The Somali Ministry of Commerce and Industry has issued 'Special Permit And Service Certificate Of Registration As A Business' to AAIB Insurance to serve as a licenced insurance broker in the country.

Awarded in June 2013, the permit makes AAIB the only foreign insurance broking company to conduct business from within Somalia. The company already has a representation in the country’s capital, Mogadishu.

AAIB CEO William Wakeham said the real significance of this permit, is that it is an important stepping stone in the development and reconstruction of Somalia after 22 years of civil war.

"This is good for Somalia and good for the companies that want to participate in its growth because for the first time they can get insurance cover for their operations informed by intimate local knowledge -as opposed to generic cover written at arm’s length," Wakeham added.

"Now the long slow task of realising Somalia’s inherent wealth can begin in earnest."

In 2012, Somalia revealed plans to auction 308 newly delineated blocks of oil rights.