DP World Pledges to Invest $1b in Decade


DP World Pledges to Invest $1b in Decade

DP World pledges to invest one billion dollars in the next decade to develop the supply chain infrastructure along the Berbera corridor. This will include dry ports, silos, warehouses, container yards, cool and cold chain depots, freight forwarding, and clearing activities. "We have already established a high-level committee to make the investment phase by phase after doing an assessment on what the country lacks in this particular corridor," Sultan Ahmed, group chairman and chief executive officer of DP World, told Fortune. The Ministry of Transport and DP World, a Dubai-based logistics company, signed a Memorandum of Understanding (MoU) last week with the aim of developing the road linking Ethiopia to the port of Berbera in Somaliland. The agreement also proposes that the two parties establish a joint venture logistics company to carry out shipping and other operations on the corridor, which is set to grow in importance for the landlocked country. The agreement comes barely a month after the Ministry announced its plans to open up the long-closed logistics sector to private and foreign investments. The road infrastructure that will connect Berbera to the Ethiopian border, funded by the Abu Dhabi Fund for Development and the UK’s Department for International Development, is expected to be completed by the end of 2021. The road will link to the existing modern highway on the Ethiopian side and will further position Berbera as one of the key trade gateways in the region. DP World has committed 442 million dollars to develop and expand Berbera port, in which Ethiopia has a 19pc stake.

[ssba-buttons]

Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...