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.