MAWANI announces listing of Jeddah Islamic Port on LME

Jeddah Islamic Port

Saudi Ports Authority (MAWANI) announced the listing of Jeddah Islamic Port on the London Metal Exchange (LME), through the strategic partner LogiPoint, a subsidiary of Cisco Group, underpinning the port’s pivotal role in fostering global trade.

The listing of Jeddah Islamic Port on the LME as a new delivery center for copper and zinc is a key step to positioning Saudi Arabia as a global logistics hub, MAWANI said in a statement. It added that the move shall also enhance the port’s attractiveness as an investment hub for global stock exchanges.

Moreover, the listing of MAWANI on LME is bound to strengthen the Kingdom’s position in the global metals supply chain, as it will contribute to boosting market liquidity while providing an additional delivery option for materials.

The move will attract more investors, improve supply-chain efficiency by reducing transportation and storage costs for materials, and support the growth of the Saudi mining sector by offering an easier trading platform for mineral materials.

LME is one of the largest metals trading exchanges worldwide. It constitutes the global center for industrial metals trade, as most futures contracts for non-ferrous metals take place through its platforms, which enhances its effective role in promoting global trade.