Dahabshiil breaks rice duopoly in Somaliland
The price of rice has dropped after Somaliland’s two main rice importers Jama Oomaar and Awad Indhodeero and Sons slashed the price of rice following Dahabshiil Money Transfer company’s grab of the market share by importing rice. Haatuf newspaper reports that Oomaar and Indhadeero and Sons hoarded rice before food crisis engulfed Horn of Africa but the profit they would have made from soaring price of food was affected by Dahabshiil’s decision to diversify into importing cheap quality rice and break the duopoly. Business managers from the Oomaar and Indhodeero and Sons told Haatuf newspaper that their decision to reduce the price of rice “has got to do with rice that Dahabshiil imported to make it more affordable.” The price of flour has dropped after Dahabshiil imported cheaper, selling $45 for 50 kg, 10% decrease from last week’s flour price. An analyst in Hargeisa says prices of rice and flour may drop even further. Dahabshiil Money Transfer’s entry into the rice market has been greeted with joy as the Holy Month of Ramadan will begin in two months’ time.