Published On: Sat, Apr 28th, 2012

Somaliland Development Corporation Trust

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By: M.A. Egge
LONDON – H.E. President Ahmed Mohammed Silanyo had at the beginning of this year attended a special ceremony to launch Somaliland Development Corporation (SDC) at the Jubilee room. Portcullis House on the eve of the London Conference. The launching ceremony was attended by First Lady Amina Haji Mohamud Jirde (Amina Waris). Foreign Minister Hon. Mohammed Abdillahi Omar, Minister of Planning Hon. Dr. Sa’ad Shire and other dignitaries.

The Somaliland Development Corporation (SDC) has been set up to facilitate international investment in Somaliland for the benefit of the Somaliland people.

As a non-recognized State, foreign investors face considerable uncertainty about whether contacts – the basis of secure business – can be enforced or not. The SDC circumvents the problem of non-recognition by providing a transparent, accountable and enforceable means by which investors can participate in Somaliland ventures. A separate not-for-profit company has already been set up in the UK to act as the founding vehicle, with minister of State Dr. Mohammed Rashid Hassan, former Ambassador Myles Wickstead CBE and Jeremy Carver CBE as founder Directors.

The SDC is to be owned by an incorporated trust, the Somaliland Development Corporations Trust (SDC). The approved Somalilander and international Trustees with control the shared of the two SDC companies on behalf of the people of Somaliland. Each of the companies (for-profit and not- for-profit) with have its own board of directors. The Somaliland government and the political opposition will have seats on both boards.

The executive officers of each of the two constituent companies will consist of qualified staff assisted by advisory consultants.

Four main parties will deal with the SDC. 1) Doors, such as governments or international financial institutions. 2) Individuals, including members of the Diaspora. 3) Philanthropists. 4) Foreign companies wishing to invest in order to obtain a profit.

The founders of the SDC are cooperating with Crown Agents in the UK for the provision of banking services. The SDC will adopt a business plan which will set outs its aims and objectives in the short, medium and long term. This will be available on the SDC’s website.

The plan will be influenced by the development priorities of the Somaliland government and the views expressed by the boards and the SDC Trust.

The next steps include nominating trustees; marketing the SDC to potential donors, Investors, friends and philanthropic organization, and setting up the SDC Trust and the for-profit company. The timeline is between now and the second quarter of 2012.

  • Gobaad

    SDC is said to facilitate international investment in Somaliland and with all these players involved development, transparent, and accountability will be visible to all. Hopefully, the companies might run smoothly and investors may flock to Somaliland.

  • Kayse

    Its just another useless organization created by two useless groups. One that considers itself a gov that cant even clean its "villa's" walkways and few retired Brits that dubbed themselves "friends of Somaliland". What a big joke. If they become good at anything it will be scamming donated funds and funds from the Diaspora.

    Just remember what I said after two or threes they come into existence when you discover they have achieved ZERO but loot your little charities.

    I know many of you will go against me for this comment but its the reality.

    • Haji Noor

      Isn't that the Minister For Africa who organised the Somalia Conference. I dont think he's 'useless'!

  • Kayse

    From the get go this is going in the wrong direction, you claim it will facilitate int. investors and Somaliland key players and you add its "non-profit organization"…this business proposal is fouled. First of all Non-for-profit and investors can never mix businesses…the investors are happy to donate charity funds but they will never allow a non-profit organization take leadership…direct or facilitate for that matter.

    You need to come up with another idea…perhaps turn it into a government agency that comes under the Ministry of Commerce or Trade…it should deal with international investors, investment laws, regulations and should also have Western commercial lawyers in London…

    If you aint that no one is interested in a non-profit organization…what would they know about business and making profit? None right? So what makes you investors will go to a charity to seek investment?

    This business model is fouled…fix it or shift it.

  • Kayse

    Some Somalilanders don't think, they just run with an idea and put it on the table without thinking through…you need Western corporate lawyers not retired British MPs.

    • Haji Noor

      Kayse stop the propoganda and name one retired MP involved here – you are out of touch man. If somaliland was recognised tomorrow you will still be complaining.

  • mohamed cheers

    This SDCTrust, has it started working in the first place or still up in the air?
    More details are necessary.
    Cheers.

  • Dhugtame

    This thing shouldn't be in place in the first place. No one understands its role including the Somaliland Government, the friends of Somaliland and diaspora Somalilanders who are sharpening their knifes to get a very big slice of the pie. the so-called diaspora Somalilanders, who are said to be involved in this project are considered the most immoral and the greediest of all.

    Some believe that the international assistance to Somaliland will be channeled through this organization and this board will decide what projects to fund and how much should go into their pockets. These greedy lot are the ones own community organizations here in London, where they get grants from the UK government, but do no services to the community.

    It is about time that Somaliland government cleans this mess and disband all the Somaliland diaspora actors from this organization. It should only include members of the Somaliland government and the British friends of Somaliland.

  • Ahmed Nur

    The SDC looks like it is in its early stage so patience and perseverance is the key thing here. Somaliland took more twenty years to rebuild itself so the SDC will by the looks of things will grow with Somaliland. Somaliland is not Somalia so observing this organisation's background it looks like transparency is the key issue here so rushing quickly into Somaliland's investment is not in their short term. Somaliland needs to interact with the outside world and for that to happen Somaliland need serious support that will help their government and their young nation learn how to invest and make serious business with the international community thus helping Somaliland's economy so that the future youth of Somaliland can find jobs. Jeremy Carver CBE is after sought international lawyer in the UK and his support for this organisation means good news for Somaliland. As the saying goes good things come to those who wait so giving the SDC a chance might be a good step forward for Somaliland.

  • mohamed cheers

    While how the SDC Trust will function is open for debates. But MR Jeremy Carver CBE, Intl. Lawyer
    in the UK could be more helpful to be employed to lead engaging his field of expertise to
    become working with Somaliland Ministry of Foreign Affairs as consultancy Advisor to bring about
    Recognition success from the UK and other Key Western Govts.
    Cheers.

  • jama

    To mr.Kayse,
    I am always very sensitive about deal that Somaliland Gov makes. Simply beacuse i was disapointed with Somalilands previous propaganda.
    Kayse ha noqon seef la bood. Let us just sit a wait and watch closely about the devolopments that comes out this KULMIYE idea.
    It is early to just. So far no damage……….

  • Abs

    For more information on the SDC here it is http://somaliland1960.blogspot.co.uk/

    The calibre of support is very impressive!

  • osman5

    It appears that SDC is a body that reassures and grantees assets protection should one interested investing in Somaliland. Most directors are olde tyme politicians Brits who are currently residing in the UK, my question is, will SDC be administering it's day-to-day operations in London or in Hargeisa?

    Osman qaal

  • mohamed cheers

    In the likelihood that there would probably be Oil explorations in Somaliland in the foreseeable
    future, in my view, it would be advantageous and more appropriate to transform the SDC
    Trust Private Company in exactly the same UAE Abudhabi National Oil Company(ADNOC).
    renaming the SDC to fit its new roles. If this makes common sense, the logistics could be
    worked out by the expert key players. Otherwise, how this SDCTrust would accomplish itself
    is beyond my limited comprehension on the subject matter.
    Cheers.

  • Ahmed Nur

    Checking the FAQS ( http://somaliland1960.blogspot.co.uk/p/faqs-on-so… ) it looks like the SDC is an initiative that is a long term that will be managed by the current government and future governments for that matter and controlled by the Somaliland people. It will not be owned totally by the government as this will create problems with transparency and accountability. The main issue here is for Somaliland government to be a caring care taker supported by competent high qualified professional Somalilanders to work with them at the trustee level aswell as in other areas. Equally the trustee will include humble people who have have leadership skills within Somaliland and outside who are highly respected. The Youth of Somaliland will inherit from the SDC professional skills that will teach them that you can't have your cake and it eat, in other words one has to work hard for what they believe in and guard it well. Accountability is not something Africa is good for and the Youth of Somaliland need to learn the right tools to keep their economy accountable and transparent.

    The SDC is a new initiative and the universities of Somaliland need to work with the SDC so that the future students of Somaliland will get the chance to expand their knowledge and get 21st century skills. The founders of the SDC seem to have high experience and backgrounds and the fact that the SDC is launched in the House of the Parliament in the UK means that the SDC has a good backup support. It can only bring good news for Somaliland especially since recognition will come once the economy of Somaliland takes on the right direction. Investors will need credible international law to work with and the SDC by the looks of things will facilitate that.

  • misslovely

    @KAYSE
    ALA ITIXAAN SANIDEE INADEER MARKASTA OO AAAN QORAALKAAGA AKHRIYO AAD BAAN UGU QOSLAA HALKAA KAMIIS

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