Bloomberg: Deep-Water Somali Port Gives Landlocked Ethiopia New Trade Route

[Capo Dhoore]

Somalia will open a deep-water port on its northern coast next month, with a road link forging a new trade route connecting Ethiopia’s south-eastern region with the city of Gara’ad.

The development is part of a $531 million investment plan aimed at boosting the export of livestock, fish, minerals and agricultural commodities, according to Saed Faadi, the chief executive officer of Wadagsan LLC, the developer.


The first two deep-water berths in the Puntland state’s city will be capable of docking 40,000-ton container ships and provide services such as modern loading equipment, refrigerated storage facilities and feeding grounds for animals.

“The port will also provide easy access to food imports from the outside world,” Faadi said in an interview. “This will allow food to be less expensive and enhance food security in the region, which is plagued by droughts and famine.”

The Gara’ad port will be the Horn of Africa nation’s fifth deep-water facility providing access to the Indian Ocean, but it’s the closest to Ethiopia, a landlocked country of 115 million people whose economy was one of the fastest growing in the world before the coronavirus pandemic and conflict curbed expansion.

https://www.bloomberg.com/news/arti...rganic&utm_content=business&utm_medium=social

 

[Kramer]

Win for Reer PL.

 

[repo]

That's a big PR coup for the port.

 

[Aurelian]

funded by who, I know PL or a group of wealthy somali busnisses can fund it with some efforts but who funded it?

 

[Laagite]

Somalia will open a deep-water port on its northern coast next month, with a road link forging a new trade route connecting Ethiopia’s south-eastern region with the city of Gara’ad.

The development is part of a $531 million investment plan aimed at boosting the export of livestock, fish, minerals and agricultural commodities, according to Saed Faadi, the chief executive officer of Wadagsan LLC, the developer.


The first two deep-water berths in the Puntland state’s city will be capable of docking 40,000-ton container ships and provide services such as modern loading equipment, refrigerated storage facilities and feeding grounds for animals.

“The port will also provide easy access to food imports from the outside world,” Faadi said in an interview. “This will allow food to be less expensive and enhance food security in the region, which is plagued by droughts and famine.”

The Gara’ad port will be the Horn of Africa nation’s fifth deep-water facility providing access to the Indian Ocean, but it’s the closest to Ethiopia, a landlocked country of 115 million people whose economy was one of the fastest growing in the world before the coronavirus pandemic and conflict curbed expansion.

https://www.bloomberg.com/news/arti...rganic&utm_content=business&utm_medium=social

100% of the profits goes to the local government.

good job reer Mudug

 

[Aurelian]

100% of the profits goes to the local government.

good job reer Mudug

Idk about that, but surely the FGS will get some tax from that.

 

[FBIsomalia]

Idk about that, but surely the FGS will get some tax from that.

Xamar qajoo will have zero penny.

 

[Laagite]

Idk about that, but surely the FGS will get some tax from that.

FGS doesn't have any influence outside Mogadishu

 

[FBIsomalia]

Somalia will open a deep-water port on its northern coast next month, with a road link forging a new trade route connecting Ethiopia’s south-eastern region with the city of Gara’ad.

The development is part of a $531 million investment plan aimed at boosting the export of livestock, fish, minerals and agricultural commodities, according to Saed Faadi, the chief executive officer of Wadagsan LLC, the developer.


The first two deep-water berths in the Puntland state’s city will be capable of docking 40,000-ton container ships and provide services such as modern loading equipment, refrigerated storage facilities and feeding grounds for animals.

“The port will also provide easy access to food imports from the outside world,” Faadi said in an interview. “This will allow food to be less expensive and enhance food security in the region, which is plagued by droughts and famine.”

The Gara’ad port will be the Horn of Africa nation’s fifth deep-water facility providing access to the Indian Ocean, but it’s the closest to Ethiopia, a landlocked country of 115 million people whose economy was one of the fastest growing in the world before the coronavirus pandemic and conflict curbed expansion.

https://www.bloomberg.com/news/arti...rganic&utm_content=business&utm_medium=social

Bad news to jeegaan where happy Bossaso condition. Now with Garcaad and cheap price like bossaso port. Puntland economy will boost to higher level.

 

[repo]

100% of the profits goes to the local government.

good job reer Mudug

No, it won't. It will go to investors and after they recoup their investment, it will go to Puntland. The local district will get a percentage of custom taxes and benefit from the commerce and trade.

 

[Aurelian]

Xamar qajoo will have zero penny.

Why you talk like underage teenagers. there will be a system of taxation, idk about it, but let's see cuz every state has taxes.

 

[Capo Dhoore]

funded by who, I know PL or a group of wealthy somali busnisses can fund it with some efforts but who funded it?

It's being funded by puntlands business community and independent shareholders mostly from the diaspora. The puntland government is also a major shareholder

 

[Aurelian]

It's being funded by puntlands business community and independent shareholders mostly from the diaspora. The puntland government is also a major shareholder

So no china, no UAE. That is pretty nice

 

[Keep it a boqol]

Deni for president.

 

[InaShaqalle]

Well done Deni, he's good for Puntland. I hope HSM wholeheartedly supports Deni reelection in 2024

 

[FBIsomalia]

Why you talk like underage teenagers. there will be a system of taxation, idk about it, but let's see cuz every state has taxes.

That will happen when federal goverment in xamar act normally and stop sabotage Somalia AID.

 

[Based]

If xamar won’t receive its fair share then why is puntland still hanging on to Somalia?

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

If xamar won’t receive its fair share then why is puntland still hanging on to Somalia?

Fair share of what? This is a port built by Puntite Investors and Puntland's Government.
What is in Garacad that belongs to Xamar?

 

[Based]

Fair share of what? This is a port built by Puntite Investors and Puntland's Government.
What is in Garacad that belongs to Xamar?

Rent is due warya

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

Rent is due warya

I think you are confusing me for an AMISOM soldier.