Saturday, April 20, 2024
NewsEthiopian, OVID strike deal for residential development project

Ethiopian, OVID strike deal for residential development project

  • Construction firm to build 5,000 units for Airline employees

The Ethiopian Airlines Group has announced plans to construct 5,000 additional housing units for its staff.

The state-owned giant is teaming up with the OVID Group to develop the units in the Bole Bulbula area. It is part of a larger deal between the Addis Ababa City Administration and OVID to construct 60,000 housing units in the capital.

Sources within OVID disclosed the residential construction project will comprise a variety of residential buildings. The designs for the buildings, which will range between eight and 10 storeys high, were carried out by OVID-Kling Consult. Pricing varies based on the type of unit.

OVID

Under the terms of the agreement signed between Mesfin Tasew, CEO of the Ethiopian Airlines Group and Yonas Tadesse, board chairperson for OVID Group, on February 28, 2024, the carrier will facilitate payments through the Airline Labor Union and Credit Association.

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The developers plan to deliver 1,000 units within 18 months, while the remainder are slated for delivery within 36 months or longer.

Mesfin and his executive team lead a workforce of over 17,000 including pilots, cabin crew, engineers, technicians, and IT and finance experts.

OVID is a fast-growing construction firm that made its name in recent years through the timely delivery of a number of projects under the Office of the Prime Minister.

The company has been chosen by the City Administration to spearhead construction under the largest private housing investment in the history of Addis Ababa – clocking in at 450 billion birr.

OVID is charged with developing 60,000 of the 100,000 planned under the 70/30 public-private housing scheme. Flintstone Homes, Eniy Construction, and Gift Real Estate are among the 68 domestic and foreign construction firms also selected to take part in the project.

The City Administration has earmarked 350 hectares of land for the housing scheme.

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