Oromia Insurance company awarded the Chinese construction company to build its headquarter around the financial district that is becoming the hub for most banks and insurance companies.
On Tuesday November 17, 2020 Oromia Insurance had signed an agreement with Jiangxi Corporation for international economic and technical cooperation to build the structural work of its headquarters.
On the tender which was floated for shortlisted companies, according to Tigstu shiferaw acting CEO of Oromia Insurance, 12 companies has been shortlisted from both local and international. The list included local companies such as Rama Construction PLC and CCCC, however 9 of them had submitted their expression of interest and only two passed to the financial evaluation in which Jiangxi submitted a better technical and financial proposal.
The building which will have 35-storeys and four basements will rest on 3,004 sqm of land leased from the city administration located around Mexico Square close to Wabishebele Hotel between the premises of the Ethiopian coffee, Tea Marketing and Development Authority and the Federal Small & Medium Manufacturing Industry Development Agency.
The 35-storey building will have offices, a meeting facility and a parking space that can accommodate up to 300 cars at any given time. The headquarter building will cost the company 1.5 billion Birr and is expected to be completed in three years.
The construction of the headquarter is classified in three phases, and Anchor Foundation Specialist has done the first phase which includes shoring and excavation.
Anchor Foundation Specialist PLC, a local firm specialized in foundation construction and known for building the United and Nib bank HQs, Marriot International and the Addis Ababa Light Railway Transit Kaliti Terminal is also involved in the project.
Local firm called Zeleke Belay Architect PLC, has done the design after winning the bid two years ago and supervise the contractors. Zeleke is known by taking projects including universities, hospitals and corporate office buildings in the past two decades.
The second phase is set to be undertaken by the Chinese company whilst the third phase is expected to start after finishing the construction of the building.
The construction of the building was initiated in partnership between the insurance firm and Oromia Coffee Farmers’ Cooperative Union, which is a member of the board of directors of Oromia Insurance and Oromia International Bank.
Established in 2009 with 540 founding shareholders and a paid-up capital of 26 million birr the insurance company’s assets have grown to 1.3 billion birr and 500 million birr subscribed capital and 49 service outlets all over the country, with a paid-up capital of 414 million Birr.
Currently, the insurance firm shares a headquarters with Oromia International Bank. The two reside in a 13-storey building that is located near Getu Commercial Centre. Annually, the insurance company pays seven million Birr to Oromia International Bank as rent for the seventh and eighth floors it occupies. The two also share the second and ground floors.
Besides building its headquarter, Oromia insurance is working to digitalize all its services. According to the president the insurer will make all its service digital starting from the coming July. “Both will help us to make all our services efficient, satisfactory and simple for our customers,” said Tigstu.
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