Dubai port operator DP World inks deal for Somaliland port

DUBAI, United Arab Emirates – Dubai port operator DP World says it has secured a 30-year deal to develop and manage a cargo port on Somalia's semi-autonomous region of Somaliland.

The company said on Monday that it will set up a joint venture with the Somaliland government and control 65 percent of the project in the port of Berbera. An investment of up to $442 million will include a quay and yard expansion as well as cargo cranes.

The concession includes an automatic 10-year extension.

Somaliland seeks international recognition for its claim of independence from the rest of Somalia. It broke away in 1991 after the overthrow of Somali dictator Siad Barre.

Dubai government-backed DP World is one of the world's largest seaport operators, with interests in more than 70 marine terminals on six continents.