The business of piracy


Issue 853 - 16 May 2009 | 2 minute read

Somali pirates are said to have earned at least $30m last year, although some estimates are much higher. This compares with the unrecognised Republic of Puntland's formal budget of around $20m/yr, with revenues gleaned from customs, airport and land revenues. Many pirates are said to be based in Puntland, which GSN's Nadine Marroushi visited last year, on terms which demanded a heavy security complement. Somalia's ruling Transitional Federal Government (TFG) Foreign Minister Mohammed Abdulahi Omar has said pirates can earn as much as $150m/yr from ransoms.

Tagged with:

Pin Politics & people

Pin Somalia

Want to read more?

Subscribe to Gulf States Newsletter

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles and set up news alerts.

Register

Join our community

Sign up for an account to gain:

  • Set up news alerts on the countries and sectors that matter to you.
  • Free access to newsletter articles under 100 words.
  • Free access to GSN View articles articles.


View a selection of Free articles

Explore subscription options

Follow us on Google News