In a major strategic move, the Kingdom of Saudi Arabia announced its acquisition of Bagamoyo Port in Tanzania, as part of the “East Gate” project, which aims to enhance the region’s position as a global trade hub.

This huge investment comes within the framework of the Kingdom’s efforts to open new investment horizons for Saudi companies in vital sectors, and provide marketing outlets for exporting Saudi products to African markets.

Project details

Port location: Bagamoyo Port is located on the eastern coast of Tanzania, and is considered one of the most important ports in East Africa.

Total area: The project area is 800 hectares, making it one of the largest maritime projects in the region.

Capacity: The port will be able to accommodate 20 million containers annually upon completion, making it a strong competitor to major ports in the region such as Mombasa Port in Kenya and Dar es Salaam Port in Tanzania.

Project cost: The total cost of the project is $10 billion, which includes the development of infrastructure and logistics facilities.

Strategic Objectives

Promoting international trade: The project aims to transform Bagamoyo Port into a global trade hub linking African, Asian and European markets.

Opening investment horizons: Investment opportunities will be provided to Saudi companies in sectors such as maritime transport, logistics, energy and mining.

Exporting Saudi products: The port will be used as a marketing outlet for exporting Saudi products, especially oil and petrochemical products, to African markets.

Economic benefits

Creating jobs: The project is expected to provide 100,000 direct and indirect job opportunities in Tanzania and neighboring countries.

Promoting economic growth: The project will contribute to enhancing economic growth in Tanzania by attracting foreign investment and developing infrastructure.

Strengthening Saudi-African relations: This project is part of the Kingdom’s strategy to strengthen its economic and trade relations with African countries.

Official statements

Saudi Minister of Investment: He stressed that this project is an important step towards achieving the Kingdom’s Vision 2030, which aims to diversify the economy and open new markets for Saudi exports.

Tanzanian President: Praised the partnership with Saudi Arabia, describing the project as a “quantum leap” for Tanzania’s economy and the region as a whole.

Saudi Arabia’s acquisition of Tanzania’s Bagamoyo Port as part of the “East Gateway” project is a major strategic move that reflects the Kingdom’s commitment to strengthening its position as a global economic power.

This project will not only enhance the Kingdom’s position in African markets, but will also contribute to achieving the goals of Vision 2030 by diversifying the economy and opening up new investment horizons.

Courtesy of ArchUp