Somaliland, a semi-autonomous territory that aspires to statehood, has agreed “in principle” to give Ethiopia a 19 percent share in the venture administering Berbera port, according to Foreign Minister Saad Ali Shire. Somaliland’s government and Dubai-based DP World, which has a 30-year concession to manage and develop the facility, will be the majority shareholders in Somaliland-registered DPW Berbera, he said in an interview.
If Ethiopia takes its share, Somaliland will hold 30 percent of the company, while DP World will have 51 percent, according to Shire. Berbera sits on the Gulf of Aden, a waterway that leads to the Red Sea and Suez Canal, and is also where Somaliland says the United Arab Emirates is leasing a military airport that may be expanded into a naval facility.
Shire said the venture is presently 65 percent owned by DP World, with Somaliland holding the rest, and nothing legally binding has yet been agreed with Ethiopia.
https://www.bloomberg.com/news/arti...pia-eyes-role-in-dp-world-managed-somali-port
If Ethiopia takes its share, Somaliland will hold 30 percent of the company, while DP World will have 51 percent, according to Shire. Berbera sits on the Gulf of Aden, a waterway that leads to the Red Sea and Suez Canal, and is also where Somaliland says the United Arab Emirates is leasing a military airport that may be expanded into a naval facility.
Shire said the venture is presently 65 percent owned by DP World, with Somaliland holding the rest, and nothing legally binding has yet been agreed with Ethiopia.
https://www.bloomberg.com/news/arti...pia-eyes-role-in-dp-world-managed-somali-port
