US$ 336 investment allocated modern multi-purpose port project in Bosasso
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 approximate investment for the modern multi-purpose facility will be US$ $ 336m (AED 1.235bn) spread over two phases—US$ 136mn (AED 500mn) for Phase 1 and US$ 200mn (AED 745mn) for phase 2.
The President of Puntland, Abdiweli Mohamed Ali, and the Chairman of Ports, Customs & Freezone Corporation (PCFC), Sultan Ahmed Bin Sulayem, signed the agreement at a recent ceremony in Dubai in the presence of senior Government officials and representatives of PCFC.
Work on the project will involve building a 450m quay and a 5 hectare back up area, dredging to a depth of 12m with reclamation work using dredge spoil. There will also be major investment in an IT and Terminal Operating System (TOS), mobile harbour cranes and container handling equipment.
“This investment is a huge undertaking in Puntland and will contribute to the infrastructure development in the Puntland State of Somalia,” said the President of Puntland, on this occasion.
The Port of Bosaso is located in Puntland State of Somalia, 2000 km north of Mogadishu. It occupies a strategic location for maritime transport in the Gulf of Aden at the Southern approach to the Red Sea and the Suez Canal.
