DJIBOUTI CITY, 8 January 2021 – China’s biggest port operator, China Merchants Group, has sealed a $350 million deal to transform Djibouti Port into a world class business hub.
China Merchants Group was the leading developer of the southern Chinese port of Shekou in Shenzhen which integrates a free-trade zone and busness center.
The project will have “a profound impact on the future course of our country,” said Aboubaker Omar Hadi, chair of the Djibouti Ports and Free Zone Authority.
He added that the project would also advance “Vision 2035”, Djibouti’s development strategy.
The revamping of the port is only a small part of a $3 billion project modelled on the Shekou Port.
The first phase of the project, consisting of building an exhibition center and a four-star hotel, began last October 8 and is expected to cost $513 million.
Skyscrapers, walking areas and shopping malls will be part of the complex, according to Hadi.
Officials in the capital, Djibouti City, confkrmed Thursday that the deal to modernize the century-old Djibouti Port was finalized last December 29 but was disclosed only this week in a filing to the Hong Kong Stock Exchange.
Under the deal, the Chinese partners will get 23.5 percent of Djibouti Port.
the port to the Chinese partners.