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Mon 5 Sep 2016 04:27 PM

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Dubai's DP World inks deal to develop Somaliland port

Port operator wins 30-year concession; says investment of $442m needed to develop facility

Dubai's DP World inks deal to develop Somaliland port

Dubai's DP World has won a 30 year concession to manage and develop a port in the breakaway Somalia region of Somaliland that will require an investment of $442 million, the ports operator said in a stocks exchange statement on Monday.

The Red Sea Port of Berbera project will focus on containers, with the capability to handle other types of cargo, the statement said.

DP World will have a 65 percent share in the joint venture project with the government of Somaliland, it said.

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