Category Archives: Somaliland

Somaliland

Government of Somaliland and DP World Celebrate 30-Year Concession for $442 Million Port of Berbera

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. read more

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Somaliland: Foreign Investment Law Analysis

Somaliland has in abundance investable natural resources such as minerals, oil, marine resources, frankincense, livestock, and various other raw materials. read more

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Innovate Ventures Re-Runs Successful Tech Accelerator for Somali Start-ups

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. read more

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SOMALILAND: Corporate Governance Is Imperative For Private Sector Development

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. read more

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Will Piracy Return In The Gulf of Aden And The Indian Ocean?

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. read more

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Somaliland: Fools Rush Where Angels Fear to Tread

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. read more

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IMF Report Indicates Drought in Somalia will decelerate Economic Activities in 2017.

drought in somaliaSomalia 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. read more

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Muse Bihi: Somaliland’s Business and Investment Friendly Presidential Candidate

muse-bihi

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. read more

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Somaliland: Regulatory Gaps in Money laundering And Illicit Financing

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. read more

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Somaliland: The Debate on Conventional Banking Versus Islamic Banking System

Mohammed Dahir Ahmed

Written by Mohammed Dahir Ahmed

One of the somber challenges faced by Somaliland private sector is access to finance regardless of its form-Islamic or conventional. In a survey done by the World Bank, 48.8 percent of the firms surveyed in Somaliland indicated that access to finance as the number one constraint as far as doing business is concerned compared to a world wide average of 16.9 percent. It is a well documented fact that access to finance creates innovaton, job creation and growth. In Somaliland, formal and regulated financial services are almost non-existent, neverthless informal and unregulated financial services exist. read more

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Challenges Faced By Somaliland Small and Medium Sized Enterprises

In Somaliland, the small and medium enterprise (SME) sector is the biggest income and employment generator. It hosts thousands of people and is the largest business sector. SMEs that trade in clothes, food, agricultural products, consumables, gold, beverages and fruits are visible on the streets of every city and town of Somaliland. And these traders support families who may find it difficult to get alternative sources of income. read more

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Somaliland: Can Banking Competition Enhance Somaliland’s Financial Inclusion?

The financial services sector in Somaliland is presently dominated by the remittance business, which offers such services as well as checking accounts. However, several banks have obtained licenses from the Somaliland Central Bank, under the Islamic Banking Act. read more

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SOMALILAND: Regulatory Gaps in Mobile Banking Platforms

Somaliland is one of the leading markets of mobile banking platforms in Africa. It has been acknowledged by renowned individuals, such as Bill Gates of Microsoft, and international finance and development institutions, for its innovation and customer reach. It has made easy payment systems for goods and services. It is also free, unlike in most other countries. read more

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‘Anyone Opposed the Contract Must be Dealt with’ Said The Minister

Somaliland’s contractual agreement with DP World faced resistance from stakeholders in Berbera seaport who used to run the port for their own mood for the past decades. Somaliland authority received $ 15 millions in advance from DP World according to the Finance Minister Samsam. But it could more than that. “Anyone rebels the deal is considered to be allied with Somalia (referring the unionist Regime of Somalia)” said Ali Shoombe. The government can’t imagine to drop the deal for its high liquidity, the largest amount of cash receipt ever in Somaliland’s history. Verbal attacks exchange on TV screens between proponents and opponents of the deal  for financial benefit and loss respectively might lead Somaliland to brutal war between the tribe of the president and Berbera port town dominant tribe of Ciise Muse but the any conflict may affect the entire region . There’s growing fear of sleeping Al-Shabab cells in Somaliland may take advantage much like Somalia. read more

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