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In May 2016 the Government of Somaliland signed a 30-year agreement with DP World to develop and manage Berbera Port at a cost of $442 million. This was by far Somaliland's biggest ever Foreign Direct Investment (FDI) deal bringing with it the potential to completely transform the Somaliland economy.
DP World has committed to investing up to US$442 million to develop and expand Berbera Port, and with the first phase now complete, Mr bin Sulayem also announced that work is already underway to further expand the port in a second phase. This includes extending the new quay from 400 to 1,000 metres, and installing a further seven STS gantry cranes, increasing the total from three to 10, enabling the port to handle up to two million TEUs a year, and multiple large container vessels at the same time.
The Berbera Corridor road upgrade project, funded by the Abu Dhabi Fund for Development (ADFD) and the UK’s Department for International Development (DFID), and the Hargeisa Bypass Road funded by UK Aid, is set for completion in quarter four, 2021 and quarter three 2022, respectively. The road will link to the existing modern highway on the Ethiopian side and position Berbera as a direct, fast, and efficient trade route for Ethiopian transit cargo.
Hyundai launched its fleet of cars in Somaliland joining Coca Cola as the world-renown companies that have invested in the country. The South Korean car manufacturer has partnered Dahabshiil group of companies to not only introduce Hyundai model of cars to Somaliland but also to the horn of Africa region whose economy has become vibrant thanks to the growing international interest.
“In view of the ongoing developmental projects in the country {Somaliland} such as the DP World’s expansion of Berbera port together with the approved plan to create a free trade zone plus the construction of Berbera corridor highway – connecting Berbera port to the landlocked regions of neighboring Ethiopia, we are quite optimistic that the entry of Hyundai will have great impact in the motoring industry.
SEOUL, SOUTH KOREA / ACCESSWIRE / February 22, 2021 / Hyundai Construction Equipment (HCE), an affiliate of the Hyundai Heavy Industries GROUP, announced that it would accelerate its forays into the East African market through the signing of a distributorship agreement with NEFC. NEFC in its broad range dealer network handling the following five countries: Ethiopia, Djibouti, Somalia, Somaliland, and South Sudan.
Back in 2010, Somaliland Beverage Industries, owned by local businessman Ahmed Osman Guelleh, was awarded a license to build & operate a Coca-Cola bottling factory in Somaliland. At the time, SBI was the country’s single biggest investment to date. The opening of the $17 million Coca-Cola production was inaugurated 22nd May 2012 by the president back then H.E. Ahmed Mohamed Mohamoud (Silaanyo). The fact that a company of the size of Coca-Cola invested millions of their own money into what was an ‘unrecognised’ country spoke volumes and underlined the solid business case.
Coca-Cola’s vote of confidence – long withheld – may do more to propel investor interest and confidence than any political move. Only two other Coca-Cola franchises remain to be given out in the world: Cuba and North Korea.
For almost a decade now, Coca-Cola products have been flooding the market with their unique yellow closure at competitive prices, exceptional quality and a distribution system that is another first in Somaliland. SBI has also become a key player in Somaliland’s economy with over 250 employees and dozens of partners.
JAC Motors is a Chinese automobile and commercial vehicle manufacturer. The company is based in Hefei, Anhui Province, China. The company produced about 524,000 units in 2021, including 271,800 commercial vehicles and 252,500 passenger vehicles.
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