RIYADH: Saudi Arabia has signed a deal to establish a logistics zone in the port of Djibouti, leveraging Africa’s gateway to propel the Kingdom’s products and exports, fostering economic interplay. 

During a delegation visit of Saudi investors to the capital city of the East African country, the contract was signed by Hassan Al-Huwaizi, president of the Federation of Saudi Chambers, and Aboubaker Omar Hadi, chairman of Djibouti Ports and Free Zones Authority. 

Under the leadership of Al-Huwaizi, the delegation, including over 100 entrepreneurs and government representatives, came together to advance this transformative initiative. 

The 92-year contract for the logistics zone, spanning an expansive area of 120,000 sq. m. in its inaugural phase, underscores a pivotal milestone in Saudi-Djibouti economic relations. 

The Saudi logistics city, serving as a nexus for commerce and innovation, is positioned to strengthen the Kingdom’s economic presence across the African continent, as reported by the Saudi Press Agency. 

Djibouti’s port, strategically located as Africa’s gateway, facilitates the expansion of Saudi products and exports into new markets, promoting robust economic interplay. 

Simultaneously, the Saudi-Djibouti Business Forum, attended by over 300 stakeholders, unveiled a range of investment opportunities, highlighting Djibouti’s appeal as a free zone. 

In return, Djibouti authorities have promised equal treatment for Saudi investors, guaranteeing fair opportunities across sectors, from renewable energy to technology. 

This collaborative effort emphasizes a steadfast commitment to fostering lasting economic cooperation between the two nations. 

In February, Djibouti’s president reaffirmed his country’s dedication to promoting maritime security in the Red Sea. 

Ismail Omar Guelleh noted that the East African nation was collaborating with major powers, including Saudi Arabia, to ensure safe passage for international shipping in the Bab El-Mandeb and the Gulf of Aden. 

He emphasized that Djibouti’s strategic position made it a key player in facilitating global trade, mentioning cooperation with nations such as the US, France, the UK, and Red Sea coastal states, especially Saudi Arabia, in counterterrorism efforts and maritime security. 

Guelleh had underscored Djibouti’s longstanding ties with Saudi Arabia, dating back to 1977 when his country gained independence. 

The president added that Djibouti aimed to further enhance collaboration with Saudi Arabia, especially in maritime transport, logistics, and port services, building on significant progress in port development. 

RIYADH: Total assets of Oman’s sovereign wealth fund increased by an estimated 7.4 percent year on year to reach 19.24 billion Omani rials ($49.9 billion) in 2023, according to new figures.  

A report issued by the Oman Investment Authority revealed that the return on investment for 2023 stood at 9.95 percent, the body said in a post on X.  

The rise in numbers underscores the authority’s role in driving economic growth and stability within the Middle Eastern country. 

Moreover, the robust performance reflects the OIA’s strategic investment approach and effective management of its diverse portfolio.  

This aligns with the authority’s objective to manage and develop the country’s funds and assets, achieve financial reserves, and implement government policies to advance the targeted economic sectors. 

During its media meeting on Tuesday in Muscat, the entity confirmed that it will continue supplying the state’s general budget with amounts exceeding 6 billion rials from 2016 until the end of 2023.

The post also revealed that the OIA aims to diversify its new foreign and local investments both geographically and across various sectors. 

Additionally, it plans to connect some foreign investments to targeted local industries by transferring technology and modern techniques. 

The authority also clarified that the private markets sector of the Al-Ajyal portfolio, which manages the OIA’s investments abroad, has invested in 13 global funds operating in multiple sectors. This comes in addition to its entry into various direct investments. 

It further indicated that the public markets sector of the Al-Ajyal portfolio continues to invest in a number of countries around the world, achieving an average return of 9.8 percent, therefore exceeding the target rate of 5 percent. 

The authority listed Electric Hydrogen, the Australian company Hysata, and the American firm Our Next Energy, as well as the Platinum investment fund, the Global Infrastructure Fund, and the Chinese Fund, as its most prominent direct foreign investments. 

In August 2023, Finance Minister Sultan bin Salim Al-Habsi, also the chairman of the authority, said: “OIA is not immune to the impact of world events, but they did not pose an obstacle to our ongoing journey toward growing Oman’s economy and achieving financial sustainability.”