Somaliland Cabinet approved the DP World Agreement

Horndiplomat-Somaliland cabinet in its weekly session approved the agreement between Somaliland and the DP WORLD on the management and the investment of the strategic port of Berbera Thursday 27 July 2016. @Horndiplomat Reports.

May 2016 the republic of somaliland and the Dubai Port World signed agreement of US$442 million to form a joint venture company that will invest and management the Port of Bebera.

The council of ministers in their weekly meeting at the presidential palace and with the presence of the president and the vice president endorsed and approved the agreement that the government of President Silanyo signed with the Dubai based company of DP World.
Speaking on behalf of the members of the ministers responsible for this agreement, the minister of the presidency said that eight international companies competed for this contract ‘‘French company Bolloré Logistics DP World’s UAE’’ on the short list, and finally became the company with the contract because reflects to the best interest of the country and benefits most according to a press release.

In order to dismiss rumors echo into the ears of the people the minister reiterated that the real beneficiaries of this agreement are the people of Somaliland; more that of the DP World. He also highlighted the following points to eliminate any suspicion.

• The port of Berbera is national property that no one can sell it out or transfer to third party but leasing for limited period is workable

• The agreement between Somaliland and the DP World on the investment of Berbera Port of beneficial for both Somaliland people and DP World

• This agreement is best means we can develop and construct our Port as we are not internationally recognized

• The DP World won to be the major investor to the Berbera with sum of 442 million US dollars in a period of 30 years

• New Port is to be constructed within period of 12 month from the signing of this agreement next month

• The current staff of the port will continue to work, and their number will increase over time and where they are now to be 840 to 3,000 during the work of the three ports

• Third Port of 400M will be built after the work of the two former ports is completed 75%

The people are now closely comprehending the situation and getting more confidence in the agreement. Even though, some of the people were quiet skeptical about this agreement in the beginning now majority of them reacted positively.

SOURCE:HORNDIPLOMAT

This slideshow requires JavaScript.