Saudi Arabia establishes a logistics zone in Djibouti to enhance its economic footprint in Africa
By Amina Wako |
In exchange, Djibouti pledged equal treatment for Saudi investors, ensuring equitable opportunities across sectors, spanning from renewables to technology.
Saudi Arabia has inked an agreement to establish a 120-thousand-square-meter logistics zone in Djibouti's port, securing a 92-year concession to bolster exports to Riyadh, as reported by Addis Standard.
The contract, signed by Hassan Al-Huwaizi, President of the Federation of Saudi Chambers, and Aboubaker Omar Hadi, President of the Djibouti Authority for Ports and Free Zones, transpired during a visit by a Saudi investor delegation to the East African city, spearheaded by Al-Huwaizi.
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The delegation, comprising over 100 entrepreneurs and government representatives from Riyadh, engaged in a bilateral business forum aimed at enhancing investment opportunities between Saudi Arabia and Djibouti.
In exchange, Djibouti pledged equal treatment for Saudi investors, ensuring equitable opportunities across sectors, spanning from renewables to technology.
In February, Djibouti's President Ismail Omar Guelleh reiterated his nation's commitment to enhancing maritime safety in the Red Sea, emphasising collaboration with major powers, including Riyadh, to ensure secure passage for international shipments through Bab El-Mandeb and the Gulf of Aden.
Guelleh highlighted Djibouti's longstanding ties with Saudi Arabia, dating back to 1977 when Djibouti gained independence.
He further expressed Djibouti's intent to deepen cooperation with Saudi Arabia, particularly in maritime transport, logistics, and port services, building upon significant advancements in the sector.
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