Jeddah port gets listed on London Metal Exchange
JEDDAH, July 30, 2024
The Saudi Ports Authority (Mawani) has announced the listing of Jeddah Islamic Port on the London Metal Exchange (LME), through its strategic partner LogiPoint, a subsidiary of Saudi Industrial Services Company (SISCO), underscoring the port's pivotal role in supporting global trade.
The listing of the port on LME as a new delivery hub for copper and zinc contributes to raising the Kingdom's status as a global logistics platform, said Mawani in a statement.
This enhances its attractiveness as an investment destination for global stock exchanges, and places the port on the global platforms for storage of minerals traded on stock exchange, thus transforming it into a global distribution center.
LME is one of the largest metals trading exchanges in the world; it is a global hub for industrial metals trading, with the majority of non-ferrous metal futures business taking place across its platforms, increasing its effective role in promoting global trade.
This achievement strengthens the kingdom's position in the global metal supply chain, and this will contribute to increasing market liquidity and providing an additional option for delivery of materials to attract more investors and improve supply chain efficiency, the statement added.-TradeArabia News Service
