Access Real Estate on Tuesday signed an agreement with a Dubai-based company, Soliten Holdings, that would enable it to jointly develop its housing projects.
The agreement is said to be worth two billion birr. At a press briefing held at the Sheraton Addis, executives of the companies said that Soliten would make substantial investment in the ongoing projects of Acess and it would also assume the management of the construction of the residential houses in Addis Ababa. Officials of the company said Soliten was managing construction projects worth 30 billion dollars in different countries.
In addition to the businesses it runs in Dubai, Soliten is active in Hong Kong, Germany and in different African countries. The board chairman of Access Real estate, Ermiyas Amelga, said that the agreement is a milestone in the real estate sector in Ethiopia. “The partnership would contribute to the development of the real estate sector and it will bring about knowledge transfer,” Ermiyas said.
The managing partner of Soliten Holdings, Yergen Ehri, said that the economic development being made here attracted them to Ethiopia. “Considering the ongoing economic development of the country, we have decided to invest in Ethiopia via Acess,” Yergen said. He added that his company would invest in the real estate sector in other African countries. Soliten will invest in Acess and it will also manage the constructions being undertaken by Access.
