The Djiboutian sovereign wealth fund, Great Horn Investments Holding (GHIH), rolls the dice to realize its strategic 2035 vision for its blue economy investment courtesy of a Ship Repair Yard.
This new project now sees Djibouti firmly head and shoulders above the rest with its geo-strategical advantages as a regional hub for the transshipment and relay of goods flowing along the major international shipping lanes connecting Asia, Africa and Europe.
On Monday July 31, a naval repair boat integral to the success of the project docked in Djibouti. The ship of large dimensions, which is in the format of an “aquatic garage” is equipped with all the provisions useful for repairing breakdowns, damage and malfunctions to which any ship, private, commercial or military, is subject.
“With this new device, our country increases its capacity to definitively combine all the services relating to the maritime economy”, stated President Ismaïl Omar Guelleh during the event held early this week, adding, “With the acquisition of this naval repair boat, our country has access to a strategic device, which it aspired for, for several decades.”
The shipyard’s repair and maintenance capability is expected to attract more ships to Djibouti, further cementing its position as a regional trade and logistics hub.
The scope of the Project includes the construction of a large floating dry-dock for vessels up to 217 meters-long, workshops, tools and equipment to serve a broad variety of vessels, providing common vessel maintenance and repair services, such as surface treatment, metalworking and maintenance of equipment and machinery.
The Hague, a Netherlands based Invest International Capital (IIC) provided the long-term financing solution for the construction of the ship repair yard and its completion in Djibouti. The financing was structured on the back of an Export Credit Agency cover from the Atradius Dutch State Business.
Djibouti Ports and Free Zones Authority said that Djibouti Ship Repair Yard ambitious project follows the ‘Vision 2035’goal and aims to create up to 3,000 jobs. It added that the 217m long, 43.5m wide dock was built by Damen Shipyard, a global leader in shipbuilding based in Gorinchem, Netherlands.
“It has a lifting capacity of 20,100 tons. This cutting-edge facility will provide crucial repair services for large vessels. Djibouti’s strategic location at the crossroads of major shipping routes makes it the perfect hub for global trade,” it added.
The Ship Repair Yard and floating dock, wholly owned by Great Horn Investments Holding, are part of the continuous effort to establish Djibouti as a world-class maritime and port services hub.Over 40,000 ships pass through the Bab El Mandeb Strait each year.
With a capacity of 50,000 tons, the naval garage put into service in Djibouti far exceeds the provisions of its unique counterpart in the whole region.
