Matthew Chamberlain, CEO of LME, highlighted Jeddah's logistical and operational strengths, emphasizing its importance as a net consumption area with an efficient transport network. This addition will serve the Middle East, North Africa, and East Africa regions, bolstering the LME's global connectivity for the metals community.
The decision follows a brief consultation to adjust the LME's warehouse location framework, ensuring that metal owners can access their materials even in cases of warehouse insolvency. Farooq Shaikh, CEO of LogiPoint, expressed optimism about the collaboration with LME and the potential for further development in the international metals sector.
This development marks a significant step in Saudi Arabia's industrial and logistics ambitions, underlining the kingdom's efforts to diversify its economy through Vision 2030. The port of Jeddah is expected to become an active delivery point three months after the approval of the first warehouse company in the location.