Garowe (PP News Desk) — The privately owned Garacad Port in Puntland State will officially become a port after securing certification from the Federal Government of Somalia, a development that raises the profile of the port funded by Wadaagsan Investors.
“The Federal Government of Somalia issued certification for Garacad Port. We have acquired a 4,000 horsepower tugboat able to facilitate provision of supplies and support for other ships” said Warsame Ahmed Shiddo, a Wadaagsan Investors senior executive said. Details about the new status of the Garacad Port has not been disclosed. It is the first port funded by Somali investors through the infrastructure fund.
Sources close to Wadaagsan executives told Puntland Post that monthslong negotiations with the Federal Government of Somalia had culminated in an undisclosed agreement on sharing tax revenues to boost the federal coffers.
Garacad Port competes with Bosaso Port, currently locked in a controversial thirty-year DP World concession. In 2018 the Federal Government of Somalia accused DP World of signing illegal port management agreements with Puntland State and Somaliland Administration. It is closer to Nugaal, Sool, Galguduud and Hiiraan as well as the Somali region of Ethiopia.
© Puntland Post, 2022
You must be logged in to post a comment.