A consortium of Saudi investors has leased a 120,000-square-meter plot of land at Djibouti Port to develop a significant logistics area.
This strategic move aims to enhance trade and logistics operations, facilitating the export of Saudi products to African markets.
Hassan bin Mujib Al-Huwaizi, President of the Federation of Saudi Chambers, announced in an interview with “Asharq” that the Saudi private sector signed the lease agreement with the Djibouti Ports Authority on Tuesday.
The agreement includes the establishment of a permanent exhibition for Saudi industries, a trade exchange area, and a logistics zone, creating a key hub for Saudi products to reach all African countries.
This project is set to become the largest logistics zone outside the Kingdom of Saudi Arabia.
According to the contract, Saudi Arabia will have the right to utilize this area for a period of 92 years.
As reported by the Saudi Press Agency (SPA), the delegation from the Federation of Saudi Chambers to Djibouti was led by President Hassan Al-Huwaizi.
The delegation included over 100 businessmen and women, along with representatives from various government bodies and agencies.
During the visit, the Saudi-Djibouti Business Forum took place, attracting over 300 ministers, officials, and business leaders.
The forum provided an opportunity to explore investment and economic opportunities in the Djibouti Free Zone and to learn about the incentives and facilities available to investors.
Djibouti authorities have pledged to offer Saudi investors and companies the same benefits and incentives as local Djibouti companies.
They highlighted opportunities in sectors such as renewable energy, tourism, agriculture, and technology, promising a favourable environment for Saudi investments.
This landmark initiative is expected to significantly boost Saudi-Djibouti economic ties and open new avenues for trade and investment between the two nations.
