Saudi Arabia is working on an ambitious program for industrial growth and logistics. The London Metal Exchange (LME) announced on Monday that it has designated Jeddah, a port city on the Red Sea in Saudi Arabia, as a delivery point for copper and zinc. The LME stated that this new listing will be operational three months after the approval of the first warehouse company at this location. Typically, LME-registered warehouses, which are part of the world's largest and oldest metals trading platform, are situated in areas with high metal consumption or major transit hubs like Rotterdam.
This move aligns with Saudi Arabia's broader Vision 2030 reform plan, which aims to position the country as a significant player in global energy, mining, logistics, and industrial sectors. Earlier in March, the LME had indicated its intention to include Jeddah as a new delivery point, pending a technical adjustment to its warehouse framework. In a separate announcement on Monday, the LME also mentioned that it has revised a clause in its policy regarding the approval of locations as delivery points, specifically concerning warehouse insolvency, following a consultation process.
The LME is owned by Hong Kong Exchanges and Clearing.
