P&O Ports,owned by the Dubai Government, has won a 30-year concession for the management and development of a multi-purpose port project at Bosasso, in the Puntland State of Somalia. The approximate investment for the modern multi-purpose facility will be USD $ 336 million (approx. AED 1.235 billion) divided into two phases: USD $136 million (approx. AED500 million) for Phase 1 and USD$ 200 million (approx. 745 million) for phase 2.
This investment is a huge undertaking in Puntland and will greatly contribute to the infrastructure development in Somalia, particularly the Puntland State of Somalia. Infrastructure development is a priority for the government of Puntland as it underpins the efforts of taking this country forward.- President of Puntland
Work on the project will involve building a 450 meter quay and a 5 hectare back up area, dredging to a depth of 12 meters with reclamation work using dredge spoil. There will also be major investment in an IT and Terminal Operating System (TOS), mobile harbor cranes and container handling equipment.