Ascorp Holdings, a privately held UAE-based investment group, is exploring potential investments in Ethiopia’s hospitality and tourism sectors following discussions with Ethiopian officials, according to people familiar with the matter.
The talks took place between Khalfan Saeed Al Kaabi, chairman of Ascorp Holdings, and Ethiopia’s ambassador to the United Arab Emirates, Jemal Beker. During the meeting, the ambassador outlined recent developments in Ethiopia’s investment framework and ongoing infrastructure projects under the government’s Homegrown Economic Reform Agenda.
Ascorp indicated interest in a set of tourism-related projects, including the development of a luxury hotel, a golf training centre and a hospitality training institute. The proposals are intended to combine tourism infrastructure with skills development for the local workforce. No financial commitments or timelines were disclosed.
Founded in the UAE, Ascorp Holdings operates across multiple sectors including real estate, manufacturing, construction and services, with indirect investments through affiliated companies such as Abu Dhabi Precast LLC. The group is described in company profiles as employing between 1,001 and 5,000 people across its operations.
Ethiopian and Ascorp officials agreed to organise a pre-investment visit to Ethiopia, where the company’s technical team is expected to hold meetings with government institutions and private-sector stakeholders to assess project feasibility and implementation steps.