FTL Somalia

DP World to Invest over $442 Million in Somaliland

Score: 6 Relevancy Score is a value given to news based on its importance in a scale of 1 - 10.

DP World has announced its intentions to invest more than $442 million in the breakaway region of Somaliland.

The Dubai-based firm intends to invest a significant portion of the funds in Berbera Port.

Berbera Port was recently launched to great fanfare.

DP World is also working on Bosaso Port in conjunction with P&O, which is one of its subsidiaries operating in Somaliland.

With this range of investments, the fortunes of this East African nation are likely to turn around.

The announcement comes hot on the heels of the completion of the first phase of the expansion of the iconic Berbera Port.

President Muse Bihi Abdi of Somaliland was on hand to open the port’s new terminal. He was in the company of Sultan Ahmed bin Sulayem, DP World’s Group Chairman and Chief Executive Officer (CEO).