TheNationalUAE - 3/16/2019 5:03:52 AM - GMT (+2 )
Customs time will also be reduced from two weeks to a day
March 15, 2019
March 15, 2019
Mawani, the Saudi Ports Authority, will reduce container time at its ports to three days by 2020 even as it plans to more than double handling by 2030, as part of the kingdom's broader drive to generate efficiencies in the economy.
“What’s more, the share of Saudi ports handling transshipment containers will be increased, the production capacity within the terminals will be optimised, and new horizons will be opened for promising investment and commercial partnerships,” said Mawani president Saad bin Abdulaziz AlKhalb, the official Saudi Press Agency reported.
Saudi Arabia, the world's largest crude exporter, has looked to increasingly diversify its economy, leveraging greater resources into developing non-oil sectors as part of its Vision 2030 programme.
Earlier this year, the government pledged to spend 100 billion riyals (Dh97.9bn) in 2019 and 2020 as part of a massive new industrial strategy aimed at weaning the kingdom off oil, creating 1.6 million jobs and attracting as much as 1.6 trillion riyals in investment by 2030.
Mawani, as part of the larger strategy has plans to reduce average custom times across all Saudi ports from 14 days to 24 hours.
The authority, last month issued the first licence for foreign investors to participate in the maritime agency activities across all of its ports.
Saudi ports handled more than 40 million tonnes during January and February, a 10 per cent increase over the same period last year. The total number of inbound and outbound containers during the same period was 1.1 million, an increase of 6.18 per cent for the same period last year.
Updated: March 15, 2019 04:24 PM