Visit their site: www.investinpuntland.com/HeadQuarters: Contact Invest in Puntland Agency IPA - London Branch 14 Alexandria road W13 0NR, London United Kingdom
Helping You Launch Your Project:
For any advice regarding a plan you might have for your project in Puntland or wanting help and support with your exiting project all you need to do is contact one of our offices, whether in Puntland or abroad, you can count on the IPA to offer tailored expertise every step of the way.
•Our team can give you detailed information on the legal regulations that apply to your investment. our partners network, includes banks, financial institutions as well as accounting and auditing firms that are able to provide specialized services.
•Our team provide the assistance your business needs to speed up procedures and help you get in touch with the relevant government departments. We can also help with staff relocation, including support with administrative formalities.
•The IPA can introduce you to local authorities, government representatives and elected officials.
Helping You Choose a Business Site:
Our team can help you find a site that matches the specific requirements of your project. We prepare a shortlist of sites and arrange visits with local partners
so that you make an informed decision that best suits your business strategy and budget.
The IPA can also put you in touch with existing like businesses so that you can explore the best possible opportunities.
Ensuring Long-term Growth:
If wanted we will monitor your project to anticipate and avoid possible challenges along the way. We make sure that you are satisfied with our services throughout the project and we are ready to provide any additional assistance you may need.
We try to ease the integration of international businesses into the fabric of the local economy, particularly by notifying potential partners, sub-contractors and suppliers.
The people of Puntland are blessed with vast natural resources of which livestock and fisheries are the backbone of the economy. Major destinations for the livestock exported from the Puntland state government are Yemen, Oman, Libya, United Arab Emirate, Kuwait, and Egypt. These two commodities form the basis of practically all trade and business activities, export and import.
The Barbarawe sheep and the short eared Somali goat are known internationally for palatability and taste. Young male cattle and camel stock that offers tender and high quality meat produced in range raised and organic production systems are also exported. No hormones or growth promoters are used.
The government has put sound measures to improve livestock quality and build the confidence of importing countries.
The Ministry of Livestock plays a significant role to ensure that livestock for export are healthy and of good quality through regular screening. Regularly mobile veterinary team headed by a local District Veterinary Officer and backstopped by international technical expertise visit water points such as dams, wells, boreholes to do disease surveillance and implement preventive and control measures such as vaccinations whenever necessary. The ministry is currently undertaking measures to rehabilitate the exiting export livestock laboratories in Bosaso and Galkayo to control diseases out break in this region and to provide support for surveillance of priority trans-boundary disease required by the importing countries. The provision and facilities and rehabilitation of the project are currently being undertaken by the Somali Animal health service Project (SAHSP) and facilitated by the developing partners.
The Port Veterinary Office is exclusively mandated to handle livestock for export and undertakes thorough animal inspection and serological screening to ascertain the health status of the livestock before they reach the seaport.
The proportion of Somalia's 3,300km long coastline attributable to the State of Puntland is approximately 1,300km2 extending from Gara’ad on the Indian
Ocean side, to Laaso Surad on the Gulf of Aden. The waters of which incidentally constitute the richest fish habitats in the region.
Fish is second to livestock in terms of foreign exchange earner in Puntland. The fish population in Puntland’s coastal waters varies in diversity and density. It is known that the prevalent species are large pelagic varieties such as;
Puntland marine resources are untapped, FAO estimates an abundance of fish in the national waters and that a maximum sustainable yield of tones of fish could be harvested without endangering the stocks. Currently the estimate fish production is low compared to the potential and the demand in the international market. The shark fishing industry is the mainstay of the artisan fishing community in Puntland and more than 90% of the fishing fleet hunts for sharks for their valuable fins. In Bossaso and nearby fishing zones a sizeable yield of sea cucumbers reaching several tonnes per year is harvested. Furthermore, edible crabs and shrimps are caught in Bossaso and some of it are locally consumed and the surplus exported to Middle East.
Large populations of shark and ray are also registered. Shark fin is the most valuable Sea food products exported by the fish industry and it generates over one million US Dollar foreign exchange earner annually in Puntland and . Major importers of the shark fins from Puntland are Dubai, Honk Kong, and Singapore. Commercial populations of inshore spiny lobster, genus panulirus, and offshore types of Puerulus Sewell and Puerulus Carinatus are found at depths of 150-400 meters. The abundance of marine resources, characteristic of Puntland’s coastal zones by virtue of its geographical location, has also exposed Puntland’s marine resources to susceptible risks of deterioration. These risks are attributable to factors such as an existing marine transport network, over-harvesting carried out by illegal foreign drawlers and increased fishing efforts of the local people of Puntland.
Common species:The reefs fish diversity was found to be extremely high and comparable to the healthiest reefs in the Indian Ocean and red sea.The crustacean is another important fauna in Puntland such as lobsters, the spinners, the bottle nose and humpback.
Dolphins: Schools of dolphins of 1500-1800 individuals were sighted in Somalia. These were mainly bottle nose humpback spotted spinners and common dolphins.
Turtles: The highest record of the turtle was 3-9 nests/km in Sa’adin Island. This may be related to the existence of coral reefs and algae beds, the favourable habitat of the turtle. Surveys indicate that two families namely chelonidaeb and demolonidea form the bulk of the turtle populations. Chelonidea seams to be the most abundant. One single logger head turtle was sighted in sea by IUCN survey team.
Sharks: It is estimated that shark constitutes 40% of exploitable fish resources in Somali waters, neck fish project recorded in two years of research, 30 species of sharks from eleven families carcharhinidea family seems to be the most abundant followed by sphyrnidea.
A Swedish study of the Somali marine stated that a potential of 100,000mt of fish are available in Somali coast along the Gulf of Aden. The general diverse species and the preserve of large schools of fish are indicative of relatively unexploited marine resources.*
Oil and Gas
Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Somalia, and in particular Puntland remains one of the last under-explored countries that has a high potential for considerable reserves of hydrocarbons.
The earliest indication of oil in Somalia was a large oil seep southeast of Somalia and several other seeps in various locations within the country. However, early exploration concentrated on an anticlinal structural approach since this had met with success in the Arabian peninsula it took the oil companies a number of years to abandon this approach in Somalia. There is no evidence of large scale compressive folding in Somalia and the anticlines in the north of the country appear to be associated with the Miocene separation
Previous Oil and Gas Concessions
1 of Africa and Arabia and hence post-Mesozoic and early Tertiary oil and gas accumulations. Therefore, hydrocarbon accumulations must be sought in older structures and stratagraphic traps.
Somalia had been previously identified to possess all the requirements for a petroleum province. Hydrocarbons had been generated in the Jurassic, Cretaceous and Tertiary rocks and has a sedimentary column thickening to 8830m. Many porous reservoirs are known both in carbonate and clastic rocks and various types of trapsare believed to be present. This view was further reinforced in the mid 1980’s following the successful exploration efforts of Hunt Oil Corp across the Gulf of Aden in Yemen. There Hunt discovered an estimated 1 billion barrel oil reserves that their geologists believed were part of a great underground rift or valley that arced into and across northern Somalia.
Several major oil companies obtained exploration concessions and conducted considerable exploration and drilling over large parts of the State both onshore and offshore during the late 1980’s and early 90’s. These companies included AGIP, Shell (Pecten), Conoco, Phillips and Amoco.*
Puntland International Trade Fair opened its door on the 15 May 2011 where the 40 largest corporations and other International Companies took part, this is one of the largest trade fairs of its kind hosted in Bosaso the Commercial City of Puntland-Somalia. The top players were from the Telecom and Banking sectors.
We see a sustainable growth in construction business, and real estate investments almost doubled in the last decade that is due to Puntlanders returning to their home country. However, there is a growing demand for the service sector.