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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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Türkiye's Recent Political Events Hit Economy, Reserves, Says EBRD 

Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
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Türkiye's Recent Political Events Hit Economy, Reserves, Says EBRD 

Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)
Owners of a "bufe", a Turkish word to call small corner restaurants with a couple of stools outside or inside, wait for customers at Uskudar neighborhood in Istanbul, Türkiye, April 23, 2025. (Reuters)

Recent political events in Türkiye stymied the country's path to slowing inflation and the fallout affected the economy as well as foreign exchange reserves, the European Bank for Reconstruction and Development's chief economist said.

The detention of Istanbul mayor and main opposition leader Ekrem Imamoglu on March 19 sent the lira sharply lower and triggered market turmoil that pushed the central bank into a surprise interest rate hike in April, short circuiting an easing cycle that began at the start of the year.

Türkiye had been on a "slow but steady" path towards reducing inflation before the event, EBRD Chief Economist Beata Javorcik told Reuters.

"This path allowed it to cut interest rates, but that process was stopped by the recent political events, which brought turbulence and forced the central bank to reverse the direction," Javorcik said, adding raising interest rates put the brakes on the economy.

"This is costly in terms of economic performance, in terms of reserves ... and in terms of the reputational implications, undermining confidence of investors."

Türkiye has struggled with very high inflation in recent years, which peaked at 75% last May.

The bank downgraded its forecast for Türkiye’s economic growth this year by 0.5 percentage points to 2.8%, due to lower domestic and external demand and tighter-than-expected monetary policy.

Türkiye’s bonds and stock market had become a big draw for global money managers in the months leading up to Imamoglu's detention.

The appointment of Finance Minister Mehmet Simsek in 2023, widely seen as the architect of the government's return to a more orthodox economic policy, helped lure investors.

The EBRD said Türkiye’s central bank sold more than $40 billion in foreign exchange in the weeks following Imamoglu's arrest, pulling net reserves, excluding swaps, from more than $60 billion to less than $20 billion.

The latest reserve numbers, published on Monday, showed that Türkiye’s gross reserves had risen by $6 billion - the first such gain in nearly two months.