In a bold move to accelerate economic recovery and urban development, the Central Bank of Somaliland officially transferred the construction responsibilities for the government-owned portion of the iconic Waaheen Market to Daryeel Construction Company. This handover marks the Central Bank’s inaugural foray into direct project financing, underscoring the institution’s evolving role in driving national growth amid Somaliland’s ongoing push for self-reliance.
The ceremony, held at the bustling market site in Hargeisa, was presided over by Director General Yassin JamaAhmed, who emphasized the project’s urgency and impact. “This initiative represents a pivotal step in revitalizing our economy,” Ahmed stated. “We commit to completing the market’s development within one year, transforming it into a modern commercial hub that will generate jobs, boost tax revenues, and foster sustainable trade. Waaheen is more than a market—it’s the heartbeat of Hargeisa’s commerce.”
Daryeel Construction, Somaliland’s premier firm with over 25 years of expertise in residential, commercial, and public infrastructure projects, accepted the contract on site. Chairman Keyse Shukri Jama, a veteran in the sector known for pioneering sustainable building practices, hailed the partnership as a “testament to Somaliland’s ingenuity.” In his remarks, Jama extended heartfelt thanks to President Abdirahman Mohamed Abdullahi Irro for his visionary leadership, as well as to the Somaliland Central Bank’s senior executives for their instrumental support in fast-tracking this vital endeavor.
The project comes at a critical juncture for Waaheen Market, which was devastated by a catastrophic fire in April 2022, wiping out hundreds of shops and crippling the city’s tax base—historically accounting for up to 55% of Hargeisa’s revenue. Reconstruction efforts, fueled largely by domestic resources and limited international aid, have already seen significant progress. Just last December, President Muse Bihi Abdi Irro’s predecessor inaugurated 24 blocks with 644 modern shops, featuring enhanced safety measures, advanced infrastructure, and global-standard amenities. Today’s handover focuses on the municipality’s remaining section, ensuring full operational readiness.
This development aligns with broader economic strategies outlined in recent Somaliland Central Bank policies, including the promotion of instant payment systems and financial inclusion. Analysts predict the completed market could inject millions into local GDP, supporting thousands of traders and reinforcing Somaliland’s reputation as a resilient trade gateway in the Horn of Africa.
As Daryeel mobilizes crews for groundbreaking next week, optimism is palpable among vendors and residents. “We’ve waited too long for this,” said Amina Hassan, a longtime stall owner. “With the Central Bank’s backing, Waaheen will rise stronger, drawing buyers from across the Horn of Africa region.”