Dubai - Mubasher: DP World has signed a contract with Somaliland Port Authority (SPA) in Dubai for the development of the Port of Berbera, according to a company statement released on Thursday.
Under the agreement, the world's third-largest ports operator will hold a 51% stake in the project, while Somaliland and Ethiopia will hold 30% and 19%, respectively.
“The ports of Berbera and Doraleh will provide significant capacity to the region. Both these ports and more capacity will be needed to serve the region’s growth potential in the future,” DP World Group chairman and CEO Sultan Ahmed Bin Sulayem commented.
Ethiopia will develop the Berbera Corridor as a trade gateway for the inland country, while there are plans to construct an additional berth at the Port of Berbera, the Dubai based company revealed.
“The economies of the region are growing at a pace that necessitates the development of multiple ports and outlets. The extension of the port will increase capacity of the region to accommodate the increase in trade,” Somaliland’s Minister of Foreign Affairs Saad Al Shire said.
