Hong Kong-based container transport shipping and logistics giant Orient Overseas Cargo Line Co. (OOCL) was issued shipping rights for pursuing activities and conducting operations as a foreign investor for all Saudi ports. Saudi Arabia's port authority (MAWANI) announced that they have sold the rights for 3 years.
OOCL is one of the leading international carriers, providing a full range of logistics and transportation services throughout the country. It is also an industry leader in the use of information technology and e-commerce to manage the entire cargo process.
OOCL has been granted the license since it fulfilled all MAWANI shipping agents' regulatory framework requirements. MARANI has intensified its efforts to develop the Saudi ports to the global level and compete to maintain its position as a key trading hub of the middle east. They will look to harness OOCL's expertise to transfer the global knowledge and expertise to local operators and adopt the best practices in the maritime industry to bolster foreign investment.
Under Saudi Arabia's Vision 2030 and its desire to transition from an oil extraction economy to a service-based modern economy, MAWANI was selected to play a huge role. MAWANI has the vision to create an ideal environment for global and regional logistics and attract global shipping lines. It is a part of KSA's ambition to harness its unique location with the coast on the highly prized Red Sea and the Persian Gulf and emerge as a global logistics hub.
MAWANI's regulatory framework allows and attracts foreign companies to invest in the local shipping sector to transfer their global know-how in return for a new strategic business market. A thriving and sustainable maritime sector is one of the most important components in boosting economic development and reducing dependence on oil exports and is thus in line with Vision 2030.
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