Muscat: The State General Reserve Fund (SGRF) has signed a Memorandum of Agreement (MoA) with Djibouti Ports and Free Zones Authority, in the presence of Ismail Omar Guelleh, President of Djibouti.
The agreement constitutes an important milestone in the relation between the two institutions and is meant to establish a strategic cooperation in jointly developing, investing, operating and managing ports and other important logistical facilities in Djibouti.
The agreement, which took place on the sidelines of 21st Intermodal Africa Conference, was signed on behalf of SGRF by Abdulsalam bin Mohammed Al Murshidi, Executive President, while Abu Baker Omar Hadi, Chairman of Ports & Free Zones Authority, signed on behalf of the Djibouti government.
The main objective of this MoA is to set the framework that will enable the two institutions to further discussion on ways to make the cooperation more concrete. More importantly, the two sides agreed to conduct a thorough opportunities assessment in the area of new ports in Djibouti with the objective of undertaking joint investments in the future, and further enhance the spirit of good cooperation.
It is worth mentioning that ports and logistics is one of the targeted investment sectors in SGRF’s business strategy. The Fund has invested in a number of strategic ports around the world, such as Kumport in Turkey, Bharat Mumbai Container Terminals in India, in addition to the Bagamoyo Port development in Tanzania.