(Bloomberg) -- DP World’s expansion of the Bosaso port in Somalia is expected to conclude by the end of the year, a regional ports minister said.
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The project, which will cost $366 million, is being financed by a unit of Dubai’s state-owned DP World. The port on the Gulf of Aden, in the semi-autonomous Puntland region, is one of several facilities the company is developing in the Horn of Africa.
“Given, that it’s strategically located, it’s a trading route to attract regional and international traders,” said Ahmed Yasin Salah, Puntland ports minister.
A second expansion phase will begin next year.
A unit of DP World won a 30-year concession in 2017 to develop and manage a multi-purpose port in Bosaso, Puntland’s commercial capital. The company has a similar accord for Berbera port in the neighboring Somali territory of Somaliland.
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