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Djibouti signed another deal with a Chinese company to establish a new shipyard, luxury hotels and an airport on the northern coast of the country.
The tiny horn of Africa state that has a strong relationship with France is now expanding its relations with China and Chinese companies.
A week ago the country signed a memorandum of understanding (MoU) with the Shanghai based Touchroad International Holdings Group for massive construction on the islands of Ras Syan and Seven Brothers to the north of the country and in Obock.
The MoU that was signed by Abdoulkader Kamil Mohamed, Prime Minister of Djibouti, and, He Liehui, CEO of the Chinese group is occurring as Djibouti begins to experience rapid development. The MoU includes the construction of a new airport and luxury hotels on the islands of Ras Syan and Seven Brothers to the north of the country. With cargo and other related economic development Djibouti is also strongly working to expand the tourism sector and to make the country one of the major recreation destinations in the world. According to our sources at Djibouti, the current deal with the Chinese giant is one of the moves that the country had as a goal. The price of the hotel has not yet been disclosed but sources said it is expected to be a large amount
The deal also includes the construction of a shipyard at Obock, one of the northern coastal areas in the country and the installation of a regional headquarters in Shanghai.
According to the chairman of the Ports Authority and Free Zones, Abubaker Omar Hadi , who attended the signing ceremony, Touchroad will install its regional headquarters in Djibouti because the country is stable, has a liberal economy and a good strategic position geographically. In September 2013 the country launched new port facility construction projects at Doraleh and on the southeast coast in the Arta district at a cost of USD 470 million .
China has become one of the major allies for Djibouti. Last year a Chinese firm bought a stake in the Port and in the beginning of the year the Djibouti government sold almost a quarter of the Port of Djibouti’s share to China Merchants Holdings International at the cost of USD 183 million.
The construction of the two ports is also funded by China Merchants Group, which is part of China Merchants Holdings International.