DUBAI, 8th November, 2022 (WAM) -- DP World has signed a lease and collaboration agreement with UAE-based food producer IFFCO, for an edible oil packing plant in the Berbera Economic Zone (BEZ) in Somaliland.
IFFCO's subsidiary, IFFCO Somaliland signed a 25-year lease with BEZ to develop a 300,000-square-foot packing facility, with future expansion plans covering another 300,000 square feet. Once complete, the first phase of the edible oil plant will create hundreds of jobs for local Somaliland citizens. Construction will start in the first half of 2023.
The agreement was signed in Dubai by Suhail Albanna, CEO & Managing Director of DP World, Middle East & Africa, and IFFCO's Executive Director, Rizwan Ahmed.
DP World is developing the BEZ after investing in the Port of Berbera to create an integrated maritime, logistics, and industrial hub to serve the Horn of Africa, a dynamic, ever-evolving region with a population of more than 140 million people, with a strategic location along major trade sea lanes and land routes.
Modelled on Jebel Ali Free Zone (Jafza), DP World's flagship Free Zone in Dubai, the BEZ has been developed around a customer-centric ecosystem, where DP World is not only developing the zone, but will also operate the one-stop shop for company registration and licensing services as well as offer logistics services and build to suit services. This ecosystem also leverages on the synergies with Jebel Ali Free Zone (Jafza), where on the one hand, companies can register their companies through the Jafza one-stop shop, while on the other hand, Berbera Economic Zone companies can avail of the Jafza incubation centre services. DP World's portfolio of economic zones such as BEZ will bring our Jafza customers in closer proximity to their markets.
Suhail Albanna, CEO and Managing Director of DP World Middle East & Africa, said, "We are delighted to welcome a major multinational company like IFFCO to the Berbera Economic Zone. The decision by IFFCO to set up a plant is a major vote of confidence in the zone and a testament to our offerings. In fact, with the port, the economic zone and the one-stop-shop all under DP World, it will be like a home away from home for Dubai-based customers such as IFFCO. The zone will also have a positive impact on the local and regional economy by creating jobs and attracting more foreign direct investment to Somaliland."
Shiraz Allana, Director and supervisory board member of IFFCO, said, "IFFCO continues to invest in the future of food and supply chains globally. We currently operate 95 facilities, including several port-based manufacturing facilities worldwide. This partnership with DP World demonstrates our commitment to the UAE's national food security strategy and facilitating global food trade. It also further enhances access to African consumer bases quickly and more efficiently. IFFCO's team will build exceptional infrastructure to help deliver a seamless flow of trade from the ground up."