page_title: Mogadishu
section_title: Economy
hierarchical_section_title: Mogadishu / Economy
caption_attribution_description: English: A young Somali boy tries on a new pair of shoes at a clothing and footwaer shop in Hamar Weyne market in the Somali capital Mogadishu, 05 August, 2013. 06 August marks 2 years since the Al Qaeda-affiliated extremist group Al Shabaab withdrew from Mogadishu following sustained operations by forces of the Somali National Army (SNA) backed by troops of the African Union Mission in Somalia (AMISOM) to retake the city. Since the group's departure the country's captial has re-established itself and a sense of normality has returned. Buildings and infrastructure devastated and destroyed by two decades of conflict have been repaired; thousands of Diaspora Somalis have returned home to invest and help rebuild their nation; foreign embassies and diplomatic missions have reopened and for the first time in many years, Somalia has an internationally recognised government.. AU-UN IST PHOTO / STUART PRICE.
context_page_description: Mogadishu, locally known as Xamar or Hamar, is the capital and most populous city of Somalia. The city has served as an important port connecting with traders all round the Indian Ocean for millennia and currently has a population of 2,425,000 residents. Mogadishu is the nearest foreign mainland city to Seychelles, at a distance of 835 mi over the Indian Ocean. Mogadishu is located in the coastal Banadir region on the Indian Ocean, which unlike other Somali regions, is considered a municipality rather than a maamulgoboleed.
  Mogadishu has a long history, which ranges from the ancient period up until now, giving birth to the Mogadishu Confederacy and the Mogadishu Sultanate established by Abubakr bin Fakhr al-Din who established the Fakhr al-Din dynasty, eventually to be replaced by the Muzaffar dynasty, who became allies of the Ajuran Sultanate in the late 16th century. In the 17th century, Mogadishu and the Banadir coast came to fall under Omani-Zanzibari suzerainty up until the 19th century. During the 19th century, because of the divide in Muscat, the power came to be shared with the Geledi Sultanate over the Banadir in an equilibrium fashion.
context_section_description: Mogadishu traditionally served as a commercial and financial centre. Before the importation of mass-produced cloth from Europe and America, the city's textiles were forwarded far and wide throughout the interior of the continent, as well as to the Arabian peninsula and as far as the Persian coast.
  Mogadishu's economy has grown rapidly since the city's pacification in mid 2011. The SomalFruit processing factory was reopened, as was the local Coca-Cola factory, which was also refurbished. In May 2012, the First Somali Bank was established in the capital, representing the first commercial bank to open in southern Somalia since 1991. The Somali civil engineer and entrepreneur Nasra Agil also opened the city's first dollar store. Additionally, the Historic Central Bank was regenerated, with the Moumin Business Center likewise under construction.
  The galvanization of Mogadishu's real estate sector was in part facilitated by the establishment of a local construction yard in November 2012 by the Municipality of Istanbul and the Turkish Red Crescent. With 50 construction trucks and machines imported from Turkey, the yard produces concrete, asphalt and paving stones for building projects. The Istanbul Municipality was also scheduled to bring in 100 specialists to accelerate the construction initiative, which ultimately aims to modernize the capital's infrastructure and serve it over the long-term.
  In mid-2012, Mogadishu concurrently held its first ever Technology, Entertainment, Design (TEDx) conference. The event was organized by the First Somali Bank to showcase improvements in business, development and security to potential Somali and international investors. A second consecutive TEDx entrepreneurial conference was held the following year in the capital, highlighting new enterprises and commercial opportunities, including the establishment of the city's first dry cleaning business in several years.
  A number of large firms also have their headquarters in Mogadishu. Among these is the Trans-National Industrial Electricity and Gas Company, an energy conglomerate founded in 2010 that unites five major Somali companies from the trade, finance, security and telecommunications sectors. Other firms based in the city include Hormuud Telecom, the largest telecommunications company in southern and central Somalia. Telcom is another telecommunications service provider that is centered in the capital. The local Somali Energy Company specializes in the generation, transmission and distribution of electric power to residents and businesses within its service area in Banaadir. Villa and Mansion Architects, an international architectural firm founded by the Somali-British architect Alexander Yusuf, likewise has its regional offices in Mogadishu. Additionally, the International Bank of Somalia, which opened downtown in 2014, offers Islamic finance and international banking services via a swift code system. The Islamic Insurance Company (First Takaful and Re-Takaful Insurance Company) was concurrently established, and is the city's first full service insurance firm in many years. The Central Bank of Somalia, the national monetary authority, also has its headquarters in Mogadishu.
  In June 2013, former Prime Minister Abdi Farah Shirdon signed a new foreign investment law. The draft bill was prepared by the Ministry of Commerce and Industry in conjunction with government attorneys. Approved by the Cabinet, it establishes a secure legal framework for foreign investment in Mogadishu and elsewhere in the country.
  In October 2014, the firm Tawakal Money Express (Tawakal) also began construction of the seven-storey Tawakal Plaza Mogadishu. The new high rise is slated to be completed by the end of 2015, and will feature a Tawakal Global Bank customer and financial services center, a large, 338 square meter supermarket, a 46-room luxury hotel, restaurant and coffee shop facilities, and conference and event halls. In addition, the Nabaad Supermarket provides major retail service to local shoppers. Open daily until 10 pm, the convenience chain imports most o
caption: A clothing and footwear shop in downtown Mogadishu.
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