Jeddah Islamic Port Joins London Metal Exchange for Copper & Zinc
The initiative boosts Saudi Arabia's appeal to investors, establishing Jeddah Islamic Port as a key metals distribution centre.
The Saudi Ports Authority (Mawani) has announced the listing of Jeddah Islamic Port on the London Metal Exchange (LME). The achievement was facilitated through Mawani's strategic partner, LogiPoint, a subsidiary of the Cisco Group.
This initiative is set to enhance the Kingdom's attractiveness as an investment destination, establishing Jeddah Islamic Port as a central distribution centre for metals. The listing is expected to boost market liquidity and provide an additional delivery option for copper and zinc, benefiting the mining sector by offering a more convenient trading platform for mineral resources. Additionally, it aims to improve supply chain efficiency by reducing transportation and storage costs for metals.
The London Metal Exchange, renowned as a leading global exchange for industrial metals trading, facilitates the majority of non-ferrous metals futures contracts through its platforms.
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