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.



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.