UAE-based port operator P&O Ports has won a 30-year concession for the management and development of a multi-purpose port project at Bosasso in the Puntland State of Somalia.
The company is set to invest up to USD 336 million in the multi-purpose facility, P&O Ports said, adding that the investment would be divided in two phases, USD 136 million for phase 1 and USD 200 million for phase 2.
Work on the project will involve building a 450-meter-long quay and a 5 hectare back up area, dredging to a depth of 12 meters with reclamation work using dredge spoil. There will also be major investment in an IT and Terminal Operating System (TOS), mobile harbor cranes and container handling equipment.
“This investment is a huge undertaking in Puntland and will greatly contribute to the infrastructure development in Somalia, particularly the Puntland State of Somalia,” President of Puntland, H.E. Abdiweli Mohamed Ali, said.
“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,” he added.