[vc_row][vc_column][vc_column_text]
Dubai’s DP World has agreed to manage the Somaliland port of Berbera in a landmark deal this month that opens a new point of access to the Red Sea and gives the global ports operator an alternative hub to Djibouti in the Horn of Africa. Under the terms of the concession agreement, according to a person who has seen the document, Somaliland will grant the Dubai-based company the right to manage the Red Sea port of Berbera for 30 years.
DP World said it agreed to the port management deal earlier this month in Dubai. Under the term sheeta nonbinding agreement that serves as a precursor to a more formal deal the company is to set up a joint venture to manage and invest in the port. DP World put a $442 million value on the project, but said it would be a phased investment and depended on port volumes.
[/vc_column_text][/vc_column][/vc_row]
