DP World Signs Agreement With Somaliland And Ethiopia

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DP World signed a US$442 million agreement with the Government of Somaliland to develop and operate a regional trade and logistics hub at the Port of Berbera. Pawan Singh / The National
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As per the agreement, Ethiopia will make the necessary infrastructure investment to develop the Berbera Trade Corridor

Dubai: An agreement has been signed between DP World and the governments of Somaliland and Ethiopia, through which Ethiopia will now become a strategic partner holding a share of 19 percent in Berbera Port.

As per the agreement, Ethiopia will make the necessary infrastructure investment to develop the Berbera Trade Corridor.

DP World continues to hold a share of 51 percent share in Berbera Port, with Somaliland taking a share of 30 percent, and Ethiopia holding a share of 19 percent.

Read: Landlocked Ethiopia Eyes Role in DP World-Managed Somaliland Port

Sultan Ahmad Bin Sulayem, Group Chairman and CEO of DP World, said that this step is an important one that further strengthens DP World’s partnerships, and reaffirms its commitment towards the people of Ethiopia and Somaliland. “We look forward to working together in order achieve everyone’s interests. Ethiopia joining us as a partner in the Berbera Port project supports our plans to develop the port’s development, contribute to the development and prosperity of the region and creating promising trade opportunities,” said Bin Sulayem.

 

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