Ethiopian Investment Holdings

Name

Ethiopian Investment Holdings

Legal name

Ethiopian Investment Holdings

Website

https://eih.et

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Sovereign Wealth Fund Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799), Finance Services (6199)

akta.pro primary industry

Endowment / OCIO-Style Multi-Manager Platforms (FSANAGAG)

akta.pro secondary industries

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Sovereign wealth fund
• State-owned enterprises
• Portfolio management
• Investment holding
• Public asset management

Headquarters

HQ city

Addis Ababa

HQ country

Ethiopia

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Portfolio Company Dividends and Tax Contributions: EIH generates returns through dividends, taxes, and profit contributions from its 40 portfolio companies. In the 2024/25 fiscal year, EIH's portfolio generated over 262 billion birr in pre-tax profit (88% increase YoY). State-owned enterprises contributed ETB 117 billion to the national budget through taxes and dividends in nine months of 2024/25.
2. Equity Stakes in Commercial Ventures: EIH holds equity positions in joint ventures such as the Dangote fertilizer plant (40% stake) and RUSAL aluminium smelter (equity structure TBD), generating returns proportional to its ownership.
3. Securities Exchange Ownership: EIH holds a 25% stake in the Ethiopian Securities Exchange (ESX), launched January 2025, benefiting from capital market transaction fees and listing revenues.
4. BPO and Digital Services: EIH launched a $25.56 million business process outsourcing project targeting customer support, IT-enabled services, and back-office operations, generating foreign currency earnings and job creation revenue.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Ethiopian Investment Holdings (EIH) is Africa's largest sovereign wealth fund that manages, grows, and optimizes a portfolio of approximately 40 state-owned enterprises across nine economic sectors including transport and logistics, energy and connectivity, financial services, mining/engineering/chemicals, hospitality, agriculture and agro-processing, manufacturing, trading, and construction/real estate. The fund deploys capital through greenfield, brownfield, divestment, and joint venture vehicles and conducts annual performance dialogues with portfolio companies.

Product overview

Ethiopian Investment Holdings (EIH) is Africa's largest sovereign wealth fund, established in 2021 to manage and optimize state-owned commercial assets. Rather than a single unified product, EIH operates as an investment holding company with a diverse portfolio of 40 subsidiaries across 9 sectors: Transport & Logistics (Ethiopian Airlines, Ethiopian Shipping and Logistics), Energy & Connectivity (Ethio Telecom, Ethiopian Electric Utility, Ethiopian Electric Power), Financial Services (Commercial Bank of Ethiopia, Development Bank of Ethiopia, Ethiopian Insurance Corporation), Mining/Engineering/Chemicals, Agriculture & Agro-processing (Ethiopian Sugar Industry Group), Manufacturing (National Alcohol and Liquor Factory, ShieldVax), Hospitality, Trading, and Construction/Real Estate. EIH's core offering is portfolio management services including joint ventures, sub-funds, co-investment platforms, and capital markets access. The organization also operates the Adera digital platform for corruption reporting within its portfolio companies.

Differentiator

Problem solved

Functional benefit

Brands

• Adera: Corruption reporting system - a secure, transparent platform for reporting and investigating corruption cases within EIH portfolio companies
• Ethiopian Securities Exchange (ESX)

Products and services

• Adera Corruption Reporting System
• Portfolio Management Services
• Ethiopian Airlines Group
• Ethio Telecom
• Commercial Bank of Ethiopia
• Development Bank of Ethiopia
• Ethiopian Shipping and Logistics
• Ethiopian Electric Utility
• Ethiopian Sugar Industry Group
• National Alcohol and Liquor Factory
• ShieldVax Enterprise

Quantifiable outcome

• 262.7 billion birr pre-tax profit generated by portfolio in FY2024/25, up 88% YoY
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

15 partnerships are on record, tiered core, minor and core/flagship.

• Dubai Chambers / Dubai Chamber of CommercecoreGTM or Marketing Partner · 31 May 2026Dubai Chambers led a trade mission to Ethiopia engaging with EIH, Ministry of Industry, and Ethiopian Investment Commission. Discussions focused on expanding cooperation, attracting investment, and opening joint investment avenues between Dubai and Ethiopia.
• Prodintorg (Joint Stock Company Foreign Economic Corporation)coreGTM or Marketing Partner · 15 May 2026MoU signed at Kazan Forum 2026 between EIH CEO Dr. Brook Taye and Russia's state-owned Prodintorg (under Ministry of Agriculture). Aims to strengthen bilateral trade, provide direct access to strategic commodities at competitive prices, stabilize Ethiopia's domestic market, and create export opportunities for Ethiopian agricultural products in the Russian market.
• Ministry of Mines of EthiopiacoreStrategic or Co-development Partner · 13 March 2026EIH signed a potash mining agreement with the Ministry of Mines to develop a 365 square kilometer potash concession in the Danakil Depression of Afar Regional State, with estimated reserves of 11-12 billion tons. The Council of Ministers approved the commercial-scale potash mining license to boost forex generation and reduce fertilizer import reliance.
• Phoenix Group (UAE)minorStrategic or Co-development Partner · 22 January 2026UAE-based Phoenix Group signed deal with Ethiopian government to build a Bitcoin mining data center as part of Ethiopia's Digital Ethiopia 2030 strategy. EIH is seeking additional investment partners for national Bitcoin mining infrastructure.
• Thyssenkrupp Uhde Fertilizer TechnologycoreTechnology or Integration · 20 December 2025Dangote Fertilizer signed agreement with Thyssenkrupp Uhde to quadruple urea production capacity to over 8 million tons annually, covering the Lagos plant and Ethiopian complex. Saipem was awarded engineering contracts for six urea units with record daily capacity of 4,235 MTPD across Nigeria and Ethiopia.
• SaipemcoreTechnology or Integration · 20 December 2025Italian engineering company Saipem awarded contracts by Dangote Fertilizer for technical know-how, licensing, and basic engineering for six urea units across Nigeria and Ethiopia, each with 4,235 MTPD daily capacity. Letter of Intent signed for FEED services for the Ethiopian Gode complex with 3 million ton annual urea capacity.
• GCL Group (Golden Concord Group Ltd)core/flagshipStrategic or Co-development Partner · 2 December 2025China's GCL Group signed a $4.2 billion, 25-year natural gas supply agreement with Dangote Group to power the Gode urea fertilizer plant. GCL will supply gas from Ethiopia's Calub Gas Field via a dedicated 108-kilometer pipeline to the facility. This is part of the broader Belt and Road Initiative industrial partnership.
• WildberriescoreStrategic or Co-development Partner · 14 November 2025MoU signed in Moscow between EIH CEO Dr. Brook Taye and Wildberries CEO Robert Mirzoyan to collaborate on developing Ethiopia's e-commerce ecosystem. Wildberries, Eurasia's leading digital marketplace, plans entry into Ethiopian and wider African markets, with cooperation on logistics, digital infrastructure, and online commerce capabilities.
• Yango GroupminorStrategic or Co-development Partner · 14 November 2025EIH CEO Dr. Brook Taye visited Yango Group's offices to explore potential collaboration in logistics, transportation, and delivery services. Yango operates in 30+ countries with 10+ digital service solutions and is active in Ethiopia's ride-hailing and transport sector.
• Rusal (confirmed via MoU)core/flagshipStrategic or Co-development Partner · 14 November 2025Building a 500,000-tonne aluminium smelter in Ethiopia powered by hydropower, with EIH as the government partner. Project aims to increase African aluminium production capacity by 32%, create 2,000-3,000 construction and 800-1,200 permanent jobs, with projected annual export revenues of $1.2-1.8 billion.
• RUSALcore/flagshipStrategic or Co-development Partner · 13 November 2025EIH signed MoU with RUSAL, one of the world's largest low-carbon aluminium producers, to develop a 500,000 metric ton per annum aluminium smelter in Ethiopia. First phase ~$1 billion with 70% debt financing; 3-4 year construction, 50-year operational life. Aims to reduce Ethiopia's foreign currency spending on aluminium imports and position Ethiopia as a regional metals hub.
• Dangote Groupcore/flagshipStrategic or Co-development Partner · 28 August 2025Landmark $2.5 billion joint venture to develop a 3 million metric ton per annum urea fertilizer production complex in Gode, Somali Regional State. EIH holds 40% equity; Dangote Group holds 60%. Project includes pipelines from Calub and Hilala gas fields, targeting operations by 2029. It will be one of the world's largest single-site urea facilities and position Ethiopia as East Africa's top fertilizer producer.
• Toppan Gravity (Japan)coreStrategic or Co-development Partner · 18 February 2025EIH partnered with Japan's Toppan Gravity to establish Toppan Security Ethiopia, a security printing company. Includes EIH subsidiary companies Berhanena Selam Printing Enterprise and Educational Materials Production and Distribution Enterprise as shareholders. The facility will produce passports, national IDs, ATM cards, and secure documents, contributing to import substitution.
• Asset Green (UK)minorStrategic or Co-development Partner · 25 January 2025EIH and its subsidiary Ethiopian Agricultural Works Corporation signed an agreement with UK's Asset Green for an integrated dairy and commercial farming project.
• Ethiopian Securities Exchange (ESX)coreStrategic or Co-development Partner · 20 January 2025EIH played a pivotal role in establishing the Ethiopian Securities Exchange (ESX), launched January 2025. EIH is the founding shareholder with initial 100% public stake, now holding 25% as private investors joined. ESX is a landmark capital market platform for Ethiopia's financial sector modernization.

Scale indicators25 records

Recent moves6 records

Direct peers

• Public Investment Corporation (PIC): South Africa's state-owned asset manager overseeing pension and sovereign assets across diversified sectors. Highly comparable as a state investment vehicle operating multi-manager mandates at scale in Africa, with similar governance reforms and portfolio diversification objectives.
• Nigeria Sovereign Investment Authority (NSIA): Africa's second-largest sovereign wealth fund, managing Nigerian sovereign assets across infrastructure, financial services, and industrial holdings. Direct peer as a state investment authority pursuing SOE reform and infrastructure-led economic transformation.

Broad incumbents

• GIC (Singapore): Singapore's sovereign wealth fund managing over $700B in diversified global assets. Comparable as a state-owned investment entity operating multi-asset, multi-sector mandates with a long-term horizon and emphasis on partnerships with strategic operators.
• Temasek Holdings: Singapore state-owned investment company holding diversified stakes across sectors including transportation, telecommunications, energy, and financial services. Directly comparable in operating model (portfolio of operating subsidiaries) and sector mix to EIH's 40-company portfolio.
• Mubadala Investment Company: UAE sovereign investor managing diversified assets across energy, infrastructure, technology, and industrials. Comparable as a state-owned multi-sector investor pursuing industrial transformation, joint ventures with global partners, and capital market development.
• Khazanah Nasional: Malaysia's sovereign wealth fund holding diversified strategic stakes across telecommunications, aviation, banking, and infrastructure. Comparable as a state investment holding company with multi-sector portfolio and reform mandate for strategic assets.
• Saudi Public Investment Fund (PIF): Saudi Arabia's sovereign wealth fund managing over $900B and pursuing Vision 2030 industrial transformation. Comparable as a state-owned mega-fund deploying capital into gigaprojects, industrial diversification, and global strategic partnerships.

Others

• International Finance Corporation (IFC): World Bank Group's private sector investment arm supporting emerging market development through equity, debt, and blended finance. Comparable given World Bank's role in supporting EIH's creation and reform program, and similar focus on frontier-market industrial and infrastructure projects.

Regional players

• Ghana Investment Promotion Centre / Ghana Infrastructure Investment Fund: Ghana's sovereign wealth and infrastructure investment entities managing state assets and pursuing industrial partnerships. Comparable as an African state investment vehicle but operating in a different country/market than EIH.
• Russian Direct Investment Fund (RDIF): Russia's sovereign direct investment vehicle partnering with global investors on infrastructure and industrial projects. Comparable given EIH's recent MoUs with RUSAL and Prodintorg, and similar role as state-led partnership platform for industrial projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ethiopian-investment-holdings
• Facebookfacebook.com/EthiopiaInvestmentHoldings

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries37 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ethiopian Investment Holdings