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MAWANI Issues Agency License to OOCL

The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).
The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).
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MAWANI Issues Agency License to OOCL

The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).
The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL).

The Saudi Ports Authority (MAWANI) has issued shipping agent rights to Hong Kong-based container transportation and logistics giant Orient Overseas Cargo Line Co. (OOCL) to pursue activities as a foreign investor across all Saudi ports for a period of three years.

The license was granted following OOCL's fulfillment of all requirements under the MAWANI Shipping Agents Regulatory Framework. This announcement comes as the Saudi ports regulator intensifies its efforts to develop the Saudi ports sector, transfer global knowledge and expertise to local talent, and adopt best practices in the maritime industry to bolster investment.

This step also enables MAWANI to create an ideal environment for logistics and operations at the Kingdom’s ports and attract major global shipping lines, furthering the Kingdom’s ambitions to establish itself as a global logistics hub that connects three continents.

MAWANI's regulatory framework allows foreign companies to invest in the local shipping services space to create a thriving and sustainable maritime sector that transforms the Kingdom’s ports into investment hotspots, thus boosting trade and economic development in line with the objectives set forth by the National Transport and Logistics Strategy (NTLS) and Saudi Vision 2030.

The Saudi Ports Authority (MAWANI) was established in 1976 to oversee the operations of the Saudi ports. Since its inception, MAWANI has been keen on transforming the Saudi ports into investment platforms and facilitating the Kingdom’s trade with the rest of the world. The Authority seeks to achieve an effective regulatory and commercial environment supported by an operating model that enables growth and innovation in the Kingdom's maritime industry.

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Egypt’s Net Foreign Assets Rise in February

Hotels, banks and offices on the Nile River in Cairo (Reuters)
Hotels, banks and offices on the Nile River in Cairo (Reuters)
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Egypt’s Net Foreign Assets Rise in February

Hotels, banks and offices on the Nile River in Cairo (Reuters)
Hotels, banks and offices on the Nile River in Cairo (Reuters)

Egypt’s net foreign assets (NFAs) increased by $1.48 billion in February, marking the second monthly rise this year following consecutive declines in the final three months of 2024, according to data released by the Central Bank of Egypt (CBE).

Based on official exchange rates provided by the CBE, calculations by Reuters showed that net foreign assets rose to the equivalent of $10.18 billion at the end of February, up from $8.70 billion in January.
A banking source attributed the increase to growing foreign investor purchases of Egyptian treasury bills. January also saw an uptick in foreign assets after the government issued $2 billion in international bonds—the country’s first dollar-denominated bond sale in four years.

Further growth in foreign assets is expected in March after the International Monetary Fund approved a $1.2 billion disbursement to Egypt, following the fourth review of its $8 billion economic reform program signed in March 2024. Last month’s IMF approval also unlocked an additional $1.3 billion under the Fund’s Resilience and Sustainability Facility.

Following Egypt’s fourth currency devaluation in March 2024, the overall net foreign asset position of Egyptian banks swung into surplus by about $14.29 billion in May—the first surplus in nearly 28 months. This turnaround came after the deficit had ballooned to nearly $29 billion by the end of January, just before the central bank’s latest reform measures.

However, the net foreign position of commercial banks alone (excluding the central bank) turned negative again in August due to renewed demand pressures for US dollars, just three months after the broader recovery.

In February, both the central bank and commercial banks recorded an increase in foreign assets. While the CBE’s foreign liabilities also grew during the month, those of commercial banks declined.