DP World Group chairman and CEO Sultan Ahmed Bin Sulayem and Republic of Somaliland minister for foreign affairs and international cooperation Dr Saad Ali Shire signed the agreement for the Berbera Free Zone (BFZ).
The development is based on DP World’s Jebel Ali Free Zone (Jafza) in Dubai and aims to attract investments, encourage trade, create new jobs and position Berbera as a gateway port for the region.
Under the terms of the agreement, DP World will develop BFZ in phases, with the first phase focusing on 4km2 of land out of the 12.2km2 earmarked for the project. Future phases will be detailed in a concept plan.
Each phase of the BFZ will start once the previous phase has achieved 85% occupancy. It will target a wide range of businesses including warehousing, logistics, traders and.
Further details of the BFZ will be concluded with Somaliland’s new government after the country’s elections, scheduled for 13 November.