Years active 2001–present Residence Addis Ababa, Ethiopia Name Rezene Ayalew | Spouse(s) Arsema Abebe (m. 2001) Home town Dela, Tigray, Ethiopia | |
Full Name Rezene Ayalew Biru Born May 14, 1963 (age 60) ( 1963-05-14 ) Occupation Managing Director, "Tsemex Group Companies" Net worth US $100 million (June 2014) | ||
Rezene Ayalew Biru is an Ethiopian businessman and millionaire who lives in Ethiopia. He started his business as an importing truck tires and spare parts. After few years, in the early 2000 he shifted his business direction and become major importer of pasta from Italy in addition to exporting ‘Niger seeds’ for U.S. market.
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He then diversified his business again and built a family owned company called Tsemex Global Enterprise to gather with his children and become one of the leading importer and distributor of water work related materials.
His company, Tsemex is now an exclusive importer and distributor of WHO rated finest water tank in the world, Pioneer Water Tanks in 14 African Countries including [Ethiopia], it also heavily imports [uPVC] and [HDPE] pipes from Dubai and other far east countries. Its sister company, Tsemex Transport is also involved in transporting imported materials from Djibouti port to Ethiopia incorporating more than 60 heavy Dry freight trucks.
Hoping to contribute in the rapid construction development of his country, He established grade 1 Construction company called Raycon Construction in 2008 and since then, his company has been working in water work related constructions and lately in building constructions where his fourth company [Tsemex Hotels and Business] is developing an Internationally recognized five star hotel called Crowne Plaza Addis Ababa which is co-financed with IFC/World Bank.
Crowne Plaza Addis
9 September 2014: InterContinental Hotels Group (IHG) has signed a management agreement with Tsemex Hotels and Business Plc to develop Crowne Plaza Addis Ababa.
Crowne Plaza Addis Ababa is situated near significant landmarks including the African Union headquarters, African Union Convention Centre, the headquarters of the United Nations Economic Commission for Africa and the United Nations Convention Centre.
IFC World Bank investment
The World Bank Group’s International Financial Corporation (IFC) is considering an investment of 19 million dollars for the completion of an international standard hotel in Lideta District. The total cost could add up to as much as 37 million dollars.
If the investment materialises, it will be concluded with Tsemex Global Enterprise Plc and its subsidiary, Tsemex Hotels and Business Plc, both owned by Rezene Ayalew, a local business man, and his children. The request for investment was made by Tsemex’s owners, who have already erected the structure of the 11-storey building in Lideta at the site of the old Etfruit facility, a source close to the business said.
The IFC’s experts have travelled from Washington five times, the source said, to determine if the loan should be granted. If the IFC decides to make the loan, Tsemex Hotels and IHG simply need to sign a deal to finalise the full management contract, the source said. This could happen sometime in March. The IFC could make its final decision known on March 17, 2014, according to its website.
The IFC says that the expected development impact of the investment includes providing a modern business infrastructure, migrating best practice, creating employment (for 315 people) and offering business opportunities for local suppliers – “particularly in the areas of food & beverage supply and the provision of services (for example, transportation, security services)”.
As part of the deal, the IFC will not only offer long term financing, but will also “help to raise additional debt financing for the Project; advise the Company on sustainable business and E&S (environmental and social) practices specific to the property development and hospitality business and avail to the Project its experience in financing hotel projects, particularly in Sub-Saharan Africa”.
The IFC had a deal in 2009 with the Ethiopian Commodity Exchange (ECX) to increase loans to Ethiopia’s agricultural producers. That agreement created access for the warehouse collateral mode of financing.
The following year, it signed a risk sharing agreement with the Nib International Bank (NIB) to enhance the bank’s lending capacity to Ethiopian coffee farmer cooperatives. That agreement enabled the Bank to increase the scale of its lending to 70 farmer cooperatives during the 2010/11 fiscal year, extending 200 million Br in loans on the strength of a 10 million dollars guarantee from the IFC for the risk the programme involved.