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Saudi-based Bahri affected by shipping crisis in Strait of Hormuz

Bahri, the Saudi-based transportation giant, experienced a decreased net income to SR224.9 million in the first half of 2019, affected by the shipping crisis in the region. CEO, Abdullah Aldubaikhi commented that ‘The financial results achieved for the first half of 2019 reflect the difficulties that the region is going through, which impacted the whole maritime shipping industry.’

Saudi Arabia ratifies Load Lines and Nairobi Conventions

Saudi Arabia has acceded to two IMO treaties – the 1988 Protocol to the International Convention on Load Lines and the Nairobi International Convention on the Removal of Wrecks. A delegation from Saudi Arabia deposited the instruments during the 122nd meeting of the IMO Council in London this week.

Exports from Abu Dhabi ports up by 14.8%

The value of exports through Abu Dhabi ports grew 14.8% from AED 24.0 billion in the first quarter of 2018 to AED 27.6 billion in the same period of 2019, according to official figures released by Statistic Centre – Abu Dhabi, SCAD. As for imports, their value decreased by 7.7% from AED 26.2 billion in Q1 2018 to AED 24.2 billion in Q1 2019.

OSV owners to be affected from S. Arabian Maritime Law

Saudi Arabia introduced, for the first time, a bespoke Commercial Maritime Law, the Maritime Law, which came into effect on 3 July 2019. According to Lexigram, the Maritime Law applies to all Saudi Arabia-flagged vessel and foreign ones that arrive at the Kingdom’s ports and territorial waters. 

Russia joins pilot TradeLens blockchain project

The Russian Ministry of Transport signed a Memorandum of Understanding (MoU) with A.P. Moller – Maersk, launching TradeLens in Russia. The blockchain platform is expected to significantly facilitate international trade, not least by the inclusion of the Port of St. Petersburg, Russia’s main container gateway, as part of the pilot launch.

China, Saudi Arabia to bolster cooperation through Belt and Road

Chinese President Xi Jinping met with Saudi Arabia’s crown prince, Mohammed bin Salman Al Saud, Friday, in Beijing, to discuss a new horizon for bilateral friendship and strategic relationship. The Chinese president also called on the two sides to reinforce synergy of development strategies and cement the integration of each other’s interests.

Watch: NABL presents Fujairah-Mumbai underwater train tunnel

According to National Advisor Bureau Limited (NABL) the project is an underwater train tunnel, that is planned to connect the UAE and the other GCC countries for the first time in India. The project will consist of a subsea Tunnel and an Ultra Speed subsea railway line.

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