DP World breaks ground on Berbera port development in Somaliland
DP World has broken ground on a multi-purpose port development in Berbera in Somaliland. President of the Republic of Somaliland, Muse Bihi Abdi and DP World Group chairman and ceo Sultan Ahmed bin Sulayem launched work on the phase of the port project on Thursday. The first phase of DP World Berbera will consist of building a 400-metre quay and 250,000 square metre yard extension as well as the development of a free zone. According to The National investment in the first phase will be $101m, with a total investment of $442m in two phases. DP World Berbera is a joint venture and includes neighbouring countries such as land-locked Ethiopia, which has a 19% stake. The port is being constructed by Shafa Al Nahda Contracting.
Somaliland eyes key Red Sea trade role with Berbera port
The soporific seaside town of Berbera is slowly changing as it takes on a major role on the Red Sea shipping route, allowing breakaway Somaliland to dream of prosperity and even recognition. At the Berbera port, dozens of containers are stacked on a sun-scorched platform and a few cranes creakily transfer sacks of sorghum and other goods from a rusting cargo ship. The facilities are far from modern, but Somaliland hopes its position on one of the world’s busiest shipping routes will turn the state into a job-creating dynamo — and encourage international recognition 27-years after it split from Somalia. Somaliland’s ambitions were boosted in March when it struck a deal giving Dubai port giant DP World a 51 per cent stake in the port and Ethiopia 19pc. DP World says it plans to invest $442 million to modernise the port, with a first extension of 400 square metres to begin in October that is expected to take 24 months.
‘Somaliland’s $442m port project with DP World and Ethiopia will go ahead’
In April 2016, the Republic of Somaliland, an African nation situated in the Horn of Africa, proudly announced a $442 million international public-private partnership that represented the largest investment into the country since it declared independence from its neighbour, Somalia, in 1991. The government of Somaliland and DP World, a leading multinational terminal operator, established a joint venture company which will manage and invest in the Port of Berbera. Construction of the quay extension is expected to start by the middle of this year and will take 18 to 24 months to complete. The investment will establish Somaliland as a regional trading and maritime hub. It will create a container terminal with a capacity to handle up to 1.25 million TEUs a year when complete. This is a clear vote of confidence in Somaliland’s political and social stability. https://www.hellenicshippingnews.com/somalilands-442m-port-project-with-dp-world-and-ethiopia-will-go-ahead/Upload News