Mogadishu, Somalia – In a landmark event on December 19, 2024, President Hassan Sheikh Mohamud officially launched the "New Mogadishu" development initiative, an ambitious project aimed at transforming Somalia's capital through significant infrastructure enhancements.
The initiative is set to include the construction of a modern international airport, a new port, and the establishment of the Mogadishu Economic Zone, strategically located between Mogadishu and Balcad.
During the inauguration ceremony, attended by high-ranking officials including Prime Minister Hamse Abdi Barre and various foreign diplomats, President Mohamud emphasized the importance of this initiative for Somalia's economic future.
“This plan represents a new beginning that embodies the long-term vision of the Somali people,” he stated. The president highlighted that the initiative is expected to create numerous job opportunities and stimulate economic growth, crucial for a nation emerging from years of conflict and instability.
The total investment for the "New Mogadishu" initiative is estimated at $100 million. This funding will be facilitated through public-private partnerships and is anticipated to attract both local and international investors.
The president praised Somali entrepreneurs for their pivotal role in driving this project forward, particularly during challenging times when the country lacked a stable government.
The new airport will alleviate congestion at the existing Aden Adde International Airport, which has been struggling to accommodate increasing air traffic. Additionally, the port is expected to enhance trade capabilities and bolster Somalia's position as a regional economic hub. The Mogadishu Economic Zone aims to foster business development and attract foreign investments by providing a conducive environment for entrepreneurial activities.
As part of his broader vision for national development, President Mohamud also indicated plans to replicate similar initiatives across other regions in Somalia, reinforcing his commitment to national economic revitalization. “We are laying the foundation for transformative economic development,” he reiterated during his address.
The launch of this initiative marks a significant milestone in Somalia's ongoing efforts to rebuild its infrastructure and improve its economic landscape. It reflects a growing confidence among investors in Somalia's potential for growth and stability.
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