The city aims to serve as a hub for receiving and distributing Saudi products and exports. Image Credit: Reuters

Dubai: A consortium of Saudi investors has signed an agreement to establish Saudi Logistics City in the free zone of Djibouti port.

In its inaugural phase, the logistics free zone will cover an area of 120,000 square metres.

The contract, which spans 92 years, includes the operation of the logistics city. This city will feature a permanent exhibition, a platform for Saudi industries, and a commercial exchange area with warehouses and other facilities.

Hassan Al Huwaizi, president of the Federation of Saudi Chambers, and Aboubaker Omar Hadi, chairman of Djibouti Ports and Free Zones Authority, signed the contract during a ceremony at the Saudi-Djibouti Business Forum, held in the East African nation of Djibouti.

The Saudi delegation was informed about the investment and economic opportunities in Djibouti's free zone, as well as the advantages and facilities available to investors.

Saudi Logistics City aims to serve as a hub for receiving Saudi products and exports destined for the African continent, leveraging Djibouti port's strategic position as a gateway to Africa and a crucial point for economic and commercial exchanges on both African and global levels.