Djibouti | Economy and Infrastructure News - Page 21 - SkyscraperCity
 

forums map | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > Africa > East Africa > Somalia > Djibouti / Jabuuti

Djibouti / Jabuuti Projects, photos & discussion about Djibouti


Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old December 28th, 2018, 07:31 PM   #401
labadhagax
Registered User
 
Join Date: Oct 2013
Posts: 231
Likes (Received): 115

I feel nervous for Jabuuti. With all the debt incurred and Ethiopia starting to diversify its access to ports, Jabuuti could be left with huge debt and significantly less demand for its ports. It is time to stop borrowing.
labadhagax no está en línea   Reply With Quote
Sponsored Links
Advertisement
 
Old December 30th, 2018, 07:35 AM   #402
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822

You're right, there is cause for concern. The fact that Djibouti just completed its large, debt financed infrastructure projects coincided with the major changes in the HoA in 2018.
Ethiopia does not hide its goal of diversifying their sea access (totally understandable) & that pauses challenges as Djibouti financed these infrastructures with the assumption that the status quo will remain in place for another few years. Our leadership did not see this coming & seems to have been caught of guard.

The country started freezing all publicly financed large projects last year (the new airport for instance) until debt falls back to sustainable levels. They also initiated new reforms aimed at reducing government spending: reduction in unnecessary spending (no new vehicle purchases), all government agencies/ministries to pay their own utility bills etc...

These reforms are not bold enough in my opinion & more needs to be done. Reforming management of public companies (such as EDD, the electricity company), reviewing & standardizing the tender issuing process that is currently opaque & fuels a system of clientelism/patronage, ending monopolies (telecoms) & the urgent need to diversify the economy by developing new sectors (ICT, fishing, tourism, manufacturing etc...)
It is however difficult to expect such sweeping reforms as the political system in place is deeply rooted in the current patronage system.
__________________

AwdalPlan liked this post
Ras Siyan no está en línea   Reply With Quote
Old December 31st, 2018, 02:47 AM   #403
labadhagax
Registered User
 
Join Date: Oct 2013
Posts: 231
Likes (Received): 115

Yeah.. I think Jabuuti still has several years before other ports are built/expanded in either Eritrea or Somalia. Somalia does not have the money to build ports and there is no one to invest so far. Only UAE is making noises in Berbera port. It is probably doing it to stick it to the federal government of Somalia. These days anyone who has a dispute with Somalia government wants to hit Somalia where it hurts - its sovereignty. I don't think they will eventually go through with it. Ethiopia, which was part of the original Berbera port deal, probably abandoned it in deference to the federal government of Somalia.

As for Eritrea, UAE will probably invest in their ports partly because DB World was kicked out of Jabuuti and they are out for blood. In any event, whatever they build will take years. Building roads/rails from Eritrea to Ethiopia will also take time.

So, Jabuuti has several years to make money to pay back the loans provided they don't take on more loans.
__________________

BHL liked this post
labadhagax no está en línea   Reply With Quote
Old December 31st, 2018, 10:20 PM   #404
BHL
Registered User
 
Join Date: Apr 2014
Posts: 515
Likes (Received): 495

Quote:
Originally Posted by labadhagax View Post
Yeah.. I think Jabuuti still has several years before other ports are built/expanded in either Eritrea or Somalia. Somalia does not have the money to build ports and there is no one to invest so far. Only UAE is making noises in Berbera port. It is probably doing it to stick it to the federal government of Somalia. These days anyone who has a dispute with Somalia government wants to hit Somalia where it hurts - its sovereignty. I don't think they will eventually go through with it. Ethiopia, which was part of the original Berbera port deal, probably abandoned it in deference to the federal government of Somalia.

As for Eritrea, UAE will probably invest in their ports partly because DB World was kicked out of Jabuuti and they are out for blood. In any event, whatever they build will take years. Building roads/rails from Eritrea to Ethiopia will also take time.

So, Jabuuti has several years to make money to pay back the loans provided they don't take on more loans.
In addition if Djibouti continue taking reforms (dropping price monopolization) to attract Ethiopia more, given the past 20+ years of infrastructural developments b/n the two countries and the unwavering relationship they have, Djibouti will remain the main port to Ethiopia. For the long term development if the two countries unite in some sort of Confederation, that will be miraculously changes and cemented the lasting solution in the region !
__________________

AwdalPlan liked this post
BHL no está en línea   Reply With Quote
Old January 2nd, 2019, 10:33 PM   #405
Aaraldi
Registered User
 
Aaraldi's Avatar
 
Join Date: Dec 2014
Posts: 2,268
Likes (Received): 3678

If they would finally integrate the railway with the port facilities there is no chance for Eritrea or Somalia ever rivaling Djibouti in the next thirty years when it comes to serving the Ethiopian market.
__________________

BHL, Ras Siyan liked this post

Last edited by Aaraldi; January 4th, 2019 at 01:58 AM.
Aaraldi no está en línea   Reply With Quote
Old January 23rd, 2019, 08:07 AM   #406
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822

Quote:
Originally Posted by Aaraldi View Post
If they would finally integrate the railway with the port facilities there is no chance for Eritrea or Somalia ever rivaling Djibouti in the next thirty years when it comes to serving the Ethiopian market.
Work is currently under way to link both the DCT & DMP to the railway. It is difficult to gain access to these sites to take pictures of the progress though
__________________
Ras Siyan no está en línea   Reply With Quote
Old January 23rd, 2019, 08:10 AM   #407
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822


Quote:
In unveiling the Trump administration’s new Africa strategy last month, national security adviser John Bolton cast Chinese financial and military activity in Djibouti as a threat to U.S. interests in the Horn of Africa. He cited concerns about Djibouti's mounting debt burden to China and China's potential to take over a strategically located port, along with its establishment of a military base near U.S. base Camp Lemonnier.

The big picture: Djibouti has enjoyed a four-decade relationship with China, and in the past few years, this relationship has become more instrumental in Djibouti's development. China holds 77% of Djibouti’s debt, largely because of Vision Djibouti 2035, the country's agenda to become a logistics and commercial hub for continental trade and spur medium-term growth of 10% per year.

By the numbers: Djibouti has used much of its Chinese financing to immediately fill critical infrastructure gaps. Many high-profile projects have been financed by China Eximbank loans in recent years:
  • The Djibouti portion of the Ethiopia–Djibouti Railway ($492 million in 2013), a 446-mile line connecting Addis Ababa to Djibouti.
  • The Ethiopia-Djibouti Water Pipeline ($322 million in 2013), a 63-mile pipeline from Hadagalla to Djibouti to supply safe drinking water to locals.
  • The Doraleh Multipurpose Port ($294 million in 2016), which connects to the Ethiopia–Djibouti Railway to handle shipments of containers.
  • The Djibouti International Free Trade Zone ($150 million in 2015), financed by China Merchants Holdings.
Taken together, this flurry of infrastructure projects resembles China’s development of its own cities such as Shanghai and Shenzhen, home to industrial zones, ports and rail-based transit systems that spurred maritime trade.

The bottom line: If these projects increase productivity and economic opportunity, that may assuage some concerns about the debt burden; if not, Djibouti’s “economic goodwill” toward China may end sooner than expected, an outcome that would validate U.S. fears about regional stability.
__________________
Ras Siyan no está en línea   Reply With Quote
Old April 7th, 2019, 08:56 AM   #408
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822


Quote:
The African nation is tiny, poor, strategically located—and deeply in debt to Beijing.

Inside the carriages on the 10-hour rail journey through land-locked Ethiopia into the tiny Red Sea state of Djibouti, the chirping of mobile phones mingles with a mashup of regional languages and the murmur of the devout at prayer. A woman in a yellow frock trundles past maroon-upholstered seats with her cart: “Coffee! Bunna! Tea! Chai!”

At first glance, there’s nothing conspicuously Chinese about the Addis Ababa-Djibouti Railway, but then you spot the train’s Chinese driver and a few Chinese passengers huddled on a bunkbed. In fact, says Ilyas Moussa Dawaleh, Djibouti’s good-*humored finance minister, “It’s all about the ‘C.’” The railway wouldn’t exist in its current form without a massive infusion of Chinese loans—indeed, most of Djibouti’s economy relies on Chinese credit. And the Chinese might not have shown as much interest if it hadn’t been for Djibouti’s geostrategic location: About a third of all the world’s shipping steams past this barren land on the northeast edge of Africa en route to and from the Suez Canal, the Red Sea, and the Indian Ocean.

China’s bridgehead here is part of its globe-girding “Belt and Road” initiative, an amalgam of economic strategy, foreign policy, and charm offensive that’s fueled by a torrent of Chinese money and is designed to rebalance global alliances. And as with dozens of other way stations along this new Silk Road, Djibouti’s dalliance with China is raising hackles from Paris to Washington. China has no qualms. “China-Africa cooperation is yielding fruitful results all across Africa, bringing tangible benefits to every aspect of local people’s lives,” Foreign Ministry spokesperson Geng Shuang said at a press briefing on March 18. “It is these people who are in the best position to judge the effects of China-Africa cooperation projects.”

The railway will eventually string together a necklace of big Djibouti infrastructure projects in which the Chinese, through state-owned companies, have substantial interests: the Doraleh Multi-Purpose Port, the Doraleh Container Terminal, and the Djibouti International Industrial Parks Operation, a sprawling manufacturing hub. At one point, the railway skirts within a mile of the two-year-old Chinese People’s Liberation Army support base, which was China’s first overseas naval station.

China Merchants Port Holdings Co., a state-owned corporation, wants to turn Djibouti into “the Shekou of East Africa,” Dawaleh says, referring to the free-trade zone across Shenzhen Bay from Hong Kong. Djibouti, whose gross domestic product was $1.85 billion in 2017, can use the help. According to the World Food Programme, 79 percent of Djiboutians live in poverty and 42 percent in extreme poverty. Barely larger than Wales, the nation has a population of about 1 million people. Livestock represents the main livelihood of a third of the population, but the country, whose meager natural resources include salt and gypsum, has to import 90 percent of the food it needs.

As clanking machinery and the rising dust of construction activity along the coast attest, Djibouti is making progress of a sort, but it’s coming at a steep price. Under President Ismail Omar Guelleh, the one-party state is partway through what started out as a $12.4 billion infrastructure development program, much of it funded through loans from the Export-Import Bank of China.

China has taken major stakes in some of those projects. Take the sprawling International Industrial Parks Operation, where red lanterns left over from Chinese New Year celebrations were still hanging in March. Ten percent of this free-trade zone is owned by the Port of Dalian Authority, China; 30 percent by China Merchants, which owns about one-fifth of Dalian port; and the rest by Great Horn Investment Holding, a wholly owned subsidiary of the* Djibouti Ports and Free Zones Authority.

China Merchants owns 23.5 percent of a Djiboutian holding company that in turn owns the Doraleh Container Terminal, Djibouti Dry Port, and the Doraleh Multi-Purpose Port. The latter’s been operational since last year, built on $580 million in loans from the Chinese EximBank that Dawaleh describes as “almost concessional.”

China’s grip was tightening as Djibouti’s debts were soaring. In a 2017 report, the International Monetary Fund said Djibouti’s public debt—the lion’s share of it owed to China—rose from 50 percent to 85 percent of GDP over the previous two years. In December the IMF criticized the government for falling deeper and deeper into debt.

“The Djiboutian authorities’ strategy of investing in infrastructure to transform the economy and position the country as a logistics and commercial hub offers great opportunities for economic growth and development,” the IMF said. “However, the financing of this strategy through a buildup of debt has resulted in debt distress, which poses significant risks. Public and publicly guaranteed debt is expected to be around 104 percent of GDP at end-2018.”

The government here takes a different view. Dawaleh says the IMF shouldn’t include the debts of Djiboutian state enterprises in its assessment because those enterprises “are overperforming or have the capacity to overperform.” “This should not harm us,” he says in his office in Djibouti City, having just returned from meetings with Vice President Wang Qishan and other Chinese officials in Beijing, where he sought to restructure Djibouti’s EximBank loans.

Dawaleh was there to talk about two loans in particular—$460 million for Djibouti’s share of the railway and $340 million for a water pipeline. (The 750-kilometer [466-mile] railway is a joint project of Ethiopia and Djibouti, built with more than $4 billion in EximBank loans; 656 kilometers of track run through Ethiopia, providing it with a valuable trade link to the sea.) Djibouti wants to refinance the loans because neither project is generating the revenue it should at this stage. The railway began operations last year, a year and a half behind schedule, and is running one freight train a day instead of three as planned. Power supply problems have prevented the pipeline from operating at all. Djibouti’s grand expectations, Dawaleh says, do “not always match the reality.”

At sunset one day in March, a dozen schoolchildren are playing along the tracks on the outskirts of Djibouti City. They’ve got a great view of the city, the port area, and, in the distance, the Gulf of Tadjoura. The most fun to be had on the tracks, says Hamza Mahamad Osman, 14, is when a slow-moving train from Ethiopia rolls by with empty containers. “You can jump on it and hide away,” he says. “But you have to jump off before ending up in the port and in a ship!”

Farther along the tracks, from the train station at the Doraleh Multi-Purpose Port, you can see the high walls that hide much of the Chinese People’s Liberation Army support base from view. The roofs of several large three- and four-story buildings look like something vaguely out of the Forbidden City in Beijing. “Yes, it’s very nice,” says the port’s commercial director, Habon Abdourahman Cher. “But don’t take a picture.”

China is hardly the only country with a military presence in Djibouti. The U.S. Africa Command is headquartered at Camp Lemonnier, a naval expeditionary facility that’s the only permanent American base in Africa. The Japanese, Italians, and Spanish are also here. The Saudis are planning a base. France has had a foothold since at least 1894; what is now Djibouti was French Somaliland, a colony, until 1977.

When French President Emmanuel Macron visited in March, he did more than highlight France’s intention to spread its influence in East Africa and beyond. He also chided Djibouti for its overreliance on Chinese largesse. “What can look good in the short term,” he said, “can often end up being bad over the medium to long term.” Paris, he said, “wouldn’t want a new generation of international investments to encroach on our historical partners’ sovereignty or weaken their economies.”

The U.S. has been beating this drum even more loudly than the French. “China uses bribes, opaque agreements, and the strategic use of debt to hold states in Africa captive to Beijing’s wishes and demands,” John Bolton, President Trump’s national security adviser, said in a speech in Washington in December. Geng, the Chinese Foreign Ministry spokesperson, dismissed such talk as “groundless accusations filled with cold war mentality.”

Bolton warned of the consequences if, as has been rumored, China Merchants were to gain control of the Doraleh Container Terminal via a debt-for-equity swap. “Should this occur,” he said, “the balance of power in the Horn of Africa—astride major arteries of maritime trade between Europe, the Middle East, and South Asia—would shift in favor of China.” Aboubaker Omar Hadi, chairman of the Djibouti Ports and Free Zones Authority, described Bolton’s assertion as “propaganda.” “We have local expertise,” he says. “Why would we look at importing other entities to operate our ports?”

Near the shores of the Gulf of Tadjoura, meanwhile, an office tower, a hotel, and warehouses are rising at the Djibouti International Industrial Parks Operation. The vast free-trade zone sits beside an array of key commercial operations: the Doraleh Container Terminal and the Doraleh Multi-Purpose Port.

Neima Abdillahi Ahmed is the industrial park’s commercial manager. She says she’s seen photos of Shekou, the Chinese free-trade zone, from the last century—and recognizes the changes she’s living through. “Thirty years ago, Shekou was like Djibouti,” she says. “There was nothing.”—With Han Miao
__________________
Ras Siyan no está en línea   Reply With Quote
Old April 17th, 2019, 11:28 AM   #409
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822


Quote:
The Republic of Djibouti signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) today at a ceremony on the sidelines of the World Bank and International Monetary Fund Spring Meetings.

The ICSID Convention, which entered into force in 1966, establishes the institutional and legal framework for foreign investment dispute settlement. It was created to facilitate investment amongst countries by providing an independent, depoliticized forum for arbitration, conciliation and fact-finding. To date, the Convention has been signed by 163 countries, of which 154 have also ratified it.

At today’s ceremony, Minister of Economy & Finance in Charge of Industry, Commerce &Tourism, Ilyas Moussa Dawaleh signed on behalf of the Republic Djibouti, with the ICSID represented by its Secretary-General, Meg Kinnear.

“Joining ICSID is part of a series of actions that the government of Djibouti has undertaken to transform the business and investment environment in Djibouti, create employment opportunities for youth and women, and to boost economic growth in the country,” said Minister Moussa Dawaleh.

“Today’s signature of the ICSID Convention underscores Djibouti’s commitment to creating an environment in which private investment serves as a catalyst for growth and job creation,” said Meg Kinnear, ICSID Secretary-General.

With this signing, Djibouti has become the 163rd country to sign the Convention. The Convention must now be ratified by Djibouti before coming into force.
__________________
Ras Siyan no está en línea   Reply With Quote
Old May 4th, 2019, 11:02 AM   #410
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822


Quote:
The small republic at the Horn of Africa, Djibouti, is not in the business news very often, but when it happens, it can be insightful.

Djibouti, which has built up a small, but vital Islamic finance sector over the past two decades, is part of the growing number of East African countries to push Islamic finance as a core strategy for their banking sector. It is further – together with Sudan – yet the only country in the region to have reached meaningful levels of Islamic banking assets as a proportion of their total banking assets.

It is no coincidence that this has been noticed by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank which on April 4 released an Islamic Finance country report on Djibouti, which reviews the industry in the country very thoroughly by analysing the country’s Islamic finance ecosystem and identifying opportunities in the sector.

Islamic finance is a relatively young industry in Djibouti. The first Islamic bank, Saba Islamic Bank, was established in 2006 amid an absence of legal provisions and regulations supervising Islamic financial transactions. The regulatory authorities had nevertheless tolerated the opening of this bank, which was soon joined by Salaam Islamic Bank in 2008 and Dahabshiil Bank International in 2009, which since 2015 operates as East Africa Bank.
Islamic banking in Djibouti has been growing steadily since. As per latest available figures as of end-2017, the three Islamic banks (out of a total of eleven banks in the country) accounted for 20.9% of total banking assets.

“The untapped demand of a [comparably] large Muslim population, the low financial inclusion and the introduction of new Islamic banking regulations have contributed to the growth of the Islamic banking sector,” the report says.

There is, however, still a lot of action needed to drive things further forward. Apart from the three Islamic banks with their mainstream corporate and retail banking offerings, there is just a small microfinance sector that accounts for less than 1% of total industry assets. And although a takaful law has been introduced, there is still no takaful company operating in Djibouti, and there is still no market or legal framework for sukuk yet.

Meanwhile, the government is co-operating with other African countries to develop and offer Islamic finance products and increase the capacity of Islamic financial institutions. Besides, Djibouti has been hosting the annual International Islamic Banking Summit Africa for a number of years to promote Islamic finance in the region.

The report notes that Djibouti’s three Islamic banks have made significant progress in terms of scope and access to financial services. From 2013 to 2017, the market share of Islamic banks increased from 16% to 36% in terms of ATMs ownership, from 28% to 33% in number of branches and from 42% to 50% as per the number of bank accounts.
“This reflects a significant contribution of Islamic banks to improving financial inclusion in Djibouti as indicated by the rate of banked population which rose from 10% in 2006 to 25% in 2017,” the report notes.

Islamic banks in Djibouti have also managed to increase their market share both in terms of total assets which stood at 34.5bn Djiboutian franc ($194mn), or 17.7% of the total banking assets, in 2013. In 2017, their assets were estimated at 91.5bn Djiboutian franc ($514mn), representing the above mentioned market share of 20.9%.

As a roadmap for Islamic finance in Djibouti, the report recommends to improve Shariah governance, develop human resources for the industry, strengthen the role of takaful and sukuk, adjust tax laws for Islamic banks, allow for government institutions to utilise Islamic finance, capitalise on Djibouti’s favourable geostrategic location by setting up Islamic finance options for the shipping and logistics industry and, finally, develop a halal industry hub at the Horn of Africa in which Islamic banks take over the important role of financing.
__________________
Ras Siyan no está en línea   Reply With Quote
Old July 14th, 2019, 08:54 AM   #411
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822


Quote:
LUXEMBOURG, July 13 (Xinhua) -- The China-initiated Asian Infrastructure Investment Bank (AIIB) on Saturday approved the membership of Benin, Djibouti and Rwanda, bringing AIIB's total approved membership to 100.

The decision was made unanimously by AIIB's Board of Governors at its forth annual meeting of AIIB, which was held for the first time outside Asia.

The AIIB, a multilateral development bank investing in sustainable infrastructure and other productive sectors in Asia and beyond, began operations in January 2016.
__________________
Ras Siyan no está en línea   Reply With Quote
Old August 5th, 2019, 09:12 AM   #412
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822

La société Salt Investment souhaite acheminer via le port de Goubet quelque 40 000 tonnes de sel du Lac Assal vers les Etats-Unis d’Amérique

Quote:
Le président de l’Autorité des ports et des zones franches de Djibouti, Aboubaker Omar Hadi, vient de recevoir dans son bureau le directeur général de la société Salt Investment, Shou Haifei.

Lors de cette rencontre, les deux hommes ont abordé les voies et les moyens d’acheminer via le port de Goubet quelque 40 000 tonnes de sel du Lac Assal vers les Etats-Unis d’Amérique.

L’entretien s’est déroulé en présence du directeur financier de l’APZFD, Mohamed Abdallah, du directeur des projets, Aden Moussa Douksieh, du commandant des ports de Djibouti, Mohamed Moussa Abar, et du directeur général du port de Goubet, Abdo Mohamed Ali.

Le directeur général de la Salt Investment, Shou Haifei, était quant à lui accompagné de son adjointe, Aicha Hachim Guelleh, et de son directeur financier, Saïd Kamil.

Outre sa situation géostratégique, la république de Djibouti possède d’abondantes réserves de sel marin. En effet, le Lac Assal, situé à 155 mètres au dessous du niveau de la mer, renferme les plus grandes réserves de sel inexploitées au monde avec environ 100 millions de tonnes.

L’exploitation de ce précieux minerai, «l’or blanc» de Djibouti, a suscité l’installation à Goubet d’un port moderne d’une capacité d’exportation de 6 millions de tonnes par an et capable d’accueillir des navires d’une capacité maximum de 100 000 tonnes pour charger le sel.

Quote:
The president of the Authority of ports and free zones of Djibouti, Aboubaker Omar Hadi, has just received in his office the general director of the company Salt Investment, Shou Haifei.

During this meeting, the two men discussed the ways and means of transporting through the port of Goubet some 40,000 tons of salt from Lake Assal to the United States of America.

The meeting was attended by APZFD's Chief Financial Officer Mohamed Abdallah, Project Director Aden Moussa Douksieh, Djibouti Ports Commander Mohamed Moussa Abar and Goubet Port General Manager Abdo Mohamed Ali.

Salt Investment General Manager Shou Haifei was accompanied by his assistant, Aicha Hachim Guelleh, and his financial director, Saïd Kamil.

In addition to its geostrategic situation, the Republic of Djibouti has abundant sea salt reserves. Indeed, Lake Assal, located 155 meters below sea level, contains the largest untapped salt reserves in the world with about 100 million tons.

The exploitation of this precious ore, the "white gold" of Djibouti, prompted the installation in Goubet of a modern port with an export capacity of 6 million tons per year and capable of accommodating ships with a maximum capacity of 100,000 tonnes to load the salt.
__________________

metrancya liked this post
Ras Siyan no está en línea   Reply With Quote
Old August 5th, 2019, 09:25 AM   #413
Ras Siyan
Jamhuuriyada Jabuuti
 
Ras Siyan's Avatar
 
Join Date: Jan 2009
Location: Djibouti
Posts: 5,980
Likes (Received): 1822


Quote:
(Agence Ecofin) - Dans le cadre de la poursuite de sa stratégie d’expansion sur le continent, Banque Misr, la banque égyptienne à capitaux publics, ambitionne de pénétrer le marché bancaire de Djibouti en ouvrant un bureau de représentation dans ce pays d’Afrique de l’Est.

S’adressant à des médias égyptiens, Mohamed Mahmoud Eletreby (photo), le président de l’établissement, a fait savoir que le projet était encore à l’étude et que la banque réfléchissait sur son opportunité.

Cette annonce traduit la volonté affichée par Banque Misr d'ouvrir, au cours de cette année, de nouvelles filiales dans de nombreux pays en Afrique subsaharienne, y compris au Kenya.

La banque qui opère depuis 1920 en Egypte est déjà présente aux Emirats arabes unis, au Liban, en Allemagne, en Chine, en Russie et en France, à travers ses différents bureaux de représentation.

Dans son rapport annuel de 2017, la Banque centrale de Djibouti fait savoir qu’à fin 2017, le pays comptait 12 banques en activité, dont trois islamiques. Dans l’ensemble, ces banques sont majoritairement à capitaux étrangers, du fait de la libéralisation du secteur financier initié depuis 2006 dans le pays.


Quote:
(Agence Ecofin) - As part of the continuation of its expansion strategy on the continent, Bank Misr, the Egyptian bank with public capital, aims to penetrate the banking market of Djibouti by opening a representative office in this country. East Africa.

Speaking to Egyptian media, Mohamed Mahmoud Eletreby (pictured), the president of the institution, said that the project was still under consideration and that the bank was considering its opportunity.

This announcement reflects Bank Misr's desire to open new subsidiaries in many countries in sub-Saharan Africa, including Kenya, this year.

The bank that operates since 1920 in Egypt is already present in the United Arab Emirates, Lebanon, Germany, China, Russia and France, through its various representative offices.

In its 2017 annual report, the Central Bank of Djibouti reports that by the end of 2017, the country had 12 active banks, including three Islamic ones. On the whole, these banks are mainly foreign-owned, because of the liberalization of the financial sector initiated since 2006 in the country.
__________________
Ras Siyan no está en línea   Reply With Quote
Sponsored Links
Advertisement
 


Reply

Tags
djibouti

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 05:54 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us