AD Ports Group, a leading facilitator of global trade, logistics, and industry, signed a Memorandum of Understanding (MoU) with the Somali Ministry of Fisheries & Blue Economy to explore the possibility of jointly investing and developing the nation’s fisheries, ports, and maritime sectors, according to the company's release.
The MoU will explore potential collaborations in integrating fish ports and processing plants, developing a maritime monitoring center and stations, upgrading port infrastructure, building integrated fishing ports, and establishing a technical vocational training school.
AD Ports Group brings a wealth of experience in managing ports, economic cities, and free zones, in addition to providing integrated multimodal logistics services in the UAE and globally. In collaboration with the Somali Ministry of Fisheries & Blue Economy, AD Ports Group will look for opportunities to develop the maritime and fisheries sectors and explore other potential projects.
In Africa, AD Ports Group recently secured concessions in the ports, maritime, and logistics sectors in Egypt, the Republic of Congo, Angola, and Tanzania. The United Arab Emirates is a long-time supporter of the people of Somalia, where agriculture makes up about two-thirds of economic output. The World Bank forecasts that the Somali economy will grow by 3.7% this year, accelerating to 4.5% in 2025, amid declining inflationary pressures and global commodity prices, as the government maintains broad-based fiscal stability.
The MoU will also consider ways to cooperate on the enforcement and implementation of maritime regulations, support the development of technology and infrastructure, and explore the potential provision of project management and other opportunities of mutual interest.