The Somali Economic Forum is hosting its; 4th Somalia Investment Summit (SIS) in Dubai, United Arab Emirates (UAE) on 27th November 2016. The Summit will see over 250 leaders from the public and private sector, international business experts and investors, will converge in Dubai to discuss opportunities, forge strategic partnerships and showcase the benefits of Foreign Direct Investment (FDI) for Somalia. However, potential investors may ask, why invest in Somalia?
We at the Somali Economic Forum (SEF) believe that the current period offers an unrivalled opportunity to invest in Somalia due to the various positive, economic trends that have taken place within Somalia in the past year. According to the IMF, Somalia's economy has consistently grown in recent years with real GDP increasing by 3.7% per annum since 2014, one of the fastest rates of economic growth in the region. This in turn has enabled a vibrant business community to emerge within Somalia which has the diaspora as its vanguard. Such robust economic growth has allowed the emergence of a substantial consumer culture within Somalia whereby various services such as; restaurants, yellow taxis, hotels etc. Also, Somalia currently has the strongest performing currency in the whole of Africa as stated in a Bloomberg report which ranked the Somali shilling as the best performer among 177 currencies tracked by Bloomberg in 2014. In terms of FDI, Somalia has managed to obtain flows of inward investment from Turkish multinationals and multinationals from the Gulf which have all invested in Somalia’s critical infrastructure. This combined with the ongoing economic growth taking place in Somalia is a key reason why investors would be wise to invest in Somalia as it provides a potentially lucrative and sustainable market. In particular, Somalia’s proximity to major, lucrative markets such as Ethiopia and Kenya provides investors with a foothold into this dynamic region.
In addition, Somalia has recently benefitted from various FDI ventures which has served to complement the economic growth taking place. In terms of infrastructural development; Somalia has benefitted immensely with multi-million deals from foreign investors to further develop Somalia’s infrastructure. An example can be found in the Favori deal to upgrade Mogadishu International Airport aswell as Al-Arabiya and Fly Dubai and Ethiopian Airlines entering the aviation industry by establishing flights to Egal Hargeisa International Airport. Uganda Airways and other regional carriers have also set up base at Mogadishu International Airport. In addition, the various oil deals signed have also hinted at 2014 becoming the year of potentially lucrative outcomes within Somalia. Range Resources in Puntland in particular is poised to benefit from drilling. Yet, it is the incoming fibre optics cable that provides the most potential for rapid economic growth in Somalia. The fibre optic cable was expanded to Somalia as as part of the East African Submarine System. Once operational, economists predict that it will revitalize internet access and usage and develop the potentially dynamic telecommunications sector.
Finally, Somalia has benefitted above all from increased political stability which in turn acts as a conducive to national economic development and by extension; investment In particular, the security situation in the capital, Mogadishu has improved considerably; this in turn has enabled increased development and economic activity.
All in all, Somalia has continued on its economic growth trajectory and all economic indicators show that Somalia is a nation on the move which provides investors with a conducive and potentially lucrative environment for investment. Investors have an unprecedented opportunity to benefit from Somalia’s rapid economic growth and in turn Somalia is in need of FDI and without a shadow of a doubt investors are spoilt for choice in terms of Somalia’s various sectors within its economy.
Join SEF on the 27th November 2016 at the Sheraton in Dubai, UAE. We will be holding our 4th Somalia Investment Summit 2016.
Register here: http://www.eventbrite.com/e/4th-somalia-investment-summit-2016-tickets-26912186073
The annual Somali Investment Summit (SIS) is a dynamic platform whereby investors can invest in Somalia and network with dynamic businesses and policymakers. The SIS will also facilitate access to crucial information on investment opportunities and the economic trends that are driving Somalia’s and the wider Horn of Africa’s phenomenal economic growth. According to the IMF, Somalia's economy has consistently grown in recent years with real GDP increasing by 3.7% per annum since 2014, one of the fastest rates of economic growth in the region. The SIS 2017 is the 4th of its event series and will be held on the 29th of April 2017 at Sheraton Hotel, Dubai, United Arab Emirates (UAE). The SIS continues to remain Somalia’s most important business summit.
Hosted by the Somali Economic Forum (SEF) and supported by the Federal Government of Somalia, the SIS 2017, will offer a platform for international and foreign investors to engage with Somalia’s economy in order to seek out and access the abundant investment opportunities available throughout the country. Over 250 leaders from the public and private sectors including international executives, academics, policymakers and investors will converge in Dubai to network, discuss opportunities, share best practice, forge strategic partnerships and showcase the investment opportunities available within Somalia. Given the increasing interest in the whole region, it is the ideal time for international investors to examine the vast potential in Somalia. The SIS 2017 is the place to be for those businesses and firms looking to venture into the Horn of Africa and particularly Somalia, which benefits from its strategic location and its role as a foothold into lucrative markets such as Ethiopia & Kenya.
Silver Sponsor: SKA Group International
Silver Sposnsor: Soma Oil & Gas
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