Ethiopian Business Review

Elon Musk Becomes World's First Trillionaire on Paper After SpaceX Listing #EBR_News Jun 12, 2026 Elon Musk's wealth has surpassed the $1 trillion mark for the first time, driven by a sharp rise in the value of SpaceX following the company's highly anticipated stock market debut. The milestone makes Musk the world's first trillionaire on paper, highlighting the extraordinary wealth being created by the global technology and space industries. According to wealth estimates cited by international media outlets, Musk's net worth climbed from approximately $813 billion before the listing to more than $1 trillion after SpaceX priced its shares at $135 each. The stock later surged to an intraday high of $168.75, lifting his estimated fortune to around $1.18 trillion. The valuation jump was largely driven by Musk's substantial ownership stake in SpaceX, the private aerospace company he founded in 2002. Regulatory filings indicate that Musk owns roughly 42 percent of the company and holds hundreds of millions of stock options. A trillion-dollar personal fortune exceeds the annual economic output of most countries worldwide. According to World Bank data, only a small number of economies generate more than $1 trillion in gross domestic product each year. SpaceX has evolved from a start-up focused on reducing the cost of space launches into one of the world's most valuable aerospace companies. The company operates the Starlink satellite internet network, launches commercial and government missions, and remains a key contractor for NASA. The IPO is also expected to generate significant wealth for employees and early investors. International media reports suggest that thousands of SpaceX workers could become millionaires following the listing. However, the milestone has reignited debate over widening global wealth inequality. Advocacy group Oxfam said Musk's fortune now exceeds the combined wealth of billions of people worldwide, describing the development as a reflection of growing concentration of wealth among a small number of individuals. SpaceX now ranks as the sixth‑largest US publicly traded company by market value, behind only Nvidia, Alphabet, Apple, Microsoft and Amazon. The achievement is remarkable given that the company posted a net loss of $4.9 billion in 2025 on revenue of $18.7 billion. Its market opportunity, the company says, spans $28.5 trillion, which it calls the largest in human history. The IPO is being watched as a dress rehearsal for forthcoming mega‑listings of AI heavyweights Anthropic and OpenAI. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Chinese Auto Brands Expand Presence as Ethiopia's Automotive Market Reconfigures #EBR_News Jun 12, 2026 Chinese automotive brands continue to deepen their presence in Ethiopia as the country's automotive sector undergoes a major transformation driven by economic reforms, shifting consumer preferences, and the transition toward electric mobility. JUNTU Technologies Trading PLC on Wednesday launched a showroom and after-sales service center for OMODA and JAECOO, adding two new brands to its portfolio after previously introducing GAC to the Ethiopian market. The expansion comes at a time when Ethiopia's automotive industry is experiencing one of its most significant structural shifts in decades. Since the government's decision to halt the import of gasoline and diesel passenger vehicles in 2024, the market has increasingly attracted manufacturers specializing in electric and new-energy vehicles, particularly from China. OMODA and JAECOO are brands under China's Chery Automobile Group, one of the country's largest vehicle manufacturers. Their entry adds to a growing list of Chinese automakers seeking opportunities in Ethiopia, where policy reforms have reshaped demand patterns and lowered barriers for electric vehicle imports. In a statement issued during the launch, Mr kende general manager of the show room said the new facility will provide vehicle sales, after-sales services, and access to spare parts. The company also indicated that the investment is expected to create employment opportunities and support technical skills development in the sector. The move reflects increasing competition among automotive distributors seeking to establish service networks and customer support infrastructure, areas industry observers consider critical for long-term success in Ethiopia's emerging EV market. The launch comes as the government continues to push its broader electric mobility agenda aimed at reducing fuel import costs and easing pressure on foreign exchange reserves. With OMODA and JAECOO joining GAC under its portfolio, JUNTU is positioning itself within a market that is rapidly evolving from one historically dominated by imported used vehicles to one increasingly shaped by new-energy vehicle manufacturers and formal dealership networks. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Ethiopia Among 10 Countries Approved for Domestic Worker Recruitment in Kuwait as Gulf Nation Bans 27 Others #EBR_News Jun 12, 2026 Kuwait has revised its domestic worker recruitment policy,limiting hiring to workers from just 10 approved countries and prohibiting hiring from 27 others, including several of Africa's largest labour-exporting nations. Under a new directive issued by Kuwait's Ministry of Interior, Ethiopia remains among the countries eligible to supply domestic workers to the Gulf state, alongside South Africa, Benin, Eritrea, the Philippines, Sri Lanka, India, Vietnam and Nepal. Senegal was also included, although recruitment is restricted to male workers. The policy essentially excludes a number of African nations that have traditionally supplied domestic workers to Gulf markets, including Kenya, Uganda, Nigeria, Rwanda, Burundi, the Democratic Republic of Congo, Angola and Djibouti. According to Kuwaiti authorities, the decision followed recommendations from several government institutions, including the Ministry of Foreign Affairs, the Ministry of Health and the Public Authority for Manpower. The measures are intended to strengthen oversight of the domestic labour sector and streamline recruitment procedures. Given that Gulf states continue to be popular destinations for thousands of individuals looking for work outside, the development may alter labor migration trends inside Africa. The ruling maintains Ethiopia's access to a significant foreign job destination at a time when rival African labor-sending nations are subject to stricter regulations. Ethiopia has historically maintained labor migration relations with Middle Eastern markets. Foreign workers account for a significant share of Kuwait's population and workforce. The country has increasingly tightened labour market regulations in recent years as authorities seek greater oversight of recruitment practices and worker welfare standards. While Kuwaiti authorities have not publicly detailed the specific reasons behind the exclusion of individual countries, the new framework centralises recruitment through designated administrative channels and is expected to affect future labour mobility patterns across Africa and Asia. The decesion is made at a time when Gulf labor markets are still vital to the creation of foreign jobs and remittance inflows for a number of African nations, including Ethiopia. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Switzerland Lifts Visa Restrictions on Ethiopians Following Return Cooperation #EBR_News Jun 12, 2026 Switzerland has lifted visa restrictions imposed on Ethiopian nationals in 2024, restoring normal Schengen visa processing after authorities cited significant improvements in Ethiopia's cooperation on the return of citizens staying illegally in Europe. The decision was approved by the Swiss Federal Council on June 12, following a similar move by the Council of the European Union in May to reinstate standard visa procedures for Ethiopia. According to a statement issued by the Swiss government, Ethiopian applicants will once again benefit from several visa facilitation measures that had been suspended for the past two years. These include faster visa processing within 15 days, the possibility of obtaining multiple-entry visas, reduced documentation requirements in certain cases, and visa fee exemptions for holders of diplomatic and service passports. The restrictions were originally introduced in April 2024 after the European Union concluded that Ethiopia was not cooperating sufficiently in accepting the return of its nationals who had no legal right to remain in Schengen countries. As a Schengen-associated state, Switzerland adopted the same measures. Swiss authorities said the latest decision reflects what they described as a marked improvement in Ethiopia's cooperation on returns, aligning Bern's policy with the EU's recent assessment. The move follows a decision by EU member states in May to remove visa restrictions on Ethiopian citizens, ending a period during which applicants faced longer processing times, tighter documentation requirements and limitations on multiple-entry visas. The restoration of standard visa procedures is expected to benefit Ethiopian business travellers, students, researchers and government officials with links to Switzerland and the wider Schengen area. It also removes a longstanding issue in Ethiopia's relations with European migration authorities. According to previous information released by Swiss immigration authorities, Ethiopian applicants will again be eligible for standard Schengen visa conditions, including visa fees of €80 and access to long-validity multiple-entry visas where eligibility requirements are met. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

World Bank Upgrades Ethiopia's 2026 Growth Forecast to 8% Despite Middle East Conflict #EBR_News June 12, 2026 The World Bank has upgraded Ethiopia's economic growth forecast for 2026, projecting the economy to expand by 8%, even as growth across Sub-Saharan Africa faces mounting pressure from higher energy costs, weaker global demand and geopolitical tensions. In its latest Global Economic Prospects report released in June 2026, the World Bank revised Ethiopia's 2026 growth outlook upward by 0.9 percentage points from its January forecast, making it one of the few economies in the region to receive a significant upgrade. The report estimates Ethiopia's economy grew by 9.2% in 2025 and projects growth to remain strong at 8% in 2026. "Ethiopia's growth is expected to be driven by reforms in monetary policy and the financial sector, despite external challenges," the report noted. It highlighted exchange‑rate liberalisation, improvements in public financial management, and other business‑friendly measures as key structural reforms supporting investment and export growth. For Sub‑Saharan Africa as a whole, the World Bank now forecasts growth of 4.0 percent in 2026, down 0.3 percentage points from January, citing higher energy prices and weaker external demand from the Middle East conflict. Non‑oil‑exporting economies in the region face rising fuel, fertiliser and transport costs, while oil exporters such as Angola and Nigeria benefit from higher energy prices. According to the report, Ethiopia's ongoing macroeconomic reforms, including exchange-rate liberalisation, improvements in public financial management and financial sector reforms, have helped strengthen investor confidence and support economic activity despite external pressures. The World Bank also highlighted Ethiopia among a small group of African countries where reform momentum has remained strong. It noted that business-friendly measures and financial sector reforms are expected to continue supporting growth over the medium term. However, the institution cautioned that external risks remain elevated. Rising global energy prices, weaker external demand and tighter financing conditions could create additional pressure for import-dependent economies across the region, including Ethiopia. The report also noted that food insecurity remains elevated across the region, particularly in fragile and conflict‑affected states. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Ex-Minister Accused of Using Rented Ethiopian Airlines Plane to Stage Fake Nigeria Air Launch #EBR_News Jun 11, 2026 Nigeria's anti-corruption agency has alleged that an aircraft presented during the launch of Nigeria Air in 2023 was chartered from Ethiopian Airlines solely for a short-term public display, according to testimony heard in an ongoing corruption trial involving former Aviation Minister Hadi Sirika. The allegation was made by an investigator from the Economic and Financial Crimes Commission (EFCC) during proceedings at the Federal Capital Territory High Court in Abuja, where Sirika and three co-defendants are facing charges related to alleged abuse of office and misappropriation of more than 2 billion Nigerian naira. Sirika has denied wrongdoing. According to Nigerian media reports citing court testimony, the EFCC presented documents which it said showed that the aircraft used during the Nigeria Air unveiling at Abuja's Nnamdi Azikiwe International Airport in May 2023 was chartered from Ethiopian Airlines for a three-day period. The aircraft reportedly flew from Addis Ababa to Abuja on May 27, remained on static display carrying Nigeria Air branding, and returned to Ethiopia on May 29. The investigator told the court that the aircraft was operated by Ethiopian Airlines crew members and that the arrangement was intended for promotional purposes. According to the testimony, branding associated with Nigeria Air was removed before the aircraft returned to Addis Ababa. The Nigeria Air project was launched by the administration of former President Muhammadu Buhari as part of efforts to establish a national carrier for Africa's most populous country. However, the initiative generated controversy from its inception, with critics questioning its ownership structure, funding model, and operational readiness. Court documents cited during the proceedings also allegedly linked consultancy contracts awarded for the Nigeria Air project to individuals associated with the former minister. The EFCC told the court that investigators had obtained documentary and electronic evidence relating to those contracts. The court admitted several documents and digital records submitted by prosecutors, including an audio recording that the prosecution intends to present during the next hearing. Justice S.C. Oriji adjourned the case until June 17 for continuation of the trial. The proceedings have renewed scrutiny of the Nigeria Air project, which was expected to involve Ethiopian Airlines as a strategic partner. Ethiopian Airlines has previously maintained that its involvement in the proposed carrier was based on a commercial partnership framework approved by the Nigerian government. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Three Ethiopian Entrepreneurs Named Among Africa's Top 100 Business Heroes for 2026 #EBR_News Jun 11, 2026 Three Ethiopian entrepreneurs have been selected among Africa's Top 100 entrepreneurs for 2026 by Africa's Business Heroes (ABH), a flagship initiative of the Jack Ma Foundation and Alibaba Philanthropy, following a competition that attracted more than 24,000 applications from all 54 African countries. The Ethiopian founders recognised this year are Bersufekad Getachew Amare, founder and chief executive officer of EagleLion System Technology; Nael Hailemariam, co-founder and chief executive officer of Chapa; and Samson Fentaye, co-founder and chief executive officer of Thur Biotech. According to ABH, the 2026 Top 100 cohort was selected from a record pool of applicants and represents entrepreneurs from 27 African countries operating across sectors including agriculture, financial services, manufacturing, healthcare and energy. Bersufekad leads EagleLion System Technology, an Ethiopian fintech company that develops digital banking, payments, lending, remittance and enterprise solutions. The company works with major institutions including Commercial Bank of Ethiopia, Dashen Bank, Ethio Telecom, Mastercard and Visa to expand digital financial services. Nael Hailemariam heads Chapa, one of Ethiopia's leading online payment gateways. The company provides digital payment infrastructure that enables businesses to accept and process electronic payments while helping connect African businesses with global financial systems. The third Ethiopian finalist, Samson Fentaye, leads Thur Biotech, a biotechnology startup focused on developing environmentally friendly biofertilisers and biological crop protection solutions aimed at improving soil health and agricultural productivity. ABH said the Top 100 businesses collectively generated $170 million in revenue during 2025, employed more than 6,200 people and served approximately 10 million customers across the continent, highlighting the growing economic contribution of African entrepreneurs. The organisation noted that agriculture remained the largest sector represented in the cohort, accounting for 21% of selected businesses, while financial services ranked second with 12%. Manufacturing, healthcare and energy also featured prominently among the finalists. The selected entrepreneurs will now advance to the next stage of the competition, where judges will narrow the field to 20 semi-finalists. Those selected will pitch their businesses in Nairobi, Kenya, in August, competing for a place among the final top 10 entrepreneurs and a share of a $1.5 million grant fund. The recognition places the three Ethiopian founders among a group of entrepreneurs that ABH says reflects the growing maturity, innovation and economic impact of Africa's private sector, particularly in sectors driving digital transformation, agricultural productivity and financial inclusion. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Girma Wake's Uganda Airlines Signs $982 Million Boeing Deal in Biggest Fleet Bet Since 2019 Revival #EBR_News Jun 11, 2026 Uganda Airlines has signed a $982 million agreement with Boeing for ten new aircraft, the largest fleet commitment in the carrier's history, in a deal witnessed by President Yoweri Museveni at State House Entebbe on 10 June 2026. Girma, who was appointed interim chief executive of Uganda Airlines in February, personally signed the agreement alongside Boeing Vice President of Sales for Africa, Anbessie Yitbarek, according to the Uganda Broadcasting Corporation. The order covers four Boeing 787-9 Dreamliners, four Boeing 737 MAX passenger jets, a Boeing 767 wide‑body converted freighter and a Boeing 737 Boeing Converted Freighter. The signing comes four months after the Ugandan government brought in Girma Wake former Chief Executive Officer of Ethiopian Airlines to steady the troubled carrier and reset its management, making the Boeing deal one of the most consequential decisions taken during his tenure. Girma was brought in on an acting basis after Uganda Airlines grounded both of its Airbus A330‑800neo wide‑bodies in February due to unscheduled maintenance. His appointment, which runs until July 2026, came with a presidential directive to recruit a new substantive chief executive by that date. Under his watch, the airline restored long‑haul flights to London and Mumbai using a Boeing 787‑8 Dreamliner wet‑leased from Ethiopian Airlines, followed by two Boeing 737‑800s on ACMI (aircraft, crew, maintenance, insurance) terms. Under the Boeing agreement, Uganda Airlines will acquire eight passenger aircraft with a seating capacity of up to 294 passengers each, alongside two cargo freighters a Boeing 767 wide-body converted freighter and a Boeing 737 Boeing Converted Freighter. The deal, valued at approximately 3.7 trillion Ugandan Shillings, is designed to expand both passenger capacity and dedicated freight operations simultaneously. Uganda's export economy anchored by coffee, cut flowers, fish, and manufactured goods has long relied on belly cargo space on passenger routes, capacity that has never been sufficient to meet demand. Dedicated freighter capacity changes the economics for exporters directly. The deal positions Uganda Airlines more directly in competition with the dominant carriers in the East African market. Ethiopian Airlines remains the continent's leading carrier by network size, connecting Addis Ababa to more African destinations than any other airline and operating one of the youngest fleets in the world. Kenya Airways controls key slots at Nairobi's Jomo Kenyatta International Airport despite years of financial difficulty. RwandAir has built a coherent network out of Kigali backed by consistent government investment. Uganda Airlines, which resumed operations in 2019 after a 17-year absence, currently serves 16 destinations across Africa, Europe, the Middle East, and Asia, including London, Dubai, Mumbai, Johannesburg, and Kinshasa. The expanded fleet is expected to support higher frequencies, new route launches, and increased cargo capacity as Entebbe seeks to position itself as a logistics hub for East and Central Africa a geography that includes South Sudan, the Democratic Republic of Congo, Rwanda, Burundi, and Tanzania. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)

Ethiopia Records Lowest Budget Deficit in 7 Years at 1% of GDP, Finance Minister Says #EBR_News Jun 11, 2026 Ethiopia recorded its lowest budget deficit in seven years during the 2024/25 fiscal year, with the fiscal gap narrowing to 1% of GDP from 4.1% in 2022, Finance Minister Ahmed Shide told Parliament on Thursday as he presented the government's fiscal performance and budget outlook. The minister added that while the government moves on with debt restructuring and market-based financing reforms, Ethiopia intends to maintain its fiscal deficit at 1.4% of GDP in the 2026–2027 budget year despite increasing federal spending to a record 2.3 trillion Birr. Ahmed attributed the improvement to tighter fiscal management and a shift away from central bank financing. According to Ahmed, the government has completely halted direct borrowing from the National Bank of Ethiopia and has relied on Treasury bills and other market-based instruments over the past two years to finance budget gaps. The government is also making progress in restructuring its external debt under the G20 Common Framework. Ahmed told lawmakers that Ethiopia reached an agreement in principle with its official creditor committee during the 2024/25 fiscal year, followed by the signing of a memorandum of understanding that has enabled debt restructuring agreements with most bilateral creditors. Negotiations with private creditors, including Eurobond holders, are also nearing completion, according to the minister. However, discussions with some bondholders remain unresolved, with reports indicating that a group of investors has sought legal remedies through the courts in London amid disagreements over the terms of Ethiopia's proposed debt restructuring. Ahmed said the government expects ongoing negotiations to conclude soon, helping ease external financing pressures and improve the country's debt sustainability outlook. He said the restructuring process has eased foreign currency pressures previously associated with debt servicing and is expected to help lower Ethiopia's debt distress risk once ongoing negotiations are finalised. For the 2026/27 fiscal year, which begins on July 8, the government plans to collect 1.5 trillion Birr in tax revenue, representing 82% of total projected revenue and grants of 1.82 trillion Birr. Total federal expenditure is budgeted at 2.3 trillion Birr, an increase of 411.5 billion Birr, or 21.3%, from the current fiscal year's approved budget. More than half of the expenditure budget will go toward recurrent spending, with debt servicing accounting for the largest share at 542.1 billion Birr. The government has also allocated 236.4 billion Birr for fuel and fertiliser subsidies and capital support to the Ethiopian Petroleum Enterprise, while more than 520 billion Birr is earmarked for transfers to regional governments. According to the draft budget, the federal government's net budget deficit will stand at 308.6 billion Birr, with the majority financed through domestic borrowing and only a small portion covered by external loans. The figures indicate that the government intends to maintain fiscal consolidation efforts while expanding spending on public services, subsidies, and regional support at a time when Ethiopia is implementing wide-ranging macroeconomic reforms. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://bit.ly/3OodjMF) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://bit.ly/4tH4NIR)