DP World Signs $442 Million Berbera Port Deal
DP World Group Chairman and CEO, Mr Sultan Ahmed Bin Sulayem, has met with the President of Somaliland, Mr Ahmed Mohamed Mahamoud, following the signing of the Port of Berbera agreement.
Earlier this month, DP World inked a $442 million contract with the government of Somaliland to develop and operate a regional trade and logistics hub at the Berbera Port.
The agreement forms part of a larger government to government Memorandum of Understanding (MoU) between the Emirate of Dubai and the Government of the Republic of Somaliland to further strengthen their strategic ties.
The DP delegation also visited the Port of Berbera where they received a warm welcome from the General Manager of the Port, Mr Ali Omar Mohammed.
“Investment in this natural deep water port will attract more shipping lines to East Africa and its modernization will act as a catalyst for the growth of the country and the region’s economy,” said DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, at the signing ceremony.
“Our global expertise in marine and inland terminals coupled with our free zone experience will be enable Somaliland to develop and provide a benefit to society for the long term, creating employment for current and future generations.”
The 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.