Why You Should work with us in this Historic Construction Site:
- The #1 Exhibition Construction Site in Ethiopia
- Amazing location with in Addis Ababa
- World Class Convention & Exhibition Center
- Standing proud on 11 hectars of land
- a Total of 20,600 sqm indoor space
Addis-Africa International Convention & Exhibition Center (AAICEC) Share Company is a public-private investment venture which envisages establishing an International Convention and Exhibition Center in Addis Ababa. The establishment of AAICEC S.C has, for the first time, brought the chamber system, government and the business community together into a new form of partnership manifested in terms of joint project financing and management. The Addis Ababa City Government and the Addis Ababa Chamber of Commerce & Sectoral Associations are among the key and major founding shareholders of AAICEC S.C. AAICEC, therefore, is an investment initiative standing on strong public-private partnership.
The field of investment AAICEC Share Company is embarked on is also unique; for instance, among other things, the standard of services envisaged by the Company are unparalleled by other providers in the Country. Its sheer size and standard makes AAICEC is the first in its type in East Africa; it is also the first company in Ethiopia to avail a world – class venue facilities for international and national exhibitions, conferences, festivals and shows.
The Company stands on solid foundation since the project it embarks on is financially, socially and economically viable and its services are strongly demanded in future Ethiopia. It has secured more than 11 hectares of land in CMC area, which is one of the prime locations in Addis Ababa. Having commenced the first phase of construction in 2017, AAICEC is projected to embark on full - fledged operation in seven years time following completion of the whole constructional phases.
The mission vested in the company is to build world-class convention and exhibition center in Addis Ababa and thereby provide state-of-the-art venue services to international, regional and local event organizers.
The company envisions promoting Addis Ababa as a vibrant African business hub
The Company is incorporated as per the laws of Ethiopia in November 2012 and at the moment it has 20 founding share holders
AAICEC is registered with the Ethiopian Ministry of trade as a share company on November 14th 2012 as per the Commercial Code of the country.
To facilitate the establishment of the company, the founding shareholders raised an initial capital amounting to birr 10,875,000. To achieve the company’s mission and vision 300,000 shares were floated to the public on March, 17 2013 and between this time and October 2, 2015 all had been sold. Subsequently, additional 1.2 million shares were floated, each at par value of 1000 birr. Currently the authorized capital of AAICEC stands at 1.5 billion birr.
Board Of Directors
Ayalew Abey Yazew
Ato Ayalew Abey
Currently, the management of AAICEC S.C is responsible for developing a world-class Convention and Exhibition Venue involving exhibition halls, multi-purpose halls, an auditorium and related facilities.
The highest decision-making body of AAICEC is the General Meeting of Shareholders. This normally meets once a year to approve the reports of the Board and External Auditor and decide on other relevant issues. An extraordinary general meeting of shareholders can also be held should the need arise.
The Board of Directors consisting of 11 members elected for three years is the policy organ of the Company. The Board of Directors is accountable to the General Meeting of the Shareholders. The Board is mainly in charge of policy issues, approval and follow – up of annual budget and work programs, as well as the appointment of top managerial staff of the company.
The core management of the company consists of the General Manager who directs, coordinates and controls the overall activities of the company andreports to the Board of Directors, the Deputy General Manager – Marketing, who Designs marketing strategies in support of the objectives of Share Sales and upon approval; mobilizes supports, coordinates and leads all resources for successful implementation; promotes the overall implications of the establishment of the Centre and its feasibility and profit prospects, etc. reporting to the General Manager, the Manager for Construction Supervision & Contract Admin. Services who, Under the general direction of the General Manager , is responsible for the supervision of the construction works of the centre at different phases, administrating contracts signed by the centre and for the preparation and/approval of payments of contractors, Manager, HRM and Administration Department, who Develops plans and organizes personnel administration activities; assesses the manpower requirements of the Centre; oversees and ensures the proper implementation of human resources rules, regulations and procedures; recruits, selects and places employees, Manager, Finance Department, who Plans, organizes, coordinates and controls the overall financial activities of the company; develops and sets a proper financial system that can guide and control the company’s resources; involves standard and accepted accounting principles and techniques to the treatment of financial transactions and other accounting operations of the centre; ascertains the timely registration of all company’s property, discharging obligations etc and a Legal Advisor whoprovides legal advice; prepares and or comments on contractual agreement drafts; represents the centre in courts and other different tribunals, administrative bodies; provides legal assistance to the different functional units on issues related to legal matters before and after action, Internal Auditor who reports to the Board of Directors and is mandated to Plan, organize, direct and control the audit functions of the company besides undertaking internal audit reviews across all activities of the company; Developing and determining the company’s internal risk assessment control system;etc.
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Frequently Asked Questions
- The Company is legally registered at the concerned government body with a certificate no MT/AA/3/0019850/2005
- The highest amount of share is already purchased by the Addis Ababa city Administration.
- The city administration has issued a 110,000 sq. m land to the company with a half lease price.
The construction will start on the year 2007 E.C and the first phase will be finalized in two years time.
The IPS (Industrial Projects Service) has done the feasibility study and has estimated a minimum of 23% rate of return on investment.
When all shares subscribed for sale to the public are sold. AAICEC S.C. has issued 300,000 shares for sale to the public. Since there is no maximum limit one can buy, shares can be sold out at any time.
The first phase of the design is already finalized and is available in the facilities section of the website. In addition, the master plan for the entire project is also done. The design is done by Universal Consulate in collaboration with BET Architects & Fasil Giorghis Consulting Architects companies.
Because the company has given a great emphasis to the quality of the constriction of the center, the three designing companies were selected & went on a tour to three countries; China, Dubai & Italy, to get an experience on the design of similar convention centers.
Then an agreement was made with the companies that one will take the lead in designing while the others will collaborate
The company has secured a 110,000 sq. m land from the A.S city administration and the document is available on the ——- section of the website
The minimum an individual/company can subscribe is 25 shares with a share value of birr 1000 (minimum 25,000 birr) and there is no maximum limit. People/ Companies can buy any amount of share they want.