Mogadishu, Somalia — President Hassan Sheikh Mohamud today laid the foundation stone for the Xeebta-luulka real estate project, marking a significant leap in urban development for Somalia.

Funded by local entrepreneurs, this ambitious project aims to house 50,000 residents, signaling robust confidence in Somalia's burgeoning real estate market.

The Xeebta-luulka, which translates to "Pearl Beach," will not only offer residential homes but also encompass a comprehensive community infrastructure. This includes multiple business complexes designed to foster economic activity, educational institutions to ensure community growth, health centers for public welfare, mosques to cater to spiritual needs, and leisure centers for recreational activities.

Speaking at the ceremony, President Mohamud highlighted the project's role in transforming Somalia's landscape. "This development represents more than just bricks and mortar; it's a testament to our nation's resilience and vision for a prosperous future," he said. The project is expected to create thousands of jobs, both during construction and in the operation of its various facilities, thereby boosting the local economy.

Local reactions have been overwhelmingly positive, with many seeing Xeebta-luulka as a beacon of hope and progress. "It's not just about housing; it's about creating a life worth living here in Somalia," commented Nadra Abdi, a local resident.

The initiative by Somali entrepreneurs underscores a growing trend of domestic investment in Somalia, aimed at rebuilding and revitalizing urban areas post-conflict. The project's completion is anticipated to set a precedent for future investments, potentially attracting more domestic and foreign interest in Somalia's real estate sector.

As Somalia continues its path toward recovery and development, projects like Xeebta-luulka are pivotal, offering not just shelter but a comprehensive lifestyle, signaling a new era of growth and stability for the nation.