RIYADH: The sixth session of the joint committee between Saudi Arabia and Djibouti, held in Riyadh on Nov. 18, is expected to further strengthen logistical, trade, and investment ties between the two nations.
The meeting was chaired by Saudi Minister of Transport and Logistic Services, Saleh Al-Jasser, and Djibouti’s Minister for Foreign Affairs and International Cooperation, Mahamoud Ali Youssouf, as reported by the Saudi Press Agency.
In his opening remarks, Al-Jasser underscored the long-standing relationship between the two countries, highlighting that the discussions marked the start of efforts to boost trade and investment in key sectors, especially logistics.
He noted the substantial growth in bilateral trade, which amounted to approximately SR7 billion ($1.86 billion) in 2023, indicating a significant step towards sustainable growth and enhanced economic ties between Saudi Arabia and Djibouti.
Al-Jasser emphasized that these figures are a cornerstone for expanding trade cooperation, with the previous joint committee session already setting the stage for broader collaboration.
The ongoing expansion of trade between the two countries is mirrored in the continuous efforts to forge stronger economic alliances.
In August, the two nations agreed to launch a maritime initiative aimed at bolstering trade links. This initiative includes the creation of new shipping routes designed to enhance connectivity with East African markets, which cater to a consumer base of around 500 million people.
A key aspect of the partnership is the planned development of the Saudi Logistics City within Djibouti's Free Zone. This ambitious project, formalized through a contract signed in June, aims to facilitate the export of Saudi products to East Africa and further solidify economic relations. The 92-year agreement, covering an initial 120,000 sq. meters, is anticipated to significantly transform both countries’ economies, promoting long-term growth and cooperation.
The ongoing collaboration between Saudi Arabia and Djibouti is set to substantially improve bilateral trade, investment, and regional connectivity, signaling a promising new era in their economic partnership.
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