MOGADISHU (Reuters) – Royal Dutch Shell and Exxon Mobil have paid $1.7 million to Somalia to lease offshore blocks for 30 years, the country’s state news agency reported on Friday. “Shell/Exxon Mobil have paid $1.7 million to Somalia as the preliminary rent for 30 years,” SONNA reported. Shell and Exxon Mobil had a joint venture...
November 9, 2026
Category: Market Bazaar
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Ethiopia-Djibouti railway adds impetus to Ethiopia’s agricultural economy
ADDIS ABABA, (Xinhua) — The Chinese-built Ethiopia-Djibouti railway has won acclaim for facilitating landlocked Ethiopia’s import-export necessities. For the past more than one year, it has transported much-needed agricultural inputs to Ethiopia’s agriculture-dominated economy. Tilahun Sarka, Director-General of Ethiopia-Djibouti Standard Gauge Railway Share Company (EDR), said in a recent interview with Xinhua that the 752...
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Somalia Open for Business, says Petroleum Minister: 15 Licenses on Offer
CAPE TOWN, South Africa– Rich in hydrocarbons and possessing a favorable geological structure, Somalia holds huge opportunities for investors looking to enter the East African market, said the country’s Minister of Petroleum and Mineral Resources, Hon. Abdirashid Mohamed Ahmed at the Africa Oil & Power conference. “Nowhere is the contribution that the energy industry can...
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Norway to Provide Bridging Loan to Somalia
OSLO, Norway, APO Group/ — The Government has proposed that Norway should provide a short-term bridging loan of NOK 3.135 billion to Somalia in 2020 to clear Somalia’s debt arrears to the World Bank’s International Development Association. Technically, this is a loan to Somalia, but the funds will be transferred to a World Bank account....
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DHL, Ethiopian Airlines joint venture scales operations in Ethiopia
DHL-Ethiopian Airlines Logistics Services – a joint venture formed between DHL Global Forwarding and Ethiopian Airlines – is scaling its operations in Ethiopia. The company has named Berhanu Kassa as General Manager. Previously director of logistics services at Ethiopian Airlines, Berhanu takes over the leadership of the joint venture company from Pramod Bagalwadi, CEO, DHL...
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Somalia’s Recovery Spurs Trade & Investment Opportunities in all Sectors of the Economy
By Ali S. Yusuf The latest update on Somalia’s economy issued by the World Bank on Monday, September 9th, 2019, highlights impressive figures posted by the Horn of Africa nation with growth projected to rise in the coming years. According to the Bank, “Somalia’s economy is expected to grow by 2.9% this year, from 2.8%...
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Egyptian tuk-tuk start-up Halan to expand to Ethiopia
By Yousef Saba CAIRO (Reuters) – Halan, an Egyptian technology start-up that uses two- and three-wheeled vehicles to transport passengers and goods, will begin operating in Ethiopia before the end of 2019, its chief executive told Reuters. The company, which targets underserved communities, is also expanding to more cities in the Egyptian governorates of Sharqeya,...
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Somaliland’s Berbera to get second airport after UAE abandons military base
The president of Somaliland has announced that the UAE no longer plans to build a military airport in the semi-autonomous republic. Instead, the partly built project will be turned into a civilian airport. According to Reuters, President Muse Bihi Abdi announced in a televised speech on Saturday, 14 September: “The controversial airport of the UAE...
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Hyundai sets shop in Somaliland stamping confidence in the country’s stability
HARGEISA, Somaliland, – South Korean car manufacturer Hyundai is the latest multinational company to venture into the Horn of Africa via Somaliland. Hyundai launched its fleet of cars in Somaliland joining Coca Cola as the world-renown companies that have invested in the country that is seeking to gain international recognition. The South Korean car manufacturer...
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Ethiopia Largest Recipient of FDI in Eastern Africa
Nairobi — Ethiopia beat all other eastern African countries last year as the largest recipient of Foreign Direct Investment (FDI), according to a new report authored by financial consulting firm EY. The EY Attractiveness Survey 2019 released this week shows Ethiopia attracted foreign investment worth Shs26.8 trillion last year. Kenya closely followed Shs7.68 trillion while...