President Hassan Sheikh Mohamud announced Somalia will start its first oil drilling in the coming months, calling it a milestone for national development. Speaking at Parliament’s 7th session, he said the project will assess the quality and volume of reserves and generate jobs and revenue. Seismic surveys indicate significant untapped resources, and foreign firms have signed exploration deals. Analysts stress the need for transparency and equitable sharing to ensure oil wealth supports stability.

Mogadishu Port was ranked East Africa’s most efficient maritime gateway in the 2024 Container Port Performance Index by the World Bank and S&P Global. The port placed 163rd globally, ahead of Berbera, Dar es Salaam, Djibouti, and Mombasa. Officials said the ranking reflects improved management and reliability, enhancing Somalia’s trade profile. Director General Mohamed Ali Nur described the milestone as evidence that Somalia can compete regionally and globally in commerce.

Finance Minister Bihi Iman Egeh met Saudi Vice Minister of Finance Abdulmuhsen Bin Sa’ad Alkhalaf in Riyadh to strengthen economic ties. They discussed joint investments in infrastructure, energy, and agriculture, highlighting fiscal reforms to attract foreign capital. Both sides pledged to convert political goodwill into financial partnerships to boost trade, create jobs, and improve food security. Follow-up technical talks will shape financing frameworks and implementation plans.

Prime Minister Hamza Abdi Barre met German Ambassador Sebastian Groth in Mogadishu to discuss expanding bilateral cooperation and investment. Hamza highlighted opportunities in fisheries, livestock, and industry, urging greater German engagement to support economic growth. Groth confirmed Germany plans to invest in multiple sectors and said senior officials from the Ministry of Development and Economic Affairs will visit soon. Germany remains a key EU partner in Somalia’s development and stabilization efforts.

Somalia Investment Promotion Office Director Mohamed Dubo encouraged foreign investment in farming, fisheries, livestock, energy, and finance. Speaking to Anadolu Agency, he said SOMINVEST promotes and facilitates investments, noting recent interest from Türkiye. Turkish firms already operate the Mogadishu Port, airport, and in construction and manufacturing. Dubo highlighted Somalia’s new company law allowing 100% foreign ownership and called for stronger legal and regulatory frameworks to improve the business environment.

Somalia will join Uganda in the 2nd Joint Permanent Commission and Investment Summit in Kampala on October 7–8, where President Hassan Sheikh Mohamud will co-host with Ugandan President Yoweri Museveni. Officials said the meeting aims to expand trade, tourism, and investment opportunities and build on existing cooperation. New MoUs in education, labour, health, and security are expected, with the Chamber of Commerce supporting private sector engagement and balanced bilateral trade.