The Red Sea state of Eritrea contracted DP World Ltd. to upgrade its ports as regional peace brings increased business to its shores.
Formerly isolated Eritrea is normalizing foreign relations after signing an historic peace deal in July 2018 with neighboring Ethiopia, Africa's second-most populous nation. The two countries fought a border war two decades ago that claimed as many as 100,000 lives.
“DP World has facilitated the replacement of important equipment which was required and requested by the Eritrean port authorities to maintain operations and meet increase in demand for port services,” the harbor operator said in response to emailed questions.
The Dubai-based company has been monitoring “opportunities in the Horn of Africa,” it said. In 2018, its stake in a port in Djibouti, Ethiopia's main trade route, was nationalized by the government.
Eritrean Information Minister Yemane Gebremeskel didn't respond to an emailed request for comment sent a week ago.
Read more: Dubai Takes Port Operator Private to Tackle Looming Debt Burden
To contact the reporter on this story: Samuel Gebre in Addis Abaab at sgebre@bloomberg.net
To contact the editors responsible for this story: David Malingha at dmalingha@bloomberg.net, Helen Nyambura, Hilton Shone
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
