P&O Ports wins $336m concession in Somalia
P&O Ports has been awarded a 30-year, $336 million concession for the management and development of a port project in Somalia, the company said in a statement on Thursday.
The approximate investment for the modern multi-purpose facility at Bosasso in Puntland, Somalia, will be $336 million divided into two phases: $136 million for Phase 1 and $200 million for Phase 2.
The agreement was signed at a ceremony in Dubai by the President of Puntland, Abdiweli Mohammaad Ali and the Chairman of Ports, Customs & Freezone Corporation (PCFC), Sultan Ahmad Bin Sulayem, in the presence of senior Government officials and representatives of PCFC.
Work on the project will involve building a 450m quay and a 5 hectare back up area, dredging to a depth of 12m. There will also be major investment in an IT and Terminal Operating System (TOS), mobile harbour cranes and container handling equipment.
In a statement, the President of Puntland said: “This investment is a huge undertaking in Puntland and will greatly contribute to the infrastructure development in Somalia, particularly the Puntland State of Somalia. Infrastructure development is a priority for the government of Puntland as it underpins the efforts of taking this country forward. This concession agreement of expanding the Bosasso port is a major achievement for my government and for the people of Puntland. It promotes the historical and the trade relations between the countries of UAE and Somalia.”
Cumar Ismciil Axmed
Xaafiiska Warbaahinta
Kasmaal /Bosaso