DP World of Dubai will finish the expansion of the Bosaso Port by the end of this year.
The expansion of the port is likely to cost DP World up to $366 million.
Ahmed Yasin Salah, the Puntland Minister of Ports, confirmed this development on Friday.
He added that the port needs expanding bearing its importance to the local and regional economy.
In 2017, the Dubai firm won a concession to manage and develop Bosaso Port.
The concession lasts 30 years.