Saudi investors sign 92-year-deal for Saudi Logistics City at Djibouti port

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DJIBOUTI — A consortium of Saudi investors signed a contract for establishing Saudi Logistics City in the free zone of Djibouti port.

The logistics free zone will be located on an area spreading over 120,000 square meters in the inaugural phase.

The contract is for running the logistics city for a period of 92 years and the city includes a permanent exhibition, a platform for Saudi industries, and a commercial exchange area including warehouses and other facilities.

Hassan Al-Huwaizi, president of the Federation of Saudi Chambers, and and Aboubaker Omar Hadi, chairman of Djibouti Ports and Free Zones Authority, signed the contract in a ceremony held on the sidelines of the Saudi-Djibouti Business Forum that saw the participation of more than 300 ministers, officials and business leaders.

A delegation of the Federation of Saudi Chambers, headed by Al-Huwaizi and comprising of more than 100 Saudi businessmen and businesswomen, and representatives of some government agencies and bodies participated in the forum.

The Saudi delegation was briefed on the investment and economic opportunities in the free zone in Djibouti and the advantages and facilities provided to investors.

The Saudi Logistics City will be a gateway for receiving Saudi products and exports that are meant to all countries in the African continent in view of the fact that Port of Djibouti is considered as a gateway to Africa and an important point for economic and commercial exchanges at the African and global levels.

During the visit, the Djiboutian authorities promised Saudi investors and companies that they will be granted the same facilities and incentives as provided to Djiboutian companies at the port. They offered in front of Saudi investors the opportunities available in the sectors of renewable energy, tourism, agriculture and technology in the east African country.