Saudi Gazette report

JEDDAH — The Saudi Ports Authority (Mawani) has announced on Tuesday the listing of Jeddah Islamic Port on the London Metal Exchange (LME) through its strategic partner, LogiPoint, a subsidiary of the Cisco Group.

This significant development underscores the port's crucial role in supporting global trade.

The listing of Jeddah Islamic Port as a new delivery center for copper and zinc on the LME marks an important step towards positioning Saudi Arabia as a global logistics hub. This move will enhance the Kingdom's attractiveness as an investment destination for global stock exchanges and establish the port as a premier global platform for storing metals traded on the exchange, transforming it into a central distribution center.

This strategic initiative is expected to boost market liquidity and provide an additional delivery option for materials. It aims to improve supply chain efficiency by reducing transportation and storage costs for materials and supports the growth of the mining sector by offering a more convenient trading platform for mineral materials.

Notably, the London Metal Exchange is one of the world's largest metals trading exchanges and the global center for industrial metals trading. The majority of non-ferrous metals futures contracts are conducted through its platforms, underscoring its pivotal role in promoting global trade.