Hobyo Port, Phase 1

active

The project comprises the construction of Somalia’s Hobyo Port. Tje sponsors are the turkish company Metag Holding and the Somali Hobyo Investment Company (HICO). They signed an agreement on 7 October 2024 to collaborate on the development of the Hobyo Port and Free Zone, which aims to ease the load of the ports in Mogadishu and Bosaso and create a trade corridor between Somalia and Ethiopia. Metag Holding will be responsible for the construction of the seaport and will retain a 30% stake while shares in the seaport will be available for investors. The project has secured an initial budget of $70m for its first phase. The construction time is set to be three years. The agreement includes an operational period of 80 years, during which Metag will manage the port. https://www.independent.co.ug/turkiye-secures-major-stake-in-somalias-hobyo-port/ ; https://www.theafricareport.com/364137/turkiye-secures-major-stake-in-somalias-hobyo-port/#:~:text=Africa%20Insights&text=The%20project%20has%20secured%20an,trade%2C%20especially%20with%20neighbouring%20Ethiopia. ; https://www.logupdateafrica.com/shipping/turkish-conglomerate-metag-holding-to-build-hobyo-port-1353431 https://www.independent.co.ug/turkiye-secures-major-stake-in-somalias-hobyo-port/ ; https://www.theafricareport.com/364137/turkiye-secures-major-stake-in-somalias-hobyo-port/#:~:text=Africa%20Insights&text=The%20project%20has%20secured%20an,trade%2C%20especially%20with%20neighbouring%20Ethiopia. ; https://www.logupdateafrica.com/shipping/turkish-conglomerate-metag-holding-to-build-hobyo-port-1353431