ADDIS ABABA – Addis Ababa city administration has signed a memorandum of understanding (MoU) with UAE-based Wadi Al Sider Commercial Investment Liability Ltd company for the construction of cost-effective condominium houses in Ethiopia’s capital.
As per the agreement, the company will build 30,000 houses on 68.4 hectares of land located in Akaki sub-city, in the first round.
The company will carry out the construction with support of the United Arab Emirates (UAE) government.
Deputy Mayor of Addis Ababa, Adanech Abiebie, and representatives of the UAE firm signed the agreement following their meeting held virtually, according to the Addis Ababa City Press Secretary Office.
The deputy mayor said working in joint ventures with forieng and local private firms is one of the strategies the city administration is implementing to improve the housing problems in Addis Ababa.
The administration has planned to build more than one million cost-effective houses in the coming five years in joint ventures.
Adanech said efforts are underway to involve two other international companies involved in the housing development sector.
The construction of 139,000 houses is currently underway in various parts of the city, according to the city administration.
Featured Image: the city administration has built more than 300,000 condominium houses in the past 16 years. [Photo File]