Somaliland News
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Takaful Insurance of Africa Ltd., Kenya’s only Shariah-compliant insurer, plans to expand its operations into five East African nations, Chief Executive Officer Hassan Bashir said.
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Somaliland is optimistic that a search for oil by Genel Energy Plc, run by former BP Plc Chief Executive Officer Tony Hayward, will find commercial quantities of crude, Mines and Energy Minister Hussein Abdi Dualeh said.
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Bollore SA, an investment company controlled by French billionaire Vincent Bollore, is competing to expand its African unit to operate five more port terminals and is eyeing similar growth in Asia and Latin America.
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Somaliland’s central bank will begin exchanging 7 billion Somali shillings ($4.37 million) of notes for its own currency next month as part of a plan to stop using the Somali currency in the autonomous region by mid-June.
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The central bank of Somaliland, a breakaway republic in northern Somalia, expects lawmakers to enact a draft banking law by June, enabling commercial lenders to extend credit to borrowers for the first time.
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Somaliland appealed to African nations to grant the semi-autonomous region recognition as a sovereign state and called for international help to deal with piracy off its coast.
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Somaliland, the semi-autonomous region in northern Somalia, expects to conclude a project- sharing agreement with Ophir Energy Plc, amid efforts to develop the territory’s potential oil deposits, an official said.
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Somaliland plans to step up efforts for international recognition on expectations that a referendum on independence in Southern Sudan will aid its campaign for statehood, Foreign Minister Mohamed A Omar said.
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Genel Energy Plc, the Iraq-focused oil company run by former BP Plc Chief Executive Officer Tony Hayward, increased its interests in fields in Kurdistan and Somaliland.
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Somaliland, a breakaway enclave in northern Somalia, opened a maximum-security prison built with United Nations funding that allows convicted pirates to be incarcerated in their home countries.
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