Galmudug State has signed an agreement with Oriental Company, a consortium of three Turkish, British and Somali companies for the construction of Hobyo Port.
The agreement was signed on behalf of Galmudug by the Minister of Ports and Fisheries, Abdisabir Nur Shurie, while Oriental was represented by Crom LTD, Hobyo Investment LTD, Indian Ocean Holding LTD. The signing ceremony was also attended by Holman Fenwick Willan (HFW), a UK marine law firm advising on Galmudug State Legislation.
London-based Oriental reached the agreement with the Galmudug Ministry of Ports and Fisheries after a series of meetings in recent months with a delegation led by the Minister Nur Shurie,” a statement from the ministry of Ports read in part.
The agreement, the regional government said was in line with Galmudug investment requirements.
According to the agreement, 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.
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 approaches to the construction and operation of the port, technology, environmental & environmental and overall planning. “The second phase of construction will begin in March 2021,” he said. “It is a fact that the construction of Hobyo Port will bring about significant socio-economic changes in the lives of millions of people in Galmudug and neighboring states,” the minister added.