The Galmudug state of Somalia has signed an agreement with Oriental Company a consortium of three Turkish, British and Somali companies to build Hobyo Port.
The agreement was signed by Galmudug Minister of Ports and Fisheries Abdisabir Nur Shurie, while Oriental was represented by Crom LTD, Hobyo Investment LTD, and Indian Ocean Holding LTD.
The signing ceremony was also attended by Holman Fenwick Willan (HFW), a UK-based maritime law firm that advises on Galmudug State law.
"I signed a historic partnership agreement with Oriental Terminal, a consortium of Somali, Turkish and British companies for the development of Hobyo Port in the Galmudug State of Somalia." Minister Sabrie confirmed on Twitter.
Minister Abdisabir Nur Shurie praised the agreement and said that by the end of this month, the first survey team will arrive in the country to assess the various methods of construction and operation of the port, technical, environmental & environmental and overall planning.
"It is a fact that the construction of Hobyo Port will bring significant socio-economic changes in the lives of millions of people in Galmudug and neighbouring states," the minister said.
The London-based Oriental Company has reached an agreement with the Galmudug Ministry of Ports and Fisheries after a series of meetings in recent months with a delegation led by the Minister. Abdisabir Nur Shurie, Ports Development and Infrastructure Development Project Manager, Galmudug, based in Turkey, UK, Belgium and the Netherlands.
To begin construction of Hobyo Port, the first exploration team is expected to arrive in the country by the end of this month, to begin implementing the provisions of the Agreement; The Oriental Company Agreement also includes funding for the construction and operation of Hobyo Port.