Khalid Al-Falih, Saudi Arabia’s Energy Minister met with U.S. Energy Secretary Rick Perry, on August 6, in Washington to discuss the threats that are affecting freedom of maritime navigation in the Strait of Hormuz, following the recent attacks on vessels.
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.’
Virgin Hyperloop One announced its partnership with Saudi Arabia’s Economic City Authority (ECA) on a study to construct the world’s longest test and certification hyperloop track, and also a research and development center and hyperloop manufacturing facility north of Jeddah.
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.
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.
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.
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.
Standard Club released a statement according to which direct trade between Qatar and seven states, also known as ‘restricted states’, Bahrain, Saudi Arabia, the United Arab Emirates, Egypt, Yemen, Libya and the Maldives remains restricted or prohibited.
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.
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.
