The final signing ceremony of term sheet agreement between the Government of Somaliland and DP world to set up a joint venture company to invest in and manage the Port of Berbera took place in Dubai, UAE earlier today.
Somaliland government ministers and officials led by the Minister of Presidential Affairs, Hon Mahmoud Hashi; Minister of Finance, Hon Zam Zam Abdi Aden;Hon Bashe Awil Haji Omer, Somaliland Ambassador to the UAE, Somaliland Ambassador to Ethiopia Mr Ali Hussein Ismail and Mr. Ahmed Yusuf Dirir the Managing director of Berbera Ports Authority attended the ceremony.
The term sheet agreement to set up a joint venture company to invest in and manage the Port of Berbera will enable it to achieve its potential for becoming a regional trade and logistics hub.The US $442 million project will be phased over time and is dependent on the volumes generated at the port. It will also involve the setting up of a free zone to help support the development of Berbera’s trade corridors.
Mr. Ahmed Yusuf Dirir the Managing director of Berbera Ports Authority speaking during a press conference held at the DP World headquarters said, “Today we have concluded the final touches of the term sheet agreement to set up a joint venture company to invest in and manage the Port of Berbera, I would like to also inform port workers will now be employed by the company expect 45 employees of the Somaliland ports authority. All former workers have been paid their dues in full.
The MD further added, “Starting from the 1st of March ,2017, DP World will be fully responsible for running the daily management of the port of Berbera.
Hon Bashe Awil Haji Omer Somaliland Ambassador to the UAE, said, “The agreement will pave way for Somaliland to develop and will also provide many benefits to society for the long term, such as creating employment for current and future generations.”
He Added, “The Horn of Africa has been a trading partner of Dubai throughout history and we are delighted to support the Emirate of Dubai in its agreement with the government of Somaliland for wider economic cooperation across a range of sectors.