Economy Mogadishu

hormuud telecom 1 of many firms headquarters in mogadishu.

mogadishu traditionally served commercial , financial centre. before importation of mass-produced cloth europe , america, city s textiles forwarded far , wide throughout interior of continent, arabian peninsula , far persian coast.

mogadishu s economy has grown rapidly since city s pacification in mid 2011. somalfruit processing factory reopened, local coca-cola factory, refurbished. in may 2012, first somali bank established in capital, representing first commercial bank open in southern somalia since 1991. somali civil engineer , entrepreneur nasra agil opened city s first dollar store. additionally, historic central bank regenerated, moumin business center likewise under construction.

the galvanization of mogadishu s real estate sector in part facilitated establishment of local construction yard in november 2012 municipality of istanbul , turkish red crescent. 50 construction trucks , machines imported turkey, yard produces concrete, asphalt , paving stones building projects. istanbul municipality scheduled bring in 100 specialists accelerate construction initiative, aims modernize capital s infrastructure , serve on long-term.

in mid-2012, mogadishu concurrently held first ever technology, entertainment, design (tedx) conference. event organized first somali bank showcase improvements in business, development , security potential somali , international investors. second consecutive tedx entrepreneurial conference held following year in capital, highlighting new enterprises , commercial opportunities, including establishment of city s first dry cleaning business in several years.

a clothing , footwear shop in downtown mogadishu.

a number of large firms have headquarters in mogadishu. among these trans-national industrial electricity , gas company, energy conglomerate founded in 2010 unites 5 major somali companies trade, finance, security , telecommunications sectors. other firms based in city include hormuud telecom, largest telecommunications company in southern , central somalia. telcom telecommunications service provider centered in capital. local somali energy company specializes in generation, transmission , distribution of electric power residents , businesses within service area in banaadir. villa , mansion architects, international architectural firm founded somali-british architect alexander yusuf, likewise has regional offices in mogadishu. additionally, international bank of somalia, opened downtown in 2014, offers islamic finance , international banking services via swift code system. islamic insurance company (first takaful , re-takaful insurance company) concurrently established, , city s first full service insurance firm in many years. central bank of somalia, national monetary authority, has headquarters in mogadishu.

in june 2013, former prime minister abdi farah shirdon signed new foreign investment law. draft bill prepared ministry of commerce , industry in conjunction government attorneys. approved cabinet, establishes secure legal framework foreign investment in mogadishu , elsewhere in country.

in october 2014, firm tawakal money express (tawakal) began construction of seven-storey tawakal plaza mogadishu. new high rise slated completed end of 2015, , feature tawakal global bank customer , financial services center, large, 338 square meter supermarket, 46-room luxury hotel, restaurant , coffee shop facilities, , conference , event halls. in addition, nabaad supermarket provides major retail service local shoppers. open daily until 10 pm, convenience chain imports of products united arab emirates , china. al buruuj firm launched major real estate project in january 2015, daru-salam city. financed salaam somali bank, new urban complex includes town houses, apartment flats, mosque, recreational areas, playgrounds, supermarket , roads. slated erected outside northern part of capital, within 7 kilometer radius of industrial road.