FSG to provide logistics, aviation and security services for Somali investment authority
HONG KONG June 22, 2017 Frontier Services Group Limited ("FSG" or the "Company") (SEHK: 00500), an integrated services company providing security, insurance and logistics services for companies operating in frontier markets, has been selected by South West State of Somalia as the project management organization for its new Free Zone Investment Authority (FZIA). The project will include an integrated solution of air-land-sea logistics capabilities and advanced security management. The initiative will include construction of seaport, airport, as well as residential areas and agricultural zones.
The aim of the project is to promote investment in the South West State of Somalia to create jobs and help stabilize the region economically for internally displaced persons (IDP) and returning refugees to engage and invest in their homeland. FSG will ensure that development projects are managed in order that local citizens, entrepreneurs and investors are able to drive the economy in Somalia. The project is driven by First Hectares, a well-known group specializing in economic zones and agribusiness.
Commenting on the project, Erik Prince, FSG Executive Chairman, said, "FSG has a proven track record of being able to manage complex projects across challenging terrains and is therefore perfectly placed to provide support for this important new project in Somalia. With the team's experience and expertise, FSG will provide the best possible logistics and security services to ensure that the project can operate safely and on time."
His Excellency Sharif Hassan Sheikh Aden, President of the South West State of Somalia, said, "South West State is preparing for international investment in infrastructure and local enterprise. We are coordinating efforts according to global standards and best practices. FZIA, an official agency of the South West State Administration, will coordinate Government to be a 'single window' agency for promotion, contracting, and management of developmental projects, serving local citizens, entrepreneurs and investors, from small to medium to large scale, the economic drivers of the hopeful future of Somalia."
Omri Cohen, FSG's Managing Director in East Africa added: "We are proud to have reached an agreement with the South West State of Somalia to work with them on this significant project. This is a long-term development, which will require all of our expertise in order that we can deal with the variety of challenges that are likely to come our way from the sea, air and land zones."
About Frontier Services Group
Frontier Services Group Limited ("FSG") (SEHK: 00500) is a publicly listed company on the Hong Kong Stock Exchange with its headquarters in Hong Kong and offices in Beijing, Shanghai, Dubai, Nairobi, and Johannesburg. FSG supports businesses operating in frontier markets overcome complex security, logistics and operational challenges.