Turkish conglomerate Metag Holding to build Hobyo Port
Metag has signed an 80-year agreement with Hobyo Investment to build the port at around $70 million.
Ahmed Abdi Kariye, President of Galmudug State, Somalia, attended a high-profile event in Mogadishu to witness the signing of the Hobyo Port construction agreement.
"The ceremony, held with great fanfare, marks a pivotal moment for the region’s infrastructure ambitions," says a report by the Somali National News Agency (SONNA).
President Kariye emphasised the historical importance of the Hobyo Port project for the people of Galmudug, saying the construction of the port has been a long-cherished dream and reiterated his administration’s commitment to developing essential economic infrastructure. “This port will not only boost our regional economy but also enhance trade and connectivity, benefiting the entire nation,” he added.
The port’s strategic location is anticipated to facilitate increased maritime activity, contributing to the overall growth and stability of Somalia, the report added. "As the construction phase begins, the people of Galmudug and Somalia at large look forward to the positive impacts this project will bring, fostering economic resilience and prosperity."
Turkish conglomerate Metag Holding has signed an 80-year agreement with Hobyo Investment Company to build the port, African publication Nation reported.
"Founded in 1967, Metag Holdings has experience in infrastructure projects across Africa, including projects in Somalia, Djibouti and Kenya."
The port is likely to cost around $70 million to build, and should be ready in three years, Bloomberg reported.
