HARGEYSA: Dubai state-owned port operator DP World has launched a $101 million project to expand a port in the breakaway region of Somaliland.
Somaliland broke away from Somalia in 1991 and has acted as a de-facto independent state since then but is not internationally recognized. The United Arab Emirate’s Dubai government owns DP World.
The port in Berbera exports camels to the Middle East and imports food and other items, but Somaliland hopes it will provide an alternative for neighboring Ethiopia — a landlocked country of 100 million which relies on Djibouti for its trade.
DP World said the first phase of expansion will consist of constructing a 400-meter quay as well as the development of a free-zone, with Emirati firm Shafa Al Nahda the contractor.
“This investment in Berbera ... and the expansion is of a huge benefit for Somaliland to develop its economy. We are thinking to be competitive with our ports in the region,” Muse Bihi Abdi, the breakaway region’s president, told journalists.
The first phase is part of an expansion deal signed with DP World in 2016 and worth a total of $442 million.
DP World’s chairman and chief executive Sultan Ahmed bin Sulayem said Berbera would serve Ethiopia’s expanding economy and its increasing trade.
“We did not get assurances from them. (But) they need every port capacity in Ethiopia. It is only a matter of opening the port and making sure the road is there,” he said in a news conference.
But the launch comes amid opposition from Somalia, which believes its sovereignty is being violated. Senior officials have said such deals “bypassed the legitimate authority” of Mogadishu.
Bihi Abdi dismissed the claim. He said agreements with such international firms would boost the country’s quest to achieve international recognition.
“Because when DP World came to Berbera, there was attention from other countries and big business companies because most of them were thinking that Somaliland was not a recognized country and ignored the peace and stability in Somaliland,” he said in a news conference in Hargeysa.
“DP World was a big, international company which dared to come to Somaliland and I hope a lot of other companies from any continent will follow their path and come to Somaliland.”
DP World launches expansion of port in Somaliland
DP World launches expansion of port in Somaliland
- Somaliland broke away from Somalia in 1991 and has acted as a de-facto independent state since then but is not internationally recognized
- DP World said the first phase of expansion will consist of constructing a 400-meter quay as well as the development of a free-zone
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
