amounted to 3.12 trillion birr, which was 20.4 percent higher than the previous year. These assets accounted for 35.8 percent of GDP, compared to 42.1 percent at the end of June 2022.

Tighter regulatory standards on credit and deposit concentration risks are necessary, given the high concentration of loans and deposits. NBE intends to mitigate market risks by implementing prudent measures and enhancing governance standards and practices.

The report classified commercial banks into three categories based on their assets: large, which includes only CBE; medium, which includes five banks (Awash, Abyssinia, Dashen, Hibret, and Cooperative Bank of Oromia); and small, which includes the remaining financial firms.

Access to Safe and Clean Water is a Right for All!

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Buliisa District is home to a population of more than 120,000 individuals. Overall, the water access rates in Buliisa vary from 19 % in Butiaba Sub-County to 95 % in Ngwedo Sub-County.

Access to safe and clean water is a fundamental right. Yet, limited resources and the geographic spread of communities make water access challenging for many.

Buliisa District in particular is known to struggle with surface and untreated water and, in most cases, residents must travel long distances to access clean water. This has increased risks of waterborne diseases and unsafe situations for women and children travelling to the water areas.

Addressing these challenges requires a multi-pronged approach focused on repairing non-functional boreholes and installing new ones in critical areas to immediately improve water accessibility. Simultaneously, investing in simple and sustainable water purification and monitoring technologies to improve water point functionality and safety.

The success of such water projects relies heavily on collaborative efforts among stakeholders achieved by adopting technological innovations for monitoring and maintenance while simultaneously instilling a culture of sustainability within the community.

SLB, a global technology company operating in Uganda (and formerly known as Schlumberger), recently embarked on a water stewardship project across its operating areas in Africa. Their objective is to develop, implement, and monitor projects that successfully respond to SLB’s commitment to Climate Action, People and Nature and to make an impactful contribution towards the United Nations (UN) Sustainable Development Goals (SDGs).

The company selected the Buliisa Borehole project among three others across East Africa in a bid to provide safe and sustainable water systems to the communities where they operate and as a strategic response to SDG 6 in the region.

Working closely with the local authorities, and community stakeholders, SLB identified 11 – Boreholes across 8 villages in Buliisa District that needed new construction and rehabilitation. They also expanded their support to education and awareness-raising initiatives focused on water conservation and hygiene practices, which will play a pivotal role in ensuring the long-term success of such water supply initiatives.

This is in addition to establishing water and sanitation committees and self-help groups to encourage locals to take ownership and responsibility for water resources.

Empowering residents to maintain water quality and manage resources effectively are essential and foster a sense of stewardship and commitment towards sustaining the improvements of water supply initiatives. These collaborative efforts lead to long-term positive impacts on the community’s access to safe and clean water.

Distributed by APO Group on behalf of SLB.

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