Embracing an Era of Transformation: Somali Entrepreneurs Back ‘New Mogadishu’ Initiative
In a remarkable display of unity and ambition, Somalia’s influential business community has thrown its full weight behind the visionary ‘New Mogadishu’ project, an initiative that promises to reshape the capital city’s landscape and catalyze economic growth. The resounding endorsement came during a high-level gathering attended by President Hassan Sheikh Mohamud, Prime Minister Hamza Abdi Barre, government officials, and a diverse array of local and international entrepreneurs.
The ‘New Mogadishu’ project, spearheaded by Somali entrepreneur Ahmed Isse Awad, envisions a comprehensive overhaul of the city’s infrastructure, including the construction of a modern port, an international airport, and a state-of-the-art prison facility. This ambitious undertaking has captured the imagination of the Somali business community, which recognizes the transformative potential it holds for the nation’s economic prospects.
During the gathering, President Hassan Sheikh Mohamud expressed his gratitude to the entrepreneurs for their unwavering support and commended their determination to drive Somalia’s development forward. He emphasized the government’s commitment to ensuring that 80% of the project’s investment opportunities are allocated to Somali businesses, underscoring the administration’s dedication to empowering local entrepreneurs.
The event witnessed a remarkable display of solidarity, with prominent Somali business leaders from various sectors and regions pledging their support. Ahmed Nur Ali Jimale, representing the Somali Business Community in Djibouti, and Sharif Ahmed, representing the Somali business community in Dubai, both expressed their readiness to contribute to the nation’s progress through this transformative initiative.
Furthermore, the Somali business community in Kenya, led by their representative, echoed their commitment to the project, recognizing its potential to unlock new avenues for economic growth and prosperity.
President Hassan Sheikh Mohamud acknowledged the pivotal role played by the Somali business community in recent years, highlighting their investments in major projects such as the Hobyo Port, the Galmudug Fuel Terminal, and the Luuq Coastal Development. He commended their unwavering determination to invest in their homeland, despite the challenges faced.
The ‘New Mogadishu’ project has already attracted significant interest from international investors, with a Turkish consortium holding a 30% stake in the initiative. This collaboration underscores the project’s global appeal and the confidence it has garnered from foreign investors.
As the plans for the ‘New Mogadishu’ project take shape, the Somali government has pledged to prioritize local businesses, ensuring that they have ample opportunities to participate in the development process. This commitment aligns with the administration’s broader goal of fostering an enabling environment for entrepreneurship and economic growth.
While the initial cost estimates for the project range from $640 million to $3 billion, the government remains confident in its ability to secure the necessary funding, with President Hassan Sheikh Mohamud expressing his belief that the project’s value could ultimately exceed $1 billion.
The ‘New Mogadishu’ initiative represents a significant milestone in Somalia’s journey towards reconstruction and economic revitalization. By harnessing the collective strength of the Somali business community and forging strategic partnerships with international investors, the project holds the promise of transforming Mogadishu into a thriving economic hub and a beacon of hope for the nation’s future prosperity.
