Government of Punt Land State of Somalia, Lootah Investment sign strategic agreements worth Dhs170m

The newly born companies will strive to develop, manage and operate the Bosaso Airport, Seaport and a Free-Trade Zone as well as co-manage state customs.

According to the agreement, a set of new companies will be established. The Bosaso Airport Company will have a mission to provide leading airport aero-ground services. It will initialy work to complete the Airport Complex towards international standards including its new 3.4 km runway, taxi and apron areas, main and auxiliary buildings and security perimeters.

The Bosaso Seaport Company shall have a mission to provide attractive seaport services by increasing berth depths and maneuvering capabilities, increasing the quayside by 400%, and establishing a prefab concrete block shoulder at sea to protect basin from swell. The Bosaso Free Trade Zone over 500,000 square metres shall improve logistic services and cost/performance to all merchants and traders alike.

Integratia Business Group, a subsidiary of Lootah Group has also signed a professional services agreement to co-manage Bosaso Customs for the coming 10 years and introduce best practices that will increase agility to material movement, improve merchant satisfaction and add to state earnings. On the onset, all the current business areas; laws, bylaws, policies, standards, regulatory, work processes, human capacity, financial and technologies, will be developed and set to meet the international standards for safety, security as well as boost of overall effectiveness and effciency.

His Excellency, The President of the Punt Land State of Somalia Mohamud Musa Hirsi, welcomed the agreement saying:

"These infrastructure and services initiatives are key to position our state on the fast track for growth. At the home of Africa, Bosaso is situated at the crossroad of business and trade. We should put all our effort to make the Punt Land State of Somalia a safe place for foreign investors, and help grow our economy. These new initiatives will also have a positive impact on the people of Somalia, as new job opportunities arise. We believe that this new partnership with Lootah Investment will help us reach a better future."

Ibrahim Saeed Ahmed Lootah, Chairman of Lootah Investment and Lootah Group, added:

"We are very committed to support the growth vision of his Excellency the President of the Punt Land of Somalia and we are very privileged to partner with the state government. We have carried out many projects across the region and we have the appropriate knowledge to help grow these initiatives to fruition and success."