Somali tycoon Abdirashid Duale’s Dahabshiil inaugurates $100-million oil terminal

Dahabshiil Group, a multinational conglomerate led by Somali multimillionaire businessman Abdirashid Duale, achieved a momentous milestone with the official unveiling of the Dahabshiil Oil Storage Terminal (DOST), a $100-million state-of-the-art facility strategically situated in the bustling port city of Berbera.

This landmark event signals a significant leap toward bolstering economic growth and regional energy security.

President Muse Bihi of Somaliland lauded the terminal as a symbol of progress and prosperity for a nation ardently pursuing international recognition. Bihi underscored the terminal’s historical significance, dubbing it a turning point in Berbera’s narrative as both a maritime port and a burgeoning epicenter for local and foreign investments.

He highlighted the terminal’s significance as a catalyst for facilitating the unloading of oil and gas shipments at the national port, thereby underscoring its central role in the intricate tapestry of regional trade dynamics.

The inaugural phase of DOST has commenced operations, providing storage solutions for petrol, diesel, and aviation fuel, with a specific focus on Jet A1. The terminal’s development blueprint is structured in stages, with forthcoming expansions encompassing the construction of additional substantial tanks.

This expansion strategy aims to elevate the aggregate storage capacity to an impressive 110,000 cubic meters, equivalent to 110 million liters of fuel.

Furthermore, in a proactive measure against deforestation and climate change, a complementary LPG terminal, boasting a capacity of 12,000 cubic meters, is in the pipeline—an initiative addressing critical environmental concerns within the region.

Established in 1970, Dahabshiil Group, under the guidance of CEO Duale, has evolved into Africa’s largest money transfer conglomerate.

Operating in 126 countries, including 40 within Africa, the company plays an instrumental role in facilitating seamless financial services for businesses, international organizations, and NGOs, effectively enabling frictionless global payment services.

Dahabshiil Group, along with its partners, invested over $100 million in the project, further underlining the robust commitment to regional development.

Duale, Dahabshiil Group’s CEO, emphasized the oil terminal’s transformative potential for the Horn of Africa. He highlighted the terminal’s strategic location as a catalyst for enhanced market prospects, fueling economic expansion, job creation, and diminished energy expenses.

Yusuf Abdulfatai
Yusuf Abdulfatai
Yusuf Abdulfatai Adekunle is a finance and economics reporter at Billioniares.Africa. He is also a lecturer at Kwara State Polytechnic University. Previously, he worked as an economic analyst for Bulwark Intelligence. Abdulfatai is a trained economist with an expert knowledge of business and economics. He has a master's degree in economics and holds a Chartered Management Accountant certification from the Institute of Chartered Management Accounting.

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