Mahmadya Residential Village Project by MIDROC Ethiopia poised to be the largest exclusively private investment in real estate sector in the country
Midroc Ethiopia, the largest business entity in Ethiopia and part of Midroc International, is making a new venture in the real estate market in Ethiopia.
Last week, the company announced that it has embarked on a 50 billion birr project (that is about US$ 1 billion), housing village construction in the Ethiopian capital Addis Ababa.
The new ‘Mahmadya Residential Village’ is set to be constructed in Mechare Meda in Sarbet area of Addis Ababa. The project has a total of 250,000 Square kilometers.
When completed the development will have residential apartments and villas, a shopping mall, a supermarket, a gym and a movie theater. It will also have a green area and a parking lot capable of accommodating over 8,000 vehicles.
The huge project is expected to be completed in about five to seven years.
MIDROC, whose owner is Ethiopian-born Saudi Billionaire Sheik Mohammed Hussein Ali Al-Amoudi, is not a stranger to the construction business. It has rather experience in the industry.
It means that the construction of the project is not contracted out. MIDROC will undertake it. More specifically, Huda Real Estate, of the companies under MIDROC Investment Group, is in charge of the project. MIDROC has dozens of companies under its umbrella in the manufacturing, agriculture (including dairy and poultry farming), hospitality, and mining sectors – just to name some.
‘Mahmadya Residential Village’ was launched just a day before the Ethiopian New Year ( it is 2015) on September 10, 2022.
The company is yet to disclose if the new development will be on the market for buyers or if there is some other plan for it.
A similar project in Addis Ababa, the Legahar Housing Village project, which was started in 2018 is expected to be completed in 2025. This project is also a 50 billion Ethiopian birr project.
What sets it apart from ‘Mahmadya Residential Village’ is that the latter is exclusively a private entity while the former is said to be a public-private partnership.
It is a partnership project between the government of Ethiopia and the United Arab Emirates construction firm, Eagle Hills.
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