5 Multi-Millionaires From Somalia You Should Know

Somalia, a failed state in East Africa, has an extremely hostile political and business environment. But its people, the Somalis, are...
Sunday, November 29, 2020

DP World says Ethiopia takes stake in Somaliland port

- Advertisement -

Ethiopia will become a shareholder of the Port of Berbera following the signing of an agreement with DP World and the Somaliland Port Authority in Dubai.

DP World will hold a 51 percent stake in the project, Somaliland 30 percent and Ethiopia the remaining 19 percent.

The government of Ethiopia will also invest in infrastructure to develop the Berbera Corridor as a trade gateway for the inland country, which is one of the fastest growing countries in the world.

- Advertisement -

There are also plans to construct an additional berth at the Port of Berbera, in line with the Berbera master plan, which DP World has already started implementing, while adding new equipment to further improve efficiencies and productivity.

The first cranes are scheduled to arrive later this year, a statement said.

DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem, said: “I am so excited about the prospects of working with the Ethiopian government. Ethiopia is home to approximately 110 million people. The ports of Berbera and Doraleh will provide significant capacity to the region. Both these ports and more capacity will be needed to serve the region’s growth potential in the future.

“Having the Government of Ethiopia as a partner will enable DP World to support the Government in achieving its impressive development plans. This development and the strengthening of our partnership demonstrates our commitment to the people of Somaliland and Ethiopia and we look forward to working together.”

- Advertisement -

He added: ”The economies of the region are growing at a pace that needs the development of Berbera supplementing Djibouti and additional gateways in the future.”

Ethiopian Transport Minister Ahmed Shide said: “The agreement will help Ethiopia secure an additional logistical gateway for its ever increasing import and export trade driven by its growing population and economy.

“Ethiopia will continue to further invest in and develop the Djibouti corridor and further consolidate the use of existing ports in Djibouti. It will also look for other opportunities to develop additional ports and logistics corridors in the region.”

- Advertisement -
- Advertisement -

Stay Connected

151,505FansLike
1,872FollowersFollow
786FollowersFollow
18FollowersFollow
5,660FollowersFollow
2,902SubscribersSubscribe

SOMALI NEWS

Al-Shabab ‘collects more revenue than Somali government’

Using intimidation and violence, Somalia-based Islamist militant group al-Shabab raises as much revenue as the country's authorities, a report says.
- Advertisement -

October 14 tragedy: Why Somalia needs a national biometric system

By Thabit MohamedFormer Mayor of Mogadishu and Governor of Benadir Region

Trump Demands Plan to Pull Hundreds of U.S. Troops From Somalia

President Donald Trump has told top advisers he wants to withdraw U.S. troops from Somalia, according to people familiar with the matter,...

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

Alshabab Extremists release two Cuban doctors kidnapped in Somalia

The al-Qaida-linked extremist group al-Shabab has released two Cuban doctors who were kidnapped in Kenya and held for a year and a...

MORE NEWS

Al-Shabab ‘collects more revenue than Somali government’

Using intimidation and violence, Somalia-based Islamist militant group al-Shabab raises as much revenue as the country's authorities, a report says.

October 14 tragedy: Why Somalia needs a national biometric system

By Thabit MohamedFormer Mayor of Mogadishu and Governor of Benadir Region

Trump Demands Plan to Pull Hundreds of U.S. Troops From Somalia

President Donald Trump has told top advisers he wants to withdraw U.S. troops from Somalia, according to people familiar with the matter,...

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

Former Islington mayor Rakhia Ismail quits Labour party over racism

The UK’s first hijab-wearing mayor has resigned from the Labour party citing racism and a “system that allows white men to have what they...

Alshabab Extremists release two Cuban doctors kidnapped in Somalia

The al-Qaida-linked extremist group al-Shabab has released two Cuban doctors who were kidnapped in Kenya and held for a year and a...

Somali National Army, Kenyan troops exchange gunfire at shared border

Somali and Kenyan troops engaged in a minutes-long firefight on Saturday at the two countries' shared border, local officials and witnesses said...

IMF Reaches a Staff-Level Agreement for the First Review of the Extended Credit Facility for Somalia

September 24, 2020End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.

Trump won’t commit to peaceful transfer of power

US President Donald Trump has refused to commit to a peaceful transfer of power if he loses November's election.

Somalia’s Lawmakers Approve Roble ‘Swedish-Somali’ as New Prime Minister

The Somali parliament on Wednesday approved the appointment of Mohamed Hussein Roble as prime minister, less than a week after his nomination....

FEATURED POSTS

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

As Somalia chooses delegate voting system, outsider sees his chances rise

For most of the Somalia presidential aspirants the Nation has interviewed so far, the aspect of replacing an incumbent who has ‘failed’ in his...

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.