DP World wins 30-year concession
DP World has won a 30-year concession with an automatic 10-year extension for the management and development of a multipurpose port project at Berbera, Republic of Somaliland, worth $442m.
The international operator will set up a joint venture together with the government of Somaliland to manage and invest in the Port of Berbera, in which it will own a 65% controlling stake.
The first phase of the investment will include a 400 metre quay and 250,000 square metre yard extension, plus gantry cranes and reachstackers to handle containers and cargo. Further investment will be phased over time, dependent on cargo volumes.
The end goal is to create a regional trading hub and scope for a free zone.
Sultan Ahmed Bin Sulayem, DP World’s group chairman and chief executive, said: “We are delighted to extend our African footprint with a major investment in Somaliland. Investment in this natural deep-water port will attract more shipping lines to East Africa and its modernisation will act as a catalyst for the growth of the country and the region’s economy.
“Berbera will contribute to our continued growth in the developing markets of Africa in the years ahead. It is also a breakthrough in developing access to the sea for landlocked Ethiopia, the region’s largest economy.”
Dr Saad Ali Shire, the government’s minister of foreign affairs and international cooperation, said that the Republic of Somaliland was “excited” to partner with DP World on this project.
He added: “DP World Port of Berbera will offer East African importers and exporters a unique, additional world class deep-water port that will dramatically improve the competitiveness of their products in world markets and has the potential to transform the region’s economy.”
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