Saudi Arabia Signs Deal to Establish Logistics Zone in Djibouti Port
In a move to boost economic interplay and propel the Kingdom’s products and exports, Saudi Arabia has signed a deal to establish a logistics zone in the port of Djibouti, leveraging Africa’s gateway.
Transformative Initiative Led by Saudi Investors
During a delegation visit of Saudi investors to Djibouti, the contract for the logistics zone was signed by key figures, including Hassan Al-Huwaizi, president of the Federation of Saudi Chambers, and Aboubaker Omar Hadi, chairman of Djibouti Ports and Free Zones Authority.
Under the leadership of Al-Huwaizi, the delegation of over 100 entrepreneurs and government representatives gathered to advance this pivotal initiative.
Significant Milestone in Saudi-Djibouti Economic Relations
The 92-year contract for the logistics zone, covering an expansive area of 120,000 sq. m. in its initial phase, marks a significant milestone in the economic relations between Saudi Arabia and Djibouti.
Strengthening Saudi Arabia’s Economic Presence in Africa
The Saudi logistics city, positioned as a hub for commerce and innovation, is set to enhance the Kingdom’s economic presence across the African continent, as reported by the Saudi Press Agency.
Promoting Economic Interplay and Investment Opportunities
Djibouti’s strategic location as Africa’s gateway presents opportunities for the expansion of Saudi products and exports into new markets, promoting robust economic interplay. The Saudi-Djibouti Business Forum, attended by over 300 stakeholders, also unveiled a range of investment opportunities, showcasing Djibouti’s appeal as a free zone.
Fostering Lasting Economic Cooperation
The collaborative effort between Saudi Arabia and Djibouti underscores a strong commitment to fostering lasting economic cooperation between the two nations, with promises of fair treatment for Saudi investors and equal opportunities in various sectors.
Enhancing Maritime Security and Collaboration
Djibouti’s president has reaffirmed the country’s dedication to promoting maritime security in the Red Sea, collaborating with major powers including Saudi Arabia. Djibouti’s strategic position makes it a key player in facilitating global trade, with efforts to enhance collaboration in maritime transport, logistics, and port services with Saudi Arabia.