JEDDAH — The Saudi Ports Authority, also known as Mawani, in conjunction with its strategic partner LogiPoint, a subsidiary of the Cisco Group, has made a pivotal announcement. On Tuesday, it was revealed that Jeddah Islamic Port has been officially included on the London Metal Exchange (LME) roster.
This milestone is a testament to the port’s essential function in bolstering international commerce.
With the induction of Jeddah Islamic Port as a fresh dispatch point for copper and zinc on the LME, Saudi Arabia is advancing its agenda to become a dominant player in global logistics. This development is poised to elevate the Kingdom’s profile as a prime locale for international stock exchange investments and establish the port as a leading hub for the storage of metals circulated on the exchange. Consequently, it will serve as a key distribution nexus.
The initiative is designed to surge market fluidity and introduce an alternative channel for material deliveries. It strives to enhance the efficacy of supply chains by diminishing the expenses associated with the transportation and warehousing of materials. Additionally, it promotes the expansion of the mining sector by proffering a more accessible market for mineral commodities.
It is important to note that the London Metal Exchange stands as one of the preeminent institutions in the trade of metals worldwide, acting as the hub for the trade of industrial metals. The bulk of non-ferrous metal futures contracts are executed through its platforms, emphasizing its crucial influence on the promotion of global trade.
