Another thing that highlights how large the increased economic growth/trade has been is the air traffic coming into Somalia, which has made the airport congested because it was not originally built to handle that volume. If official numbers undercount trade and passenger flows, then the “unexpected” congestion at Mogadishu airport makes sense. What’s happening on the ground (more goods, more travelers, more business flows) is outpacing what the official books show.
So improving aviation infrastructure became a national priority
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and the Aviation minister said she has received numerous requests from major airlines that wish to start flying into Mogadishu but are hampered by the congestion. They collected 3.4 billion investments from Somalis domestically and from Somali transnational business community to sink into development to transform the city to improve connectivity.
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They already began investing 1 billion into the airport to launch constructions:
Facebook Twitter (X) Instagram Somali Magazine - People's Magazine On Sunday, President Hassan Sheikh Mohamud pressed a ceremonial button that marked the official start of construction. He told the crowd that the project is a “big step forward” for a country that is rebuilding after decades of...
somalimagazine.so
This also supports what i said to
@Hilmaam in the China thread how world class and advanced certain local Somali construction companies have become to be trusted with such complex high value projects. This will keep all the money in the economy , creates jobs for Somali engineers and technicians. It's creates a lot of skill building that can be transferred into other projects in the future.
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The local job creation and economic growth will be immense, the airport development is domestically driven.
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I can't imagine the explosion of economic growth this will create. This also shows the advantage of having a transnational business empire: it channels this massive trade surplus back into Somalia and provides a steady, continuous stream of investment and foreign currency to strengthen our reserves.
A transnational conglomerate or business network is a huge advantage because Somalia can eventually take the excess reserves from trade and corporate profits and invest them into a sovereign wealth fund. That would give Somalia financial independence, a buffer against shocks, and create real investment capacity at home.
With strong reserves and a sovereign wealth fund, Somalia could directly finance infrastructure, education and healthcare, and innovation avoiding dependence on foreign loans. Instead, Somalia would self-finance its own development, just as Singapore and South Korea did after building their corporate empires.
The Mogadishu Development Corporation is a step in exactly that direction much like Singapore’s Government of Singapore Investment Corporation (GIC) and Temasek Holdings