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  • Bole International Airport expansion takes shape

    The Addis Ababa Bole International Airport passenger terminal expansion project is 40 percent completed.

    The Ethiopian Airports Enterprise (EAE) launched the expansion project in January 2015. The project includes the expansion of Terminal 1 and 2 and the construction of a new VIP Terminal.  The expansion project aimed at building a new terminal with a floor area of 74,000sqm. The existing terminal has a floor area of 30,000sqm. The new terminal will have three floors—arrival, departure and ground floor. The expansion of Terminal 2 is being undertaken on the left and right side of the existing Terminal 2. On the right side Terminal 2 will be expanded and connected to Terminal 1 (old terminal) where regional and domestic flight passengers are hosted. The VIP saloon is also located in Terminal 1.

    The new modern VIP Terminal will be built on the far right side of Terminal 2 or next to Terminal 1. A bridge and modern car parking is also part of the giant expansion project under way at a cost of 345 million dollars, a loan funneled by the Export Import Bank of China (EXIM Bank of China).

     

    The new terminal is designed by a renowned Singapore architectural firm CGP while the Chinese construction firm, CCCC, is the contractor. ADPI, a French company, is the consultant of the project.

    The existing main terminal, which was inaugurated in 2003, has a designed capacity of handling 6 million passengers per year. Due to the increasing passenger traffic the terminal is now handling 8.5 million passengers and the airport is congested in peak hours. When the expansion project is completed the airport can handle 22 million passengers, yearly.

    Hailu Lemu, chief engineer of the project, told The Reporter that 40 percent of the expansion project is completed as of December 11. Hailu said 98 percent of the concrete work is completed and the steel structure work is being undertaken. “Forty percent of the steel structure work is completed. We will soon launch the curtain wall work and then start the electro mechanical work,” Hailu said.

    Hailu said that various airport specialized equipment like baggage handling system, fire fighting system, boarding bridges and access control system are being manufactured and assembled in the UK and China. “After completing the curtain wall and roofing work we will start the electro mechanical work,” Hailu told The Reporter.

    The terminal will have a large shopping area, café and restaurants, business class lounges, IT center and offices.

    The expansion project is scheduled for completion for January 2018. Tsegaye Gebreab, deputy head of the expansion project office, told The Reporter that the passenger terminal expansion work is being undertaken in accordance with international airport construction standards. “The terminal can withstand earthquakes and fire accidents to a certain degree. The quality of all the construction materials is inspected. For instance, the building blocks are fire rated in China,” Tsegaye said.

    Wondim Teklu, communication director with EAE, told The Reporter that when completed the terminal will be able to comfortably handle the growing passenger traffic for ten years. Wondim believes that the expansion project will make the Addis Ababa Bole International Airport one of the leading airports in Africa. The passenger traffic is growing at a rate of 22 percent on average. The domestic passenger traffic alone is growing by 22 percent, yearly. “This is directly related to the country’s fast economic growth. The expansion project would augment the growth of the national airline,” Wondim said.

    Currently, EAE is undertaking five airport development projects in the regional towns. The enterprise would soon inaugurate Semera, Jinka, Shire, and Robe airport projects.  “The private airlines engaged in general aviation sector can also benefit from the ongoing airport development projects in the country,” Wondim said.

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  • 10 Things to do when your business is struggling

    What is the best advice for struggling entrepreneurs? originally appeared on Quora – the knowledge sharing network where compelling questions are answered by people with unique insights.

    Answer by Evan Asano, Founder and CEO of Mediakix, a leading influencer marketing company.

    The first thing to do is figure out why you’re struggling. There’s a lot of reasons a business can struggle, but often times it’s due to sales. As Mark Cuban often says, sales solves all problems.

    One of the biggest lessons I learned in bootstrapping my own business was that you have to invest in growth. That’s why it’s so rare you hear of businesses succeeding without raising at least some capital or loans. When you’re struggling, it’s counter-intuitive, but that’s when you have to spend more in sales. Cut costs in other areas, but never under capitalize your sales efforts.

    Investing in sales starts with yourself. You cannot be a leader of a company and not understand the sales process inside and out. The best entrepreneurs have sold their product and were the company’s first and often times best sales person. There comes a time in the growth cycle, when the CEO or founder has to step away from sales to focus on other areas, but the company’s leader should always have deep ties to the sales process and team.

    Here are some other things to do:

    1.Create a don’t do list

    As the leader of the company, there’s a list of things you should not be doing. Anything you can reasonably delegate or outsource, you should. When you become an entrepreneur, you stop getting to do the things you like to do and do the most important things to be done.

    2.Do the hard things first

    Don’t hesitate on having hard conversations. Prioritize your to do’s with the things you least want to do at the top. Often times these are the most important to do. If you don’t, you’ll have a long to do list of things you don’t like doing or don’t want to do, and it will seem insurmountable. Then you’ll hate your life, not want to get out of bed and your business will fail

    3.Hire the absolute best people you can find

    Spend the extra time doing this. It’s one of the biggest challenges businesses have. That’s true from small start-ups all the way up to Google, but investing in right people team will be one of the best investments you make. Having the right core team will make the difference between success and failure. It can seem impossible to find the time to hire well, but trust me in knowing that not hiring well will cost you far more time.

    4.Get good at sales

    You don’t have to be selling, but you do have to understand the process. Meet regularly with the team. Understand their pain points. Set realistic and achievable goals and reward the high performers.

    5.Invest in sales

    Make sure everyone on your sales team has all the tools they need. There are million of them now. Sales tools will have one of the highest ROI of any aspect in your business, so get the best ones for your team.

    6.Learn relentlessly

    You don’t know what you don’t know. And if you’re struggling in business, then you hardly know anything. Here’s a problem that’s entirely in your control and fixable. Learn every day. Everything from Quora to podcasts on business and entrepreneurship to books. Make it you hobby. There’s never been easily access to information and learning. Have an area you don’t feel strong in? Search that topic on Udemy and buy the top three courses and get to work.

    7. Stop trying to make money and provide value instead

    If you can solve someone’s problem, then they’ll stick with you and they’ll tell their friends. If you’re solving one person’s problem, then it’s likely that others have this problem and you have a business, now you just have to tell people about it.

    8.Stop networking and sell

    There’s a lot written out there about how important events, meet ups and networking on are for entrepreneurs. And for those with the time, they can be great. If I had to pick getting good at selling or getting good at networking, I would pick selling every time. If you can sell, you will not fail. Cut out the distractions.

    9. Find support

    Meet and spend time with other entrepreneurs. Businesses in all different categories tend to have similar problems and similar solutions. Share learning and become a resource to a peer group.

    10. Take breaks

    Entrepreneurship is an incredibly stressful path. If you’re the type of person that’s drawn to it, you’ll find it hard to get away from and hard to stop working. Take regular breaks. Don’t work all weekend. Take one day off. Get out and exercise regularly. Take care of yourself. You need the rest and breaks to perform at your maximum. Otherwise, you’ll fool yourself into thinking working 80 hours weeks is productive and eventually crash and burn.

    Source: inc.com

     

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  • Bunna Bank to Get New CEO

    Bunna Bank S.C is set to endorse Negusu G.Egziabher as its new CEO after the board of directors selected him from three potential candidates. The Bank announced Negusu’s appointment on Tuesday, February 7, 2017. Negusu, the former president of Lion International Bank S.C, was selected out of three candidates who applied for the position. The other candidates were senior bankers from Awash International Bank and Nib Bank.

    “All we have left to do is negotiate benefits with the new CEO,” Tibebu Eshetu (Eng.), chairperson of Bunna’s Board told Fortune. “Then the selection will be endorsed by the board and sent to the National Bank of Ethiopia.”

    Negusu will be Bunna’s third CEO, following Negede Abebe and Eshetu Fanatye, who were the founding and second CEOs of the Bank respectively.

    Sources close to the selection process told Fortune that Negusu’s appointment was not unanimously decided.

    CEOs in the banking industry need to fulfill the criteria set by the National Bank, which directs that all people nominated to be CEOs should have at least eight years of banking experience, with half that time spent in a managerial position. Negusu has close to two decades of experience in the banking industry.

    He spent 15 years at the Commercial Bank of Ethiopia (CBE) in different positions, including vice president. He has a Bachelor’s Degree in economics from Addis Abeba University (AAU) and a Master’s Degree in Business Administration from Greenwich University, England. His latest post was as president of Lion Bank, where he worked for three years. He was then replaced by Getachew Solomon, Lion’s current president, in 2014.

    During Nigusu’s tenure, Lion saw its profits shoot up from 75.4 million Br to 127 million Br. He left the Bank for personal reasons. Bunna’s former CEO Eshetu, resigned from his position as of October 28, 2016, citing health concerns. His assumption of the position at Bunna came following the resignation of the former CEO, Eshetu. However, some sources who work at the Bank connected his departure to his contentious relationship with the board

    Prior to his resignation Eshetu was on sick leave for almost five months following a car accident that put him in hospital.

    At the time, Tadesse Chinkel took over as acting CEO. Tadesse has worked for Bunna for the past eight years and has almost four decades of experience in the industry. He has served as interim CEO three times: during the departure of Bunna’s first CEO, while Eshetu was on sick leave after the car accident, and after Eshetu’s departure.

    “I don’t know why the board took so much time choosing someone,” said a senior manager at Bunna. “It would be better for Bunna to look at recruiting from within instead of looking outwards.”

    “There are people who are capable of filling the post,” the manager added.

    Established in 2009, Bunna currently has over 107 branches. Bunna controls around four percent of the total income of all the private banks. The Bank currently has around 11,000 shareholders and a paid up capital of 760 million Br.As of June, 2016 the Bank reported a profit after tax of 187 million Br, a 40pc growth from the preceding year.

    Source: addisfortune

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