HAFZA STATUS

HAFZA suspended operations in Puntland during May 2005 pending obtaining sufficient laws from the Puntland Government to safeguard long term ownership or rights to investors participating in the Free Zones. 

In that regard HAFZA funding is designed to work with creation of Medium Term Notes (MTNs) backed by HAFZA assets for sale to partners, investors and global institutions participating in the Free Zones.

The non availability of sufficient laws from Puntland to give security of ownership, together with the fact that the Somalia Government has not been able to form a stable situation throughout Somalia since its election in October 2004 caused concerns for HAFZA . 

Accordingly, HAFZA had taken the view it would be unwise to attempt the funding of the MTNs for developing the Free Zones at this early stage of government until such times as the laws of ownership and proof of security is accepted by international investors.

It now appears with the current operations of the US backing a change in Somalia during December 2006 and January 2007, that HAFZA is prepared to re-commence its operations in Puntland/Somalia subject to approval with the US State Department to use the assets available for Somalia.

Meanwhile, and subject to the preceding paragraph, HAFZA is investing in various profit projects internationally including Australia, Canada, USA and others, pending a more stable situation is developed in Somalia/Puntland for the Free Zone development.  Other humanitarian projects are also being undertaken internationally, under joint ventures with profit returns  ........ all as shown in the left sub-directories here.