Ethiopia to acquire stake in Port of Djibouti

By professo

Ethiopia has announced plans to acquire a stake in the Port of Djibouti, its main system of trade.

Djibouti has sought after investors for its port since it terminated its agreement with Dubai-based DP World.

The two nations have agreed to swap stakes in strategic public enterprises in a bid to enhance economic integration.

The stake swaps would include airlines and telecommunication companies, as well as the port.

The nation of Djibouti is set to receive a stake in Africa’s largest airline (by revenue) – Ethiopian Airlines Enterprise.

SEE ALSO:

Shares in Doraleh Container Terminal, Ethiopian Telecommunications Corp, and Djicouti Telecom SA are also included in the deal.

Ethiopia also revealed an agreement made with Sudan for a stake in its largest sea gateway port – Port Sudan.

“The leaders of both countries agreed to develop Port Sudan together,” Meles Alem, Ethiopia’s Foreign Ministry spokesperson, informed Reuters.

“This deal entails that Ethiopia will be a shareholder of the port as well,” he added.

“Access to a diversified range of ports is a strategic imperative for the government of Ethiopia,” noted Ahmed Salim, Vice President at the Teneo.

“That is perhaps one of its most important priorities in terms of trade and development.”

Share

Featured Articles

Musk’s multibillion hostile Twitter takeover – the timeline

As billionaire entrepreneur Elon Musk buys Twitter for US$44bn, we draw up a timeline, from the buying of shares to the critical tweets and unsolicited bid

Sustainable moves businesses can make to win customers, IBM

With half of consumers saying environmental sustainability is more important today than a year ago, businesses should up their eco action, says IBM report

Banks and consultancies top workplaces to grow career in UK

Financial and professional services firms rank highest in LinkedIn Top 25 best workplaces list – from Barclays, Lloyds and HSBC, to PwC, Deloitte and EY

Top 10 women in technology in Europe

Leadership & Strategy

The value of ESG links sustainability to business returns

Sustainability

Top 10 European football clubs by revenue 2022 – Deloitte

Corporate Finance