ADDIS ABABA – Midroc Investment Group has today launched a 50-billion-birr luxury residential project in the suburb of Addis Ababa city.
The launching event on Friday was attended by the Addis Ababa city administration officials, including Mayor Adanech Abiebie, and Jamal Ahmed, CEO of Midroc Investment Group.
The group said the development project, named ‘Mahmadya Residential Village’ will be built at Mechare Meda, situated nearby to the Sarbet.
The village will feature an integrated community comprising luxury houses and apartments, as well as other commercial and hospitality facilities.
The project also includes a car-free public park and parking lot that could accommodate at least 8,800 cars at once.
“The residential village will give additional attraction to Addis Ababa,” said the company.
This will be the first major real estate investment made by the company owned by Ethiopian-bord Saudi Billionaire Sheikh Mohammed Al-Amoudi.
The group, however, has built buildings and infrastructures ranging from luxurious five-star hotels to hospitals, roads, and stadiums.