By Goth Mohamed Goth
HARGEISA – In a significant step to accelerate economic recovery and urban development, the Central Bank of Somaliland has officially transferred construction responsibilities for the government-owned portion of the iconic Waaheen Market to Daryeel Construction Company. The handover marks the Central Bank’s first direct venture into project financing, highlighting its expanding role in fostering national growth.
The ceremony, held at the market site in Hargeisa, was presided over by Director General Yassin Jama Ahmed. He emphasized the project’s urgency and national importance. “This initiative is a pivotal step in revitalizing our economy,” Ahmed stated. “We are committed 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 is the heartbeat of Hargeisa’s commerce.”
Daryeel Construction, a leading Somaliland firm with over 25 years of experience in residential, commercial, and public infrastructure projects, accepted the contract. Chairman Keyse Shukri Jama, a sector veteran recognized for pioneering sustainable building practices, praised the partnership as a “testament to Somaliland’s ingenuity.” He extended thanks to President Muse Bihi Abdi for his leadership and to the Central Bank’s executives for their support in fast-tracking the project.
The project is a critical phase in the market’s recovery after a catastrophic fire in April 2022 destroyed hundreds of shops and severely impacted the city’s tax base. Waaheen Market historically contributed up to 55% of Hargeisa’s municipal revenue. Reconstruction efforts, supported largely by domestic resources, have already seen progress. In December of last year, 24 blocks containing 644 modern shops with enhanced safety measures and amenities were inaugurated.
This latest handover focuses on the remaining municipal section, aiming to bring the entire market to full operational capacity. The development aligns with broader economic strategies promoted by the Somaliland Central Bank, including financial inclusion and digital payment systems. Analysts predict the completed market will significantly boost local GDP, support thousands of traders, and reinforce Somaliland’s position as a resilient trade hub in the Horn of Africa.
With Daryeel Construction set to begin work next week, optimism is growing 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, attracting buyers from across the region.”
