Saudi Arabia and Djibouti Partner to Boost Maritime Trade
In an effort to strengthen trade connections and economic ties, Saudi Arabia and Djibouti have joined forces to launch a groundbreaking maritime initiative. This collaboration aims to enhance trade connectivity with East African markets, reaching a consumer base of approximately 500 million people.
The Saudi Logistics City: A Game-Changer in Economic Relations
At the core of this partnership lies the Saudi Logistics City, set to be developed within the Djibouti Free Zone. This ambitious project, solidified through a contract signed in June, is a strategic move to facilitate the export of Saudi products and elevate economic relations between the two nations. The agreement, spanning 92 years and starting with 120,000 sq. meters, is expected to have a transformative impact on both countries’ economic landscapes.
Workshop on Activating Maritime Routes
To support this initiative, a workshop titled “Activating Maritime Routes Between Jazan City and Djibouti Republic” was held on August 7. Organized by the Federation of Saudi Chambers, the Jazan Chamber of Commerce, and the Ministry of Transport and Logistic Services, the event brought together key stakeholders to address challenges faced by Saudi investors in accessing the Horn of Africa, explore investment opportunities, and discuss available incentives.
Djibouti’s Commitment to Maritime Security
In addition to economic developments, Djibouti’s President Ismail Omar Guelleh has reiterated his country’s dedication to maritime security in the Red Sea. Djibouti is working closely with Saudi Arabia to ensure safe navigation through critical strategic waterways, such as the Bab El-Mandeb Strait and the Gulf of Aden.
Advancing Trade and Investment Opportunities
This partnership signifies a significant step forward in the economic relationship between Saudi Arabia and Djibouti, leveraging their strategic locations and infrastructure to enhance trade and investment opportunities.