The owners of the Port of Garacad have unanimously agreed to transfer its management to an Emirati company. Additionally, they have extended the tenure of the management committee overseeing the operations of the Joint Port Company.
This agreement entails selling 60% of the portβs shares to the Abu Dhabi-based company from the United Arab Emirates. The contract will be in effect for a duration of 30 years.
The Emirati company plans to introduce several improvements to the Port of Garacad, including:
πΉConstructing the Garacad-Goldogob Road.
πΉEstablishing a Dry Port.
πΉBuilding hangars.
πΉCompleting unfinished sections of the port.
πΉInstalling cranes.
πΉDeveloping a large fish processing factory.
Furthermore, the company will bring extensive international business operations under its brand name to the port.
The Emirati investment in the Port of Garacad represents a significant opportunity for both the port and the Garacad-Goldogob road. The Joint Port Company Management Committee previously signed a memorandum of understanding with the Abu Dhabi-based company.
The shareholders of the Port of Garacad have been holding meetings in Galkayo over the past few days, which concluded officially today.
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Daily Somalia.