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Djibouti, Saudi Arabia sign agreement to establish business council

Djibouti President Ismail Omar Guelleh

Djibouti President Ismail Omar Guelleh

Djibouti (IINA) : Chairman of the Djibouti Chamber of Commerce Dr. Youssouf Moussa Dawaleh and Member of the Council of Saudi Chambers (CSC) Eng. Abdullah bin Saeed Al-Mubti signed a memorandum of understanding (MoU) in Djibouti on Thursday to set up the Djibouti-Saudi Business Council.

The signing ceremony was held under the patronage of Djiboutian President Ismail Omar Guelleh, and in the presence of Saudi Minister of Commerce and Investment Dr. Majid bin Abdullah Al Qasabi and a number of businessmen from both countries.

In a brief speech, President Guelleh pledged to sponsor, protect and develop trade and investment between Djibouti and Saudi Arabia through the private sector. “We are keen that you [Saudis] have priority in investment and development in Djibouti.”

“The Kingdom of Saudi Arabia has played a great role in supporting the Republic of Djibouti since independence until this moment in various fields, especially in the economic and development fields, whether directly or through the Saudi Fund for Development, the Islamic Development Bank and the Arab Fund for Economic and Social Development,” Guelleh stressed.

The president noted that Djibouti’s strategic location at the Bab al-Mandab Straits in the southern Red Sea Basin has made it a vital economic port. He added that his government has seriously strived to develop the ports and reinforce their regional and international economic role in the maritime traffic between the countries of the Horn and East African region.

In turn, the Saudi minister of commerce and investment pointed out that the Djibouti-Saudi Business Council will contribute to enhancing economic and trade cooperation between the two brotherly countries.

It is noteworthy that both parties also signed two agreements to finance the rehabilitation project of King Fahd Road and a grant for the project of strengthening the health sector in the Horn of Africa country.

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