Business Sector >> Service Association
Service Association:
Central Bank – The Central Bank of Somaliland is the Official Monetary Authority of Somaliland. The Bank was inaugurated in 1994 with appropriate banking laws to ensure that banking regulations are carried out. It has branches in all the regions of the country.
Up until 2017, large issuance and circulation of the Somaliland Shilling has increasingly fueled price hikes. But Fortunately, under the new administration for the Somaliland Government, the Central Bank inflationary environment has come to an end.
Remittances – remittance has become a large service sector in Somaliland, Somalilanders’ in the Diaspora remit money to their families through money transfer companies. The economic significance of these financial flows is intended mainly for providing income for a large portion of the population as well as facilitating trade and investment.
The remittance companies which operate inside and outside of the country are mostly handling these transfers. They attract customers because of their efficiency, simplicity, reliability and lowcost services. There is no accurate data available of the volume of remittances going through these systems and most estimates are the subject of considerable assumption.
Tourism Sector:
Somaliland is characterized by excellent geographical and climatic conditions, historical and cultural heritage. The country’ landscape is rich in various natural scenes including the newly discovered excellent preserved Laas Geel Cave and Dhagah Guure Paintings. The paintings represent some of the earliest known art in the Horn of Africa and the African continent in general with clear outlines and strong colors dated back to somewhere between 8,000 and 9000 B.C. Moreover, beautiful beaches along the Gulf of Aden and diverse species of flora and fauna – some of which are unique to this part of the world and offer great attraction to accommodate the needs of most if not all tourists. The tourism sector has great potential for investment and new ideas in the tourism sector by developing the infrastructural facilities and other tourist-related sectors.
Management Message
Message from the Chairman
Jamaal Aideed Ibrahim
It is my honor to present here the eighth edition of Somaliland Trade Directory. This new edition introduces wide range detailed information of all business sectors. At same time, you will find more new businesses which didn’t appear in the previous editions. It also updated the previous listed companies.
However, this new business directory contains important information on trade and investment opportunities that can serve the business community, investors, foreign visitors to Somaliland and the public in general. The Somaliland Chamber of Commerce, Industry and Agriculture stands at all times ready to assist all its business members in equitable services.
I thank here all of those who have taken part of preparing this business directory. And I also hope this directory will be a useful reference for all.
I wish all members every success.
