Money and business
Saudi Arabia acquires the port of “Bagamoyo” in Tanzania
The head of the Saudi Chambers of Saudi Chambers, Hassan Al -Huwaizi, revealed that the competent Tanzanian authorities have granted franchise and acquisition of the Pagamio Port in Tanzania to the Saudi African Investment and Development Company (SADC).
This comes as part of a project that the company launched the “East Gate Project”. In a reference to the East Africa.
Al -Huwaizi said that this step will support the role of Saudi Arabia as a major engine for economic development at the global level, and its efforts in expanding external investment, especially in the African continent, as well as enhancing its logistical capabilities to reach Saudi exports to global markets.
This came during the Saudi Tanzanian Business Forum and with the support of the Saudi Chambers Union, which is visiting Tanzania in the context of its efforts to open new markets on the African continent, in a qualitative strategic move to enhance economic relations between the Kingdom and Zanzibar, and to open new horizons for Saudi investments in the region.
The company’s acquisition of Pagamoyo Port represents a qualitative shift in the development of marine and logistical infrastructure in East Africa, through great Saudi experiences in this field, which will enhance the region’s position as a global commercial center and opens wide horizons for Saudi investments in vital sectors such as energy, mining, trade, and logistical services , Renewable energy, and manufacturing industries.
It is hoped that the Saudi acquisition of the port of Bagamoyo in Tanzania in supporting the Kingdom’s directions towards diversifying its economy and creating new investment and marketing outlets and contributing to the export of Saudi products to African markets and stimulating the movement in the ports in the Kingdom.
The Pagamoya Port is of great importance to the Kingdom as the most important logistical gate in East Africa, and it will serve Tanzania and the surrounding countries, and will be the main port for exporting raw materials and African natural resources to the countries of the world or importing goods to African countries.
This comes as part of a project that the company launched the “East Gate Project”. In a reference to the East Africa.
Al -Huwaizi said that this step will support the role of Saudi Arabia as a major engine for economic development at the global level, and its efforts in expanding external investment, especially in the African continent, as well as enhancing its logistical capabilities to reach Saudi exports to global markets.
This came during the Saudi Tanzanian Business Forum and with the support of the Saudi Chambers Union, which is visiting Tanzania in the context of its efforts to open new markets on the African continent, in a qualitative strategic move to enhance economic relations between the Kingdom and Zanzibar, and to open new horizons for Saudi investments in the region.
The company’s acquisition of Pagamoyo Port represents a qualitative shift in the development of marine and logistical infrastructure in East Africa, through great Saudi experiences in this field, which will enhance the region’s position as a global commercial center and opens wide horizons for Saudi investments in vital sectors such as energy, mining, trade, and logistical services , Renewable energy, and manufacturing industries.
It is hoped that the Saudi acquisition of the port of Bagamoyo in Tanzania in supporting the Kingdom’s directions towards diversifying its economy and creating new investment and marketing outlets and contributing to the export of Saudi products to African markets and stimulating the movement in the ports in the Kingdom.
The Pagamoya Port is of great importance to the Kingdom as the most important logistical gate in East Africa, and it will serve Tanzania and the surrounding countries, and will be the main port for exporting raw materials and African natural resources to the countries of the world or importing goods to African countries.
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