Saturday, August 27, 2016

Commentary - Economic boom rumours in Somaliland

(Medeshi)- Somaliland is in economic boom as most diaspora returnees say.

Tall buildings in the down town , restaurants such as Lake Asal, hotels such as Ambassador, Mansour, social life places like Hida Dhawr and Art and Cafe centers like Lalays Cafe .

It is good news for the nation. Good news for the government to collect revenues. People spend more money and pay tax. Good for the poor to work for the rich to make a living. And finally good news for the country in general to get recognition from the rest of the world regardless of how long it would take. And also good news that the country can survive without international recognition because of economic strength. Taiwan is a good example of standing alone without international recognition but with economic growth.
Hargeisa is now much better and more convenient  for the people in the Horn of Africa than Dubai. The reason: anything that could be ordered from Dubai is available in Hargeisa. Thanks to the entrepreneurship of the people of Somaliland. Hargeisa has now literally replaced Dubai in the region and has now become the hub of commerce in the Horn of Africa .
An example: Dahabshiil is one the largest remittance banks that offers remittance services in Africa. It also has its Head Quarters in Hargeisa and therefore, facilitates commercial transactions for unrecognized Republic of Somaliland. Dubai World Ports (DP World) has recently signed a 30 year lease contract to operate Berbera port which will be a hub to cater to more than 80 million land locked Ethiopians  and others beyond in  East Africa
Thanks to the peace and stability in Somaliland which has encouraged both local businesses and the International companies to invest in the country.
I have not  mentioned the oil sector that has been sabotaged by Somalia due to lack of Somaliland recognition by the international community.