ABU DHABI (WAM)
AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, on Wednesday signed a Memorandum of Understanding (MoU) with the Somali Ministry of Fisheries and Blue Economy to explore the possibility of jointly investing in and developing the nation’s fisheries, ports, and maritime sectors.
The MoU will explore potential collaborations in integrating fish ports and processing plants, developing a maritime monitoring centre 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 and 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 percent this year, accelerating to 4.5 percent in 2025, amid declining inflationary pressures and global commodity prices, as the government maintains broad-based fiscal stability.
Minister of Fisheries and Blue Economy, Somalia, Ahmed Hassan Aden, stated, “By joining forces with AD Ports Group, we are laying the groundwork for long-term growth and sustainability in our port infrastructure and fishing industries. This collaboration will not only enhance our capacity but also drive economic development and provide new opportunities for our communities reliant on the maritime economy.”
Managing Director and Group CEO, AD Ports Group, Captain Mohamed Juma Al Shamisi, said, “AD Ports Group will explore supporting Somalia’s positive economic growth through potential investments and other collaborations in the nation’s ports, fisheries, and maritime sectors. Under the wise guidance of our leadership, AD Ports Group and the Federal Ministry of Fisheries and Blue Economy – Somalia will seek opportunities to unlock the potential of the country’s maritime and fisheries sector by leveraging the Group’s global expertise and resources to generate long-term growth and regional connectivity.”
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.