Category Archives: Somaliland
The Government of Somaliland and DP World Group of the United Arab Emirates have celebrated a 30-year concession to develop and manage a multi-purpose port in the commercial capital of Berbera.
Somaliland has in abundance investable natural resources such as minerals, oil, marine resources, frankincense, livestock, and various other raw materials.
Innovate Ventures (Innovate.so) is running for a second year their highly successful tech start-up accelerator – The Innovate Accelerator. Launched in partnership with VC4A (https://VC4A.com), Telesom and Oxfam as part of Work in Progress! project, Innovate Accelerator saw over 180 applications submitted for last year’s inaugural cohort.
The private sector is the backbone of Somaliland economy and the biggest employment generator. However, it has inherent limitations which limit its potential to expand and pool together capital in the form of shareholding. The Majority of Somaliland businesses are sole proprietorship, family owned and partnerships. There are few shareholding companies, who operate on the basis of mutual trust rather than systematic corporate governance frameworks where the rights of shareholders are protected. It is time that Somaliland private sector should operate in a formal framework where operations and investment are not only done on individual trust and clan linkages but internationally accepted formal corporate governance frameworks.
Piracy in the Gulf of Aden and Indian Ocean started in 2005 by Somalia pirates and reached its climax in 2011 when they have attempted to hijack 237 vessels and at year’s end, seized 11 vessels, keeping a total of 216 people as hostages. At the time pirates used to make on average 2 million dollars for every ship seized and ransomed.
By Mohamed Ahmed Abdi Ba’alul.
No one thinks that he would live enough to see when our peace-makers turn in to trouble-makers. The upper house of parliament, has no longer most privileged members, or engaged in its hot debates on issues affecting the lives of ordinary citizens. It’s effective, peace-making dispatches to remote hinterlands are not visible in the headlines, despite of recurring inter-clan hostilities. If they were once the symbol of security, consensus, and the glue that holds Somaliland together, today the reality tells you a different story.
Somalia has marked important milestones in rebuilding its economy and normalizing relations with international financial institutions, over the past five years. However, IMF’s 2016 IV consultation shows that impact of drought in Somalia will decelerate its economic growth from 3.4 percent to 2.5 percent.
According to the World Bank; Promoting a well-functioning, competitive private sectors is a major undertaking for any government, especially for one with limited resources and technical capabilities.
Somaliland is a small nation in the Horn of Africa with a population of around four million inhabitants. Its economy is dependant on Diaspora remittance and livestock export to the Arab gulf countries. It has an infancy stage banking and financial services industry dominated by remittance business. As a result of anti money laundering regulations in the remittance originating countries in North America and Europe, remmitance lifeline to Somaliland is always at risk of disruption unless local regulatory environment and anti money laundering fighting mechanisms are installed and applied rigorously.