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Somalias

Oruc Reis from Turkey Embarks on Voyage to Discover Somalia’s Hidden Oil Riches

Mogadishu (AX) — The Turkish research vessel, Oruc Reis, is embarking on a groundbreaking voyage to explore oil off Somalia's coast. This mission heralds a significant step forward in Somalia's quest for economic revolution. This expedition follows deals inked earlier this year, handing Turkish Petroleum the keys to explore three vast offshore blocks. Stretching across roughly 5,000 square kilometers each, this endeavor ranks as one of the most massive energy explorations in the area.The Oruc Reis is poised to reach Somali…

VIDEO: Somalia’s $2 Billion Banking Industry Confronts Obstacles in Embracing Cryptocurrency

Mogadishu (AX) — Somalia’s banking industry, worth a cool $2 billion, is gearing up for some serious expansion. This growth spurt is fueled by new rules and a rising wave of interest in fintech. But there's a hitch with bringing cryptocurrencies into the mix, as the sector grapples with syncing up international financial norms and Islamic banking values. While people are starting to buzz about cryptocurrency in Somalia, the chatter is still pretty nascent. Local banks are dipping their toes into figuring out how to weave…

SSC Khaatumo Calls for Inclusion in Somalia’s National Consultative Council

In the capital city of Mogadishu, leaders from Somalia's federal and regional bodies gathered for the National Consultative Council (NCC) powwow. This session zeroed in on critical issues like security, governance, and the hustle and bustle of economic growth. Meanwhile, Hargeisa (AX) — The provisional authority of SSC Khaatumo stepped up on the podium, formally seeking a voice at the ongoing NCC meetings. They argued their corner, saying that as a legitimate federal entity under the Somali government, they’ve got a right…

Jubaland’s Madobe Puts Somalia’s 1PV Election Schedule in Jeopardy

Mogadishu (AX) — Jubaland's big cheese, Ahmed Madobe, has turned his thumbs down on Somalia's federal scheme to roll out a straightforward one-person, one-vote setup. He’s concerned about election tardiness and the chance of officials sticking around longer than they should. During the ongoing National Consultative Council (NCC) huddle in Mogadishu, Madobe's dissent poses a real spanner in the works for the country's electoral makeover, stirring up doubts about timely implementation of the one-person, one-vote system."Back…

Turkish Oil Exploration Ship Set to Arrive Along Somalia’s Coastline

MOGADISHU, Somalia - Anticipation builds as the Turkish ship Oruc Reis heads to Somalia soon, kicking off vital oil exploration along the 3,333 kilometers of coastline, officials relay. Energy Minister Alparslan Bayraktar mentioned the vessel's weekend departure after securing necessary approvals for this East African mission. During an October 2 conference in Ankara, the minister revealed the deployment. Turkey, a significant player in Somalia's security and development, aims to aid the nation grappling with…

Somalia’s Foreign Minister Accuses Ethiopia of Exploiting Counterterrorism Efforts to Seize Somali Land

Mogadishu (AX) – Somalia's Minister of Foreign Affairs and International Cooperation, Ahmed Moalim Fiqi, sounded a sharp critique, pointing fingers at the Ethiopian government. He claimed they are masking a land grab under the guise of fighting terrorism. At a United Nations Security Council gathering on Friday, Fiqi revealed that Somali authorities had thwarted attempts of Ethiopian-origin arms sneaking into Somalia. They believed these weapons were meant to stir the local pot, which he labeled as a "shameless breach" of…

Somalia’s NCC Convene to Tackle Election Reforms Amidst Northeastern State’s Boycott

Mogadishu (AX) — Friction over Somalia's governance and upcoming electoral strategies dominated the discussions at the National Consultative Council (NCC) assembly in Mogadishu, marked by notable tensions and absentees influencing the discourse.A confidential insider from the Federal Government of Somalia (FGS) whispered to AX that Khatumo State wasn't even on the docket. Further, this source remarked that at least one Federal Member State (FMS) fancies sticking with the moniker "President" for their leaders, despite earlier…

Somalia’s Political Turning Point: Will President Hassan Sheikh Embrace a Course He Previously Dismissed?

Somalia's Political Juncture: Which Road Will President Hassan Sheikh Tread? FROM THE EDITOR'S DESK | Political rumblings intensify amidst Mogadishu’s vibrant chaos as Somalia's capital becomes the stage for a critical pow-wow involving the nation's federal government and regional chieftains. Though the quartet of state presidents attending the gathering signifies a step forward, the glaring absence of Northeastern State underscores a widening schism. This meeting is not just a banal political dance. It’s loaded with…

Northeastern State’s Bold Boycott Casts a Shadow Over Somalia’s National Consultative Discussions

Mogadishu (AX) — Somalia's National Consultative Council (NCC) wraps up its important meeting on Thursday in Mogadishu. This summit is a hotspot where both federal and regional bigwigs are charting a course to tackle Al-Shabaab head-on. There's also some juicy behind-the-scenes drama with Northeastern State that can't be ignored. Gathered over two days, orchestrated by Somali President Hassan Sheikh Mohamud, the assembly zeroes in on boosting efforts against Al-Shabaab, which the Somali leadership brands as "Khawarij,"…

EU Allocates $9 Million to Aid Somalia’s Budget

EU Allocates $9 Million to Bolster Somalia’s Budget The European Union (EU) has committed $9 million to aid Somalia’s federal budget. This cash injection aims to address shortfalls encountered during budget drafting. According to an EU statement, the funding comes in recognition of Somalia’s strides in economic stabilization and financial reform, leading to improved service delivery. The EU emphasizes that this contribution is part of the State and Resilience Building Contract (SRBC), which seeks to enhance the Somali…

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