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Report Estimates Somaliland Market Fire Losses at 1.5 Billion to 2 Billion Dollars (Preliminary)

According to local officials in Somaliland, a massive fire in the capital of Somaliland destroyed property worth as much as $2 billion.

Now Then Digital by Now Then Digital
May 25, 2022
in Business, News
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nowthendigital.com-Report estimates Somaliland market fire losses (1)

According to local officials in the self-proclaimed autonomous region of Somalia, there was a massive fire in a market in the capital of Somaliland that destroyed properties worth up to $2 billion dollars. PHOTO/MATAAN YUUSUF/AFP

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According to local officials in the self-proclaimed autonomous region of Somalia, a massive fire ravaged the market in the capital of Somaliland, destroying property worth up to $2 billion.

KAMPALA | NOW THEN DIGITAL  — A fire broke out in an expansive market in the capital of Somaliland, destroying properties worth more than $2 billion, according to local officials in the self-proclaimed autonomous region of Somalia.

  • Fire-ravaged Waheen market in Hargeisa on Friday, killing at least 28 people and severely damaging many more.
  • Losses are estimated to be between $1.5 billion and $2 billion according to the preliminary report released by the national task force looking into the fire. 
  • The fire hit on the eve of the holy month of Ramadan, sparking despair at home and solidary efforts from outsiders who say they will help Somaliland rebuild the market.
  • Also see: The IMF has announced its plans to save Egypt from the harsh economic crisis caused by Russia’s invasion of Ukraine.

A fire on Friday night ravaged Hargeisa’s Waheen market, a major source of livelihood for the residents. At least 28 people were injured.

Somaliland suffered a devastating loss on the eve of the holy month of Ramadan, sparking despair at home and solidary efforts from outsiders who pledged to assist with reconstruction. 

A national task force investigating the fire estimates damage between $1.5 billion and $2 billion.

There is still no information about the cause of the fire in Hargeisa, but some traders believe a bad electrical connection may have been responsible.

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“Saddened to see the aftermath of the fire in Hargeisa with such destruction in the open market that is the economic heart of the city, affecting many small and family enterprises,” British Prime Minister Boris Johnson tweeted.

“Your city will rise again and the UK will do what we can to support Somaliland’s rebuilding effort.”

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https://twitter.com/BorisJohnson/status/1510199628238626820

President Mohamed Abdullahi Mohamed of Somalia made a rare phone call to the leader of Somaliland, Muse Bihi Abdi, after this tragic event.

President Abdi, who has served Somaliland as president since 2017, has been fighting for international recognition of the self-proclaimed independence of his territory, which is opposed by Somalia.

Located strategically by the Gulf of Aden, Somaliland’s territory of more than 3 million people split off from Somalia in 1991 after Somalia collapsed into warlord-led conflict.

Even without international recognition, Somaliland has maintained its own independent government, currency, and security system. 

The region has largely succeeded in holding regular elections over the years, which included the parliamentary elections conducted last year.

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Source: Now Then Digital
Tags: estimates somaliland market firefire somalilandmarket fire somalilandmarket fires somalilandmarket fires somaliland estimatesreport estimates somaliland marketreport market fires somalilandsomalilandsomaliland market firesomaliland market fire lossessomaliland massive fire capital
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