In a landmark event for Somalia, President Hassan Sheikh Mohamud on Thursday officially launched the "New Mogadishu" development initiative, a transformative project that aims to reshape the capital's economic landscape.

The initiative includes construction of a modern airport, a port and a key economic zone, all focused on fostering growth and attracting investment.

During the launch, Mohamud said the initiative showcases the resilience of the Somali business community.

"Somali businessmen have stepped up to provide essential services during challenging times, proving their commitment to the nation's progress," he said.

Mohamud also noted the initiative has the potential for massive job creation.

"The creation of this project is not just about infrastructure; it's about creating opportunities for our youth and uplifting our communities," he said.

"The launch of the New Mogadishu project marks a significant milestone for Somalia as it seeks to revitalize its capital and strengthen investor confidence, paving the way for a brighter economic future," Mohamud added.

Fardowsa Osman Egal, Somalia's minister of transport and aviation, emphasized the significance of the new airport in this project.

"It is a long dream that is materializing now. Due to the capacity and function of the current Mogadishu airport, which only has one runway, this new international airport will help us increase international flights," she said. "The planned state-of-the-art airport and modern port will serve as vital infrastructure, creating a financial zone that is expected to draw both international and local investors."

Valued at approximately $650 million, the New Mogadishu initiative is expected to significantly boost Somalia's economic development.

On behalf of Somali business community, Mohamud Abdikarim Gabeyre, the chairman of the Somali Chamber of Commerce and Industry, welcomed the initiative.

"New Mogadishu, on the northern outskirts of the capital, is a project we welcome because we heard that the Somali business community will get the priority of the investment, and we hope it will be successful," he said.

On Wednesday, the president also inaugurated a $400 million groundbreaking development project named Gateway Complex, poised to transform Somalia's capital by introducing Somalia's first five-star hotel, managed by the globally recognized Rotana hospitality group, and an international convention center capable of hosting up to 5,000 attendees.

Plans also feature premium hotel apartments, a 300-bed modern hospital, a leading school, a vibrant shopping complex, residential units and recreational facilities.

Mogadishu has long suffered from lawlessness and terrorist attacks. Although the capabilities of the al-Shabab terrorist group have been weakened, it continues to pose a threat by assassinating civilians, particularly those who install security cameras on their shops and business centers.