Djibouti(Mogadishu24)-Djibouti and Saudi Arabia on Wednesday signed a landmark agreement on Wednesday during the high-level Saudi delegation’s visit to Djibouti. The Djibouti-Saudi Business Forum, held at Hotel Ayla, marked this significant milestone. Great Horn Investment Holding Chairman Mr. Aboubaker Omar Hadi and Federation of Saudi Chambers of Commerce and Industry Chairman Mr. Hassan Al-Huwaizi formalized a long-term lease of a 120,000 sqm plot in the Djibouti International Free Trade Zone (DIFTZ).

This agreement aimed to attract Saudi investors and facilitate the entry of Saudi-made products into the African market via DIFTZ. The forum underscored the strategic importance of the Free Trade Zone in boosting bilateral trade according to Djibouti Ports and Free Zones Authority.

The Saudi delegation also toured the Société de Gestion de Terminal à Conteneur (SGTD), the top-ranked port in Sub-Saharan Africa, and the Djibouti Multipurpose Port (DMP), where they inspected various export facilities, including livestock storage. Additionally, the visit to the Djibouti Damerjog Industrial Development (DDID) showcased the nation’s industrial potential with its advanced oil jetty.

This visit highlighted the strengthening economic ties between Djibouti and Saudi Arabia, paving the way for enhanced trade and investment opportunities.