Ethiopia acquires 19% stake in DP World Berbera
Ethiopia will become a shareholder of the Port of Berbera following the signing of an agreement with DP World and the Somaliland Port Authority in Dubai, the company said in its press release. DP World will hold a 51% stake in the project, Somaliland 30% and Ethiopia the remaining 19%. The government of Ethiopia will also invest in infrastructure to develop the Berbera Corridor as a trade gateway for the inland country, which is one of the fastest growing countries in the world.
There are also plans to construct an additional berth at the Port of Berbera, in line with the Berbera master plan, which DP World has already started implementing, while adding new equipment to further improve efficiencies and productivity. The first cranes are scheduled to arrive later this year.