They don’t really have to dance with opposing sides since everyone pays them for access, and it is mutually beneficial and agreed upon in the UN that Djibouti is a good staging area for anti-piracy operations. Plus it is roughly halfway between Europe and Asia, so it is a good refueling and repair station for world navies and shipping lines. And the way it basically works is that the shipyards, drydocks, docks, and moors are paid for by corporations and navies but neutral, open to being used my all, and owned by Djibouti itself.

It’s a pretty good deal. Plus they would be absolutely be immune to basically any regional or civil conflict. Though in any worldwide conflict like China Vs US, most case scenario there would definitely be a scramble to occupy the nation and its facilities. As whoever controls Djibouti basically controls the Red Sea, Suez canal, and Indian Oceans. Though it would most likely be sparred the worst of the conflict since its facilities are worth more intact, and best case scenario it would become a neutral port state like Portugal during WW2.