DP World Group Chairman and CEO Sultan Ahmed bin Sulayem and government officials from Ethiopia and the Republic of Somaliland at the agreement signing.
Ethiopia will become a shareholder of the Port of Berbera following the signing of an agreement with DP World and the Somaliland Port Authority in Dubai on Thursday.
DP World will hold a 51per cent stake in the project, Somaliland 30per cent and Ethiopia the remaining 19per cent. The government of Ethiopia will also invest in infrastructure to develop the Berbera Corridor as a trade gateway for the inland country, which is one of the fastest growing countries in the world.
There are also plans to construct an additional berth at the Port of Berbera, in line with the Berbera master plan, which DP World has already started implementing, while adding new equipment to further improve efficiencies and productivity. The first cranes are scheduled to arrive later this year.
Expressing the importance of working with the governments of Somaliland and Ethiopia on the projects which will fuel trade and employment opportunities in the region, DP World Group Chairman and CEO Sultan Ahmed bin Sulayem, said: "I am so excited about the prospects of working with the Ethiopian government. Ethiopia is home to approximately 110 million people. The ports of Berbera and Doraleh will provide significant capacity to the region. Both these ports and more capacity will be needed to serve the region's growth potential in the future.
"Having the Government of Ethiopia as a partner will enable DP World to support the Government in achieving its impressive development plans. This development and the strengthening of our partnership demonstrates our commitment to the people of Somaliland and Ethiopia and we look forward to working together."
Republic of Somaliland Minister of Foreign Affairs and International Co-operation Dr. Saad Al Shire, said: "This is a very important project that will address some of the problems facing Somaliland concerning employment and investment. It is a welcome development that will benefit the region as a whole. The economies of the region are growing at a pace that necessitates the development of multiple ports and outlets. The extension of the port will increase capacity of the region to accommodate the increase in trade."
Ethiopian Transport Minister Ahmed Shide, said: "After a year of serious negotiations, Ethiopia has concluded an agreement with the Somaliland Ports Authority and DP World that will give the Government of Ethiopia 19per cent stake in the joint venture developing the Port of Berbera. The agreement will help Ethiopia secure an additional logistical gateway for its ever increasing import and export trade driven by its growing population and economy."
DP World, Panama trade ties
Trade infrastructure development to diversify Panama's economy and DP World's international experience in over 40 countries were at the centre of discussions held in Dubai between Sultan Ahmed bin Sulayem and Panamanian President Juan Carlos Varela.
As part of his visit, Varela was taken on a tour of DP World's flagship Jebel Ali Port and Free Zone, including Terminal 3, which is among the world's most productive and technologically advanced, employing surveillance drones and remote-controlled quay cranes that are operated from the safety and comfort of a control room. -firstname.lastname@example.org