ABN - Global maritime logistics company DP World has marked the start of its work on the development of a port in the Republic of Somaliland.
Ahmed Mohamed Mohamoud, President of the autonomous state of Somaliland, met with DP World’s chairman and CEO Sultan Ahmed bin Sulayem at a ceremony to mark the beginning of the firm’s 30-year port concession.
DP World will manage the development of a multi-purpose port at Berbera, a coastal city in the Somalia-breakaway state, as part of a US$442 million investment.
The investment will consist of two phases, with a 400-metre quay and 250,000-square metre yard extension to be built initially, followed by the development of a free trade zone.
President Mohamoud said: “This DP World investment in the Port of Berbera will strengthen the relationship between the Republic of Somaliland and the UAE which existed for many centuries in the past.
“Additionally, it will bring back and highlight the commercial position and importance of the Port of Berbera as a Red Sea gateway for the Middle East and Africa."