DUBAI: Dubai-based ports operator DP World said Monday it had won a concession to manage a port at Berbera in the breakaway republic of Somaliland for 30 years, in an investment of up to $442 million.
"DP World will set up a joint venture with 65 percent control together with the government of Somaliland to manage and invest in the Port of Berbera," the company said in a statement.
The concession includes an automatic 10-year extension for the management and development of the port. The port "opens a new point of access to the Red Sea and will complement DP World´s existing port at Djibouti in the Horn of Africa," the company said.
The project offers an opportunity for the development of Somaliland, which is not recognised by the international community despite 25 years of de facto independence from the rest of war-torn Somalia.
The investment will include a first phase of a quay and yard extension, DP World said, adding that work will start a year after terms and conditions of the agreement are met.
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