Somalia’s President Launches Groundbreaking New Mogadishu Infrastructure Projects
December 19, 2024
In a historic moment that marks a new chapter in Somalia’s development, His Excellency the
President of the Federal Republic of Somalia officially launched the New Mogadishu Development
Corporation (NMDC) – a public-private partnership entity which is responsible for developing the
New Mogadishu International Airport (NMIA).
NMDC is an essential component of the Somali government’s broader infrastructure strategy to
deliver on Nationally Important Infrastructure Projects. The Corporation brings industry expertise,
private and public sector stakeholders together and will provide leadership to the market through
partnership with the private sector. NMDC will be responsible for developing the New Mogadishu
International Airport, the New Mogadishu Maritime Port and Special Economic Zone.
Speaking at the grand inauguration ceremony held today, launching the NMDC and New Mogadishu
International Airport, the President emphasized the significance of this milestone for Somalia’s
future. “Today, we embark on a journey of progress and prosperity, building a brighter future for all”
he said. “By acting as a cornerstone investor, the NMDC will seek to remove barriers to investment,
generate a positive financial return and crowd-in private capital. This will provide an unrivalled
opportunity for local and international investors, seeking strong returns in an emerging market with
significant upside potential”.
Phase One of the new airport will handle 5 million passengers and up to 130K flights a year and is
expected to cost $643 Million. NMIA shares will be available for investors at $35.52 per share (at
par). The airport’s internal rate of return is forecasted to be just under 40%, with a Payback period
of 2.7 years.
New Mogadishu International Airport: New Airport will be a modern and secure gateway to
Somalia, serving as the main point of entry for international and domestic air travel. With its cutting-
edge infrastructure, new facilities and strategic location, the new airport is designed to meet the
growing demands of air traffic and support the country’s economic growth and global connectivity.
New Mogadishu Maritime Port: The New Mogadishu Maritime Port is designed to be a modern,
state-of-the-art facility that revitalizes Somalia's position as a major trading hub in the Horn of
Africa. Strategically located along the Indian Ocean, this port serves as a key gateway for
international trade, connecting Africa to the Middle East, Europe and Asia.
Special Economic Zone: The New Mogadishu Special Economic Zone (SEZ) is aimed at transforming
Mogadishu into a thriving hub for business, commerce and residential living. Designed to attract
local and international investment, the SEZ is a mixed-use area that seamlessly integrates
commercial and residential districts with a modern financial centre. This zone is expected to play a
pivotal role in boosting Somalia’s economy, driving job creation and positioning Mogadishu as a
regional centre for trade and innovation.
The launch event brought together high-level government officials, international dignitaries,
business leaders and community representatives.
These projects are a testament to Somalia’s commitment to rebuilding and modernizing its
economy. It reflects the collective efforts of the Somali government, private sector partners and
international allies to realise the country’s immense potential.
