Saudi MAWANI Adopts Regulations in line with Commercial Maritime System

MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)
MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)
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Saudi MAWANI Adopts Regulations in line with Commercial Maritime System

MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)
MAWANI seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub. (SPA)

The Saudi Ports Authority (MAWANI) has revealed a new set of regulations governing the activities of shipping agents in the Kingdom’s maritime sector, which comes in line with the objectives of the National Strategy for Transport and Logistics Services.

The strategy aims at enhancing the services provided by shipping agents, strengthening shipping lines and supporting exporters and the national economy.

The regulations, which comply with the Commercial Maritime Law, will replace all previous versions of the law, and will come into effect on Aug. 5.

MAWANI is implementing an ambitious plan to stimulate exports and imports and meet the requirements of national development, by providing an effective and integrated port network.

The Authority seeks to achieve the goals of the national economic vision and make the Kingdom a leading international maritime hub.

In a press release, MAWANI said that the new regulations include key performance indicators that will assess shipping agents. They will also set the general rules that govern the requirements and procedures for obtaining licenses and permits, and regulate the contractual relationship between the shipping agent and other concerned parties.

Meanwhile, the Transport General Authority, represented by the General Administration of Control and in cooperation with the concerned authorities, carried out 181,000 inspection operations in July, on land and sea transport activities.

The field control revealed that during the month of May, compliance with land transport regulations reached 91 percent, while compliance with maritime transport regulations reached 99 percent.

The authority monitored more than 19,000 violations during the field campaign, while the automated monitoring operations recorded 22,900 violations in the Riyadh region.



$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.