Somaliland backs Dubai’s DP World over Berbera Port

Berbera has become a test case of Somaliland independence. (REUTERS)
Updated 19 March 2018
0

Somaliland backs Dubai’s DP World over Berbera Port

LONDON: The Somaliland government has rejected Somalia’s right to block a deal to allow Dubai’s DP World to make a $440 million investment to help develop Berbera Port, according to Somaliland Press.
The row came about when the Somaliland government allowed Ethiopia a stake in the Berbera investment consortium. Afterwards, the Somalian parliament voted to ban the UAE from investing in Somalia. The issue has become a test case for Somaliland independence.
A report in Somaliland Press said: “The DP World’s investment in Somaliland has, loudly and clearly, proven Somaliland’s independence. The agreement between DP World and Somaliland has shown that Somaliland is an independent country that can engage in international deals without regard to Mogadishu’s government.” It continued: “DP World’s agreement has ended Mogadishu’s claim for controlling Somaliland territory.”
The newspaper cited DP World CEO Ahmed Bin Sulayem as saying: “Somaliland is an independent country for the last 28 years. It is a very stable country. It has a vibrant democratic system. Our project won the endorsement of Somaliland’s parliament.”
Somaliland Press said: “Whether we like it or not, Ethiopia is a regional power to reckon with. Since Ethiopia has a share in the port, it will become its sea route which will help both Somaliland’s and Ethiopia’s economic growth. Second, since Ethiopia invested in Somaliland, Ethiopia will assist Somaliland strengthen its peace and stability.
“Ethiopia will not tolerate any regional authorities, Mogadishu’s government, or enemies to sabotage Somaliland’s stability. Lastly, Ethiopia and Dubai will work closely together to ensure Somaliland’s recognition provided that the port attains its intended objectives.”
Muse Behi Abdi Abdi, president of Somaliland, has recently been in Dubai meeting government ministers.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
0

Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.