Oromiya Insurance Share Company, one of the youngest insurers made plans to double their capital at the 7th annual meeting held at Hilton Addis Ababa.
Requests to buy additional shares from the shareholders, strengthening the financial capacity of the company to compete in the industry, and to begin the construction of the headquarters were also addressed at the meeting.
“We needed to double our capital in order to put the company at the top insurers and able to engage to invest on reliable investment opportunities in the country,” according to the board chairman of the company Abera Bekele.
According to the company, the major motive for doubling the capital is to begin the construction of the new headquarter, before the deadline given from the city land management office that will end in September.
“Scaling up the capital is mandatory as we can’t build the headquarter with the existing capital” adds Abi Sano Board member of the company.
The company has already secured 3004sqm of land in front of Wabi Shebelle Hotel to build its head quarters at a cost of 2.2 billion birr. The 35 story building is expected to be awarded to a contractor soon.
Though, the company took ten years to reach the current 250 million birr paid up capital, shareholders unanimously agreed to increase the capital to 500 million birr in a year.
Shareholders mandated that the board of directors decide on a timetable to sell new shares and give them a value based on Commercial Law Article 54.
Oromiya Insurance was established in 2009 by the major shareholders of Oromiya Cooperative Bank, Oromiya International Bank and Oromiya Coffee Farmers’ Cooperative Union and over 878 shareholders.
Oromiya Insurance unveils ambitious plans
Enel likely to sign contract with EEP by the end of July
Enel green power, an Italian multinational firm hopes to sign the final contractual agreement with Ethiopian Electric Power to begin developing the Methara solar project by the end of next month.
Enel green power was awarded the Methara solar project back in 2017 as a preferred bidder with Orchid Business Group, a local Ethiopian infrastructure company, to build and operate a 100 MW photovoltaic (PV) capacity plant, in Methara area which is some 200 km east of the capital, Addis Ababa.
The company will be investing approximately 120 million USD to build the solar PV plant.
“It’s been a big delay for two years, but we are not surprised because it is the first project and the first one is always challenging,” said Antonio Cammesecra president of CEO of Enel Green Power.
The solar park will be supported by a 20-year power purchase agreement (PPA) with EEP for all of the energy generated by the plant.
“The delay of the Methara project occurred due to technical evaluation, design and studies in connection with environmental impact assessment,” said Sileshi Bekele Minister of Water, Irrigation and Energy.
“Methara Solar Project will be the foundation as no other solar projects are installed so it will pave the way for getting experience, knowledge, technical skills and expertise,” Cammesecra added.
According to Energypedia.info Ethiopia receives a solar irradiation of 5000– 7000 Wh/m² according to region and season and thus has great potential for the use of solar energy. It offers tremendous opportunities to suppliers worldwide, having among the strongest solar resources in the world. In particular, the region offers excellent potential for concentrated solar power and concentrated photovoltaic systems.
Ethiopia has pipeline projects in solar generation as an alternative renewable resource. Ditcheto and Gad are expected to generate a combined capacity of 250MW.
According to the study conducted by RES4Africa foundation, Ethiopia has an installed capacity of generating 5300 MW only from solar energy resource by 2030.
Enel group is present over 30 countries worldwide and involves in distribution of natural gas apart from engaging in generation of renewable energy sources. It also conducts researches and explores the implication of global challenges in energy domain and invests around 700 million Euros in Africa and building 900 MW of wind and solar capacity as of 2019-2021 strategic plans.
Recently the government has awarded 12 solar energy development projects to three Chinese and one Spanish firm with an estimated cost of 10.3 million USD that will be distributed across the country.
The Ethiopian Government is expected to collect nearly 12,000 MW of new hydro, wind, geothermal and solar capacity in the second edition of GTP in partnership with the private sector, with the aim of meeting the country’s electrification needs while diversifying its generation mix in line with the government’s energy plan for the years up to 2020.
According to Cammesecera the company expects to finalize the project with a year to connect to the national grid.
SHOTS FELT AROUND THE WORLD
“Ethiopia shall come into her own again…the nation by the people, to the people, and for the people will triumph again.” Tsegaye Gebre-Medhin
This week I write from Tampa, Florida, a near seaside city and melting pot of people from all around the world, including Ethiopia. It is where I attended Kidist Mariam Ethiopian Orthodox Church before moving to Ethiopia in July 2005 and it is from here and from everywhere, for that matter, I’ve received questions with deep chagrin and offering of prayers for Ethiopia during this sad time. We left Kingston on the same note with our final interview questions on “The Africa Running African” radio show with Ka’Bu Maat Kheru asking Artist Merid Tafesse and I about the coup attempt. Naturally, best hopes for Ethiopians to dwell in peace and safety were also expressed. As Creatives, one of our roles is to share thoughts that express people’s emotions and aspirations. Ethiopian poet, Tsegaye Gebre-Medhin penned the following twenty years ago, “The peasant, the patriot, the soldier, the traitor, the housewife, the priest, the sheikh … It is from them that I learn about my country and people. And generally their comments are accompanied by tears; their stories are mostly melancholy; their memories are bitter and tragic. It is that which I reflect in my writings. That is why my plays dwell on tragedy.”
I borrow a leaf from the Laureate’s book for the purpose of this article to share the lament of the cab driver, artist, chef, teacher, student etc. who are among the concerned, curious and connected; wanting to know more about the traumatic and dramatic situation unfolding in Ethiopia. Art imitates life and life imitates art, and story lines of triumphs and tragedies, seemingly influenced by Ethiopian narratives, continue to be relevant, real and felt worldwide. I think back on literature; Shakespeare’s Macbeth, Eugene O’Neil’s Emperor Jones, and most recently Stan Lee’s Black Panther set in mythical Wakanda. Stories of power struggles and attempted coups filled with subplots from envy to entitlement and everything in between reflect many of the real life scenarios which historically and recently unfolded in the land of St. Mariam. We all know these issues are deep seeded, dynamic and filled with colorful characters with no shortage of internal and external forces. But prayers, positive acts of good will and love are still an essential and welcomed part of re-building trust and fostering hope for Ethiopia, a shared sentiment in the African Diaspora.
Over sixty years ago African American poet, Langston Hughes wrote, “Call of Ethiopia”. It is still relevant with sentiments reflecting the notion that Ethiopia’s victories are the victories of all black people. I share Langston Hughes’ poem.
CALL OF ETHIOPIA
Ethiopia
Lift your night-dark face,
Abyssinian
Son of Sheba’s race!
Your palm trees tall
And your mountains high
Are shade and shelter
To men who die
For freedom’s sake —
But in the wake of your sacrifice
May all Africa arise
With blazing eyes and night-dark face
In answer to the call of Sheba’s race:
Ethiopia’s free!
Be like me,
All of Africa,
Arise and be free!
All you black peoples,
Be free! Be free!
Twenty years ago, Laureate Tsegaye, connected the dots further regarding the role and relationship between Ethiopia and the world in an article by Wendy Laura Belcher published in the Ethiopian Review October 1998. Belcher asked, “If we had someone here with us today…who had many Western ideas about Ethiopia, what would you tell … to give an idea of Ethiopia’s historical importance and role?” The poet responds, “You shall know the truth and the truth shall set you free. The cradle of man is here, the beginning of man is here, there is no refuting that. Archaeologists, geologists have dug everywhere and they have come up with the bones to prove that man started here. And that man was not sleeping, from the moment he was created he started creating. The heritage of that man, of the ancestor, is the heritage of the world. You don’t begin knowing yourself halfway. You don’t start from Europe, because Europe started from Africa. It started in Ethiopia and Egypt.” I close with grand applause for the Laureate’s retort to WLB’s ‘what about …recent Ethiopian history’ a an answer applicable today, “Ethiopia shall come into her own again. Democracy shall triumph. The law will have the upper hand, not tribalism. With the law and with democracy, the people shall have the upper hand. We are suffering, we suffer because of littleness and because of greed, imperial greed, the partitioning again of Africa. But empires who consume with blind greed have throughout history been consumed by the power of the people. The Greeks have, the Romans have, so have many empires. But the nation by the people, to the people, and for the people will triumph again.” Long Live Ethiopia! #Ethiopiamatters
Dr. Desta Meghoo is a Jamaican born Creative Consultant, Curator and cultural promoter based in Ethiopia since 2005. She also serves as Liaison to the AU for the Ghana based, Diaspora African Forum.
Your guide to NYUAD Arts Centre’s 5th season: from an Ethiopian circus to Syrian dance troupe Sima
It is tough to imagine Abu Dhabi’s cultural landscape before the arrival of NYU Abu Dhabi Arts Centre in 2015. Its annual season of events, comprising of concerts, exhibitions and performances, not only made the capital a destination for those seeking thoughtful art, but the centre also played an instrumental role in building a tight knit community of culture lovers.
For the fifth season, the centre returns with a hefty programme exploring culture and tradition, in addition to providing a platform to a new generation of regional and international talent.
Running under the theme of ‘connection’ and inspired by the Year of Tolerance, artistic director Bill Bragin says the centre’s offerings are built on the back of a strong network of cultural partnerships.
“In the relatively short period of time since we’ve opened, we’ve built terrific collaborations with a wide number of partners in the government and in the country’s cultural and diplomatic communities, and we’ve watched a diverse audience embrace our adventurous approach to programming,” he said.
As well as performances by Scotland’s innovative theatre company Vox Motus and the esteemed troupe Circus Abyssinia, the festival will bring back the much loved world music extravaganza, Barzakh Festival in an expanded format.
This year’s edition features South African funk group BCUC and future Rai music star Sofiana Saidi. With more than 100 performances, including three world premieres and 14 UAE debuts, there is a lot to unpack regarding the latest season, so make sure to check out the website for the full program.
But, here are our highlights: the opener is on September 5, with the season stretching out until the first quarter of 2020.
Opening night: Ethiopian Dreams by Circus Abyssinia
Storytelling, acrobatics and pulsating music come together in the Middle Eastern debut by Ethiopia’s Circus Abyssinia. Performing on September 5 and 6, the troupe from Addis Ababa will present a fast-moving production that will not only thrill audiences with the obligatory death-defying routines, but also enchant with a tale following two brothers in search of adventure.
The show will also be full of the mesmerising rhythms that make up Ethiopian folk music, so bring along your dancing shoes as well.
A world of dance: Asnaf by Sima Dance Company and tribute to Merce Cunningham
The development of Sima Dance Company can only be described as inspiring. Founded in the Syrian capital Damascus in 2003 by renowned choreographer Alaa Krimed, the group moved to a Beirut Studio in 2012 and assembled a formidable troupe that went on to win the television contest Arabs Got Talent the following year.
Now based in Dubai, they have been commissioned by the NYU Abu Dhabi Arts Centre to present the world premiere of Asnaf. Running on August 23 and 24 and inspired by the work of Canadian philosopher Alan Deneault, the show explores the relationship between consumerism and populism.
In another show, one of the masters of 20th century dance choreography will be celebrated on stage. In a collaboration between director Robert Swinston and France’s National Centre for Contemporary Dance/Angers, two of Merce Cunningham’s masterpieces, 1999’s multi-media production Biped and 1965’s How to Pass, Kick, Fall & Run,will be performed on October 30.
The beat goes on: Barzakh Festival and other concerts
The Barzakh Festival is fast becoming the region’s best world music gathering. The fourth edition (to run in the first quarter of 2020) will be in full festival mode with six live performances taking place nightly across three separate stages.
This means a lot of evocative music on the way. Announced already are BCUC, who through their electrifying live shows and socially conscious lyrics provide a soundtrack to a changing South Africa. They will be joined by Bokante, a world music crew led by Michel League, the Grammy-Award-winning multi-instrumentalist behind the much-loved jazz collective Snarky Puppy.
Also on the way is Tunisian producer Ammar 808 who will bring his north African infused electro beats, Algeria’s Rai singer Sofiane Saidi and Cuba’s La Dame. The latter group will surely get the dance floor heaving with their brand of hip-hop, cumbia and dancehall.
For those looking to explore the sounds of the region, don’t miss out on the Sufism vs Modernism concert on September 26. A partnership between composers Fathy Salama and Sheikh Mahmoud Tohamy, the performance will fuse the otherworldly harmonies of Sufi chanting with contemporary Egyptian Jazz.
Trailblazing pianist Awadagin Pratt will perform in the capital on December 5. The first African American to win the prestigious Naumburg International Piano Competition in 1992, Pratt has built an acclaimed international performance career, which also includes appearing in a 2000 episode of Sesame Street. His recital will include works by Beethoven and Brahms.
Contemporary Emirati theatre: Al Raheel
To be performed on January 24 and 25, Al Raheel is built from a series of poems by emerging Emirati playwright Reem Almenhali. Teaming up with award-winning American director and NYU Abu Dhabi professor Johanna Settle, the production touches upon various aspects of womanhood and offers a meditation on how life can change us all.
The return of the favourites: Hekayah and Rooftop Rhythms
An artistic celebration of the UAE, November 26’s Hekayah gathers a select and diverse group of UAE creative, who through poetry, prose and song, celebrate the country’s rich culture and heritage.
Meanwhile, one of the region’s longest running poetry open mic nights will kick off in September. On a Friday of each month, locally based artists are provided a platform to showcase their talent in front of an appreciative crowd. The point of the event is to foster locally based talent, so make sure to perform an original piece of work.
CinemaNA also returns with more screenings of contemporary Arabic films to run on selected Monday nights. Dates for the first Rooftop Rhythms and CinemaNa sessions will be revealed soon.
(The National)
