HAFZA QUESTIONS & ANSWERS
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1. Is HAFZA trying to steal Puntland from its people? 2. Why has it taken so long for the secret of the Free Zones to come out? 5. How much funds does HAFZA have available to commence, manage and/or complete the project? 6. Which type of investor does HAFZA have in mind to take up the MTNs? 7. Will HAFZA be seeking any local employees to assist in the development of the project? 8. Who controls the project through the HAFZA Board? 9. What consists of HAFZA’s management? 11. Is it planned to list HAFZA on any Stock Exchange? 14. Has HAFZA had any experience in developing Free Zones before this project? |
No! HAFZA has reached an equitable and commercial agreement with the Government that will provide the Government and population with substantial revenues over the short and long term. There hasn’t been any secret in the project. The project was only contracted in October 2004. The HAFZA website has been posted since early November 2004. It appears HAFZA wasn’t news worthy until early February 2005. HAFZA believes that the project has an excellent chance of success. HAFZA takes the view that it has a 99 year lease to look forward to under the Agreement and we are only a few months past from the signing of the Agreement. Work has already begun. However, the tangible work requiring large amounts of funds can not commence until such time as all of the Somalia/Puntland laws are in place and/or internationally recognized. Readers will appreciate the project is huge. HAFZA has arranged a large quantity of international assets to assist in the initial commencement of the project through the issue and sale of Medium Term (interest bearing) Notes (MTNs). It is planned that general interested investors from the population at large, banks, financial institutions, developers and international investors will see the long term value of the MTNs, and the future of HAFZA Yes! There will be an abundance of employment opportunities. These positions will encompass all trades, professions, careers, businesses through a mixture of opportunities within HAFZA and the thousands of small businesses and large corporations participating within the Horn of Africa Free Zones. The Agreement entered into with the Puntland Government required a large percentage of Somali board members together with a government appointee to have a say on the Board. Somali managers with the necessary skills will be invited to participate in the project along with a mixture from other nations. The project will be controlled initially from
There is no plan to list HAFZA on any Stock Exchange.
No! Participation in building the free zones will be limited by invitation to the shareholders of HAFZA or those holding the The development of Hafun as a financial/tourist centre is a longer term goal than the other immediate free zone areas of Puntland. Short term development of Hafun will be restricted to creating the general design for the area, together with existing population housing and jobs; all in readiness for Hafun’s end development. NO! HAFZA is a relatively new corporation. Its ability to undertake such a large project revolves around the financial assets it can bring to the project through others to back up the MTNs (referred to above), and bring together large world corporations and leaders to assist in the overall development. HAFZA has the obligation of developing its own financial centre and a Central Bank facility for Puntland. Initially it is planned to have a network of ATMs through the free zones and secured areas of Puntland for employees to draw employment cash from. |
