LME plans to list Jeddah Islamic Port as aluminum hub: Report

The London Metal Exchange (LME) plans to list Jeddah Islamic Port as a new delivery center for aluminum, joining existing centers in New York, Shanghai, and London, Al Eqtisadiah reported, citing familiar sources.

The international exchanges' move, led by the LME, boosts Saudi Arabia's appeal as an investment destination for global exchanges, positions Jeddah Islamic Port among the world’s key metal storage platforms, and establishes it as a global distribution hub, the sources added.

According to data available on Argaam, the Saudi Ports Authority (MAWANI) announced in July the listing of Jeddah Islamic Port on the LME as a new delivery center for copper and zinc through its strategic partner LogiPoint, a subsidiary of the Cisco Group.