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DP World to develop, operate US$442 million hub in Somalia

DP World is to develop and operate a regional trade and logistics hub at the port of Berbera, after signing a US$442 million agreement with the Government of Somaliland. The phased project will also involve the establishment of a free trade zone.

DP World to develop, operate US$442 million hub in Somalia
02 June 2016 - 05:47
DP World to develop, operate US$442 million hub in Somalia
DP World is to develop and operate a regional trade and logistics hub at the port of Berbera, after signing a US$442 million agreement with the Government of Somaliland. The phased project will also involve the establishment of a free trade zone.
The project is part of a larger government-to-government memorandum of understanding between the Dubai and the government of the Republic of Somaliland to further strengthen strategic ties, according to the Minister of foreign affairs and international cooperation of Somaliland, Saad Ali Shire.
The Port of Berbera will become a hub and sea route, primarily for the Ethiopian market. It will be equipped with gantry cranes, tug boats and high-tech container storage machinery under the planned investment. 
The facility is intended to complement the terminal operator's services in the Doraleh terminal in Djibouti and also support growth in its Jebel Ali port in Dubai. 
Berbera will be the eighth port in Africa where DP World maintains a presence. Its chairman Sultan bin Arabian Supply Chain quoted Sulayem, saying in a report: "I am very bullish about Africa and I believe it still has a very huge potential."
Mr Ali Shire told reporters: "This agreement is opening a new chapter to gaining foreign investment by Somaliland. This deal should enhance job opportunities to youth of the country."
DP World has existing operations in Senegal, Egypt, Mozambique, Djibouti and Algeria. Over the past five years the port operator has invested US$1 billion in capex and added 2,275,000 TEU of capacity at its terminals in Africa, bringing the total annual capacity to 6.2 million TEU.
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