Doha – Mubahser: Ezdan Holding Group on Thursday announced signing a memorandum of understanding (MoU) with Ethiopian officials to start working on and establishing a multi-purpose real estate project in the Ethiopian capital, Addis Ababa.

Covering an area of over 60,000 square metres, the project is located in the heart of Addis Ababa and entails a five-star hotel, convention centre, a tower of hotel apartments and offices, as well as a variety of retail outlets, modern restaurants, and cafes, a statement by Ezdan showed.

This MoU comes one week after a visit by Qatari Emir Tamim bin Hamad Al-Thani to Ethiopia to strengthen relations in all aspects of trade and economy.

Al-Thani focused on the need to find jobs for young people by launching a loan portfolio to finance small- and medium-sized enterprises (SMEs).

Ezdan last reported a profit surge by 61.5% to QAR 945.97 million in the first quarter in 2017, compared to QAR 585.65 million in Q1-16.

Ezdan’s stock closed Thursday on the Qatar Stock Exchange (QSE) down 1.26% to QAR 15.80.