Somalia: Somaliland concludes deal with DP World
Dubai, UAE - Somaliland Administration officially signed $442 million deal with Dubai based company DP World to develop and manage Barbara’s cargo port for 30 years, Garowe online report
The signing ceremony held in Dubai city in United Arab Emirates, attended by Somaliland delegates including Vice President, Foreign Minister, Minister of Planning, UCID party leader and DP World’s chairman and chief executive Sultan Ahmed Bin Sulayem.
Speaking to the media from Dubai, Somaliland’s Planning Minister Ali Shoonbe said the deal concluded between Somaliland government and DP World as both parties officially signed the agreement on Monday.
According to the deal DP World will set up a joint venture with the Somaliland government and control 65 percent of the project in the port of Berbera. An investment of up to $442 million will include a quay and yard expansion as well as cargo cranes.
DP World is one of the world's largest marine terminals operators and it has portfolio of more than 70 marine terminals across six continents.
Unrecognized since 1991 and seeking international recognition, Somaliland declared its independence from Somalia as a de facto sovereign state.