The Somaliland government has released the names and details of three international and multidisciplinary consultancy firms which it sought their services in the preparation and drafting of the term sheet agreement between the Republic of Somaliland and DP World to set up a joint venture company to invest in and manage the Port of Berbera will enable it to achieve its potential for becoming a regional trade and logistics hub.
The US $442 million deal which signed and sealed in June 2016 was will be phased over time and is dependent on the volumes generated at the port. It will also involve the setting up of a free zone to help support the development of Berbera’s trade corridors.
The government of Somaliland has for the first time since the signing of the multi-dollar deal in June this year, revealed details of the three international and multidisciplinary consultancy firms which it collaborated with in the preparation and drafting of the term sheet agreement between the Republic of Somaliland and DP World to set up a joint venture company to invest in and manage the Port of Berbera.
Among the three international firms which the government of Somaliland hired for its expert legal advice services in preparing the joint port deal is UK-Based Simmons & Simmons known to have a highly specialized international asset management and investment funds team.
EY Advisory based in the UK firm, is another firm which services we acquired by SL Government in order to help solve the complex issues such as the finance matters regarding the deal ,these in essence to Somaliland quest to develop and provide benefit to society for the long term, creating employment for current and future generations.”
The government of Somaliland also sought the services of “NIRAS”, a Danish firm so as to provide consultancy in preparing and drafting of the concession agreement, this in regard to its knowhow and expertise in matters concerning international acquisitions in the environment and energy, ports and harbors consulting sectors and worldwide development consulting services.
NIRAS is known to provide impartial consultancy in a variety of fields such as construction and infrastructure, public utilities, environmental and natural resources, climate change and energy, planning, and development consulting.
The final agreement is expected to be signed in early August 2016 forms part of a larger government to government Memorandum of Understanding (MoU) between the Emirate of Dubai and the Government of the Republic of Somaliland to further strengthen their strategic ties. DP World will be the lead implementing partner for the MoU, which covers various other areas of co-operation in agriculture, fuel storage, industrial development, roads and tourism.
The government of Somaliland decision to release the current information is meant to inform and boost the SL citizens’ confidence towards the deal but importantly to garner more public support for the single major investment deal representing both an economic and political boon to Somaliland.