By: 5 Magazine & 5 TV
Yasin M. Ibar officially assumed the chairmanship of the Somali Chamber of Commerce and Industry (SCCI), taking over one of the country’s most influential business institutions at a time when economic reforms, private investment and regional trade are gathering momentum, offering an opportunity to redefine priorities and set a new direction.
During a handover ceremony held at the Chamber’s headquarters in Mogadishu, Ibar outlined an ambitious agenda centred on institutional reform, stronger business representation, investment promotion and greater unity within Somalia’s business community. The event, attended by the Minister of Commerce and Industry, senior government officials, leading entrepreneurs and development partners, marked the beginning of what many in the private sector hope will be a new era for the Chamber.
Far from presenting a routine change in leadership, the occasion underscored the growing importance of the Chamber as Somalia continues expanding its private sector and creating a more competitive business environment.
Building on a Strong Foundation
One of Ibar’s first messages was one of continuity rather than disruption. Paying tribute to outgoing Chairman Mahmoud Abdikarim Gabeyre, he acknowledged the work undertaken by the previous leadership in strengthening the Chamber during a period of significant economic change.
“I would like to express my sincere appreciation to Chairman Gabeyre and the entire team that worked alongside him for bringing the Somali Chamber of Commerce and Industry to where it stands today. They have done an outstanding job representing the interests of Somali businesses and have worked tirelessly during a period when the country was undergoing significant changes.”
He also extended his appreciation to the Chamber’s staff, recognising their role in serving Somalia’s business community.
“I also wish to thank the Chamber’s staff for their dedication and professionalism in serving Somalia’s business community. I look forward to working closely with all of you as we continue to strengthen the institution together.”
Rather than signalling a complete departure from previous efforts, Ibar indicated that his leadership would build upon existing achievements while introducing reforms designed to modernise the institution.
Modernising the Chamber
At the centre of the Chairman’s agenda is a commitment to transform the Somali Chamber of Commerce and Industry into a more professional, transparent and responsive organisationcapable of meeting the evolving needs of businesses across the country.
Among his key priorities are strengthening the Chamber’s advocacy role, improving services to members, promoting domestic and foreign investment, supporting industrial development and facilitating trade.
The Chamber also plans to accelerate the digitalisation of its services, making it easier for businesses to access information and complete administrative processes. Organising national and international trade exhibitions, strengthening partnerships with the Federal Government, development partners, African Chambers of Commerce and global business organisations also feature prominently in the reform agenda.
Growing the Chamber’s Membership
One of the Chairman’s earliest priorities is expanding participation within the organisation itself.He called on entrepreneurs and business owners across Somalia to become active members of the Chamber, arguing that a stronger membership base would enhance the institution’s legitimacy and ability to advocate for the private sector.
“I encourage the entire business community to strengthen its membership in the Chamber. Every entrepreneur and business owner should become a member and ensure their membership is active so they can participate in elections, contribute to decision-making, and benefit from the Chamber’s support and representation.”
Unity First
Perhaps the most notable theme running through Ibar’s address was his emphasis on unity.Acknowledging that divisions have occasionally emerged within the business community, he pledged to lead the Chamber impartially while creating opportunities for dialogue and reconciliation.
“There have also been disagreements within the business community. As I begin this new chapter, I want to make it clear that I am ready to work with every businessperson fairly and impartially. My leadership will be guided by the law, established regulations, and the Chamber’s governing principles. I am equally committed to resolving past divisions among businesspeople by creating opportunities for dialogue, reconciliation, and unity. This will be one of my top priorities, and I will need your cooperation and support to achieve it.”
In an increasingly competitive regional marketplace, business leaders argue that a united private sector is better positioned to engage policymakers, attract investment and promote Somalia’s commercial interests internationally.
A Chamber at the Centre of Economic Reform
The leadership transition comes at a significant moment for Somalia’s economy. Government reforms aimed at improving the investment climate, strengthening financial institutions and expanding domestic production have increased expectations for private-sector participation in national development.
Within that context, the Somali Chamber of Commerce and Industry occupies a strategic position. As the country’s principal business association, it serves as a bridge between entrepreneurs and government, advocates for policies that improve the business environment,and represents Somali businesses in regional and international commercial forums.
The expectation under Ibar’s leadership is that the Chamber will assume an even more proactive role in shaping economic policy, supporting entrepreneurship and facilitating investment opportunities.
Who is Ibar?
Much of the optimism surrounding Ibar’s appointment stems from his extensive experience in finance, banking and institutional development. Before becoming Chairman of the Chamber, he established himself as one of Somalia’s leading financial professionals.
He currently serves as Chief Executive Officer of the National Securities Exchange of Somalia (NSES), where he has led efforts to establish the country’s first modern capital market. Since the Exchange’s launch in 2025, he has overseen preparations for public trading, promoted initial public offerings and worked to mobilise investment from Somalia’s global diaspora.
Earlier, he served as Chief Executive Officer of the Somali Bankers’ Association, becoming a prominent advocate for Somalia’s commercial banking industry. During his tenure, he helped strengthen dialogue among financial institutions and promoted improved financial governance and regulatory compliance.
His professional experience also includes work as an independent investment adviser, financial trainer, and planning expert supporting projects involving the World Bank Group and Somalia’s Ministry of Public Works, Reconstruction and Housing.
Academic and Professional Credentials
Ibar combines practical leadership experience with a strong academic background in economics and finance. He holds a Master’s Degree in Economics from the International Islamic University Malaysia (IIUM) and earned his Bachelor’s Degree in Economics from Mogadishu University.
He is also a member of the Association of Chartered Certified Accountants (ACCA), one of the world’s leading professional accounting bodies.
Government Confidence
Ibar’s appointment was formally endorsed by Somalia’s Council of Ministers, reflecting the government’s confidence in his ability to lead the Chamber during an important period of economic transformation.
The endorsement also highlights the increasingly close partnership between government and the private sector in advancing Somalia’s economic development agenda.
Business leaders believe his experience in banking, capital markets and institutional management places him in a strong position to modernise Chamber operations while strengthening its influence on national economic policy.
Finally, Ibar expressed gratitude for the confidence placed in him by the country’s leadership and the wider business community, while emphasising that meaningful progress would depend on collective effort.
“Finally, I would like to extend my heartfelt gratitude to the country’s leadership for entrusting me with this responsibility: His Excellency the President, the Prime Minister, and the Minister of Commerce and Industry. I also sincerely thank the Somali business community for the confidence and support they have shown me. I cannot carry out this responsibility alone. I will rely on your continued support, your prayers, and your partnership as we work together to advance the Chamber and the nation’s business community.”
