Fishing is a highly profitable venture throughout the world; the tuna industry alone is worth $6 billion globally. Surveys of Somali waters show that there are significant fish stocks off the coast of Somalia—these waters are in fact considered to be some of the richest fishing grounds in the region. Many profitable species live in the waters off the coast of Somalia, data supported by the Sea Around Us Project, which studies the impact of fisheries on marine ecosystems across the globe.
Shuraako works with small and medium enterprises, the predominant contributors to Somalia’s economy.
An early childhood education facility that provides quality education to children in Somalia by offering programs that complement the educational services typically offered by public and private schools.
Though demand for newer vehicle models has risen in Somaliland, most garages are still unequipped to service them. Through a Shuraako-brokered investment, Gaameelo was able to tap into this market and increase its yearly profits.
In addition to its accommodations and in-house restaurant, Crown has become very popular for events in Hargeisa such as weddings and ceremonies. Through a Shuraako-brokered investment, the company was able to renovate the hotel space, install an elevator, and purchase equipment, supplies, and decorative items for the day spa and beauty salon expansion.
After securing financing through Shuraako, East and West added three large coach buses to its fleet. The three additional coaches are being used to introduce a new route to Las Anod and increase the frequency and capacity of the existing routes.
Muruqmaal Environment Protection “Muruqmaal” has been operating a quality lime production company in Garowe, Puntland since 2013.
A poultry farm located in Garowe, Puntland. SCF sells chicken meat, eggs, and manure and has demonstrated its ability to successfully raise poultry and sell into the local markets.
This paper is a primer that discusses the challenges and opportunities of Somali banking. A foreign investor interested in Somalia would need answers to the following questions:
The Somali apiculture industry is still very much in its infancy, yet the potential to reap real rewards, is apparent. Today, though there is not much documented evidence on the current practice of beekeeping in Somalia, institutional memory points to the fact that the industry was making reasonable strides, and prospective for growth was high in the early 1980s. At that time, beekeeping was a private enterprise.
The government framework for banking in Somalia was largely destroyed during the conflict of the last 20 years. The civil war also forced hundreds of thousands of Somalis to leave and start new lives abroad. As they became settled, many sought to send money home, and a growing group of Somali entrepreneurs worked to facilitate these transactions. With no banks in Somalia to receive outside wire transfers, these business people established their own systems for getting money into the country.