The Saudi Ports Authority, better known as Mawani, has signed a preliminary agreement with the Saudi Centre for Commercial Arbitration to establish a framework to settle commercial disputes in the maritime sector.
As per the agreement, the two entities will focus on creating the appropriate environment for the efficient resolution of disputes, especially those related to import and export business in the maritime sector, the Saudi Ports Authority said in a statement on Sunday.
“The MoU plays an essential role in achieving the authority's objectives of developing maritime transport and import/export operations, enhancing the capabilities of member ports, and contributing to the national economy,” the Saudi Ports Authority said.
Saudi Arabia, the biggest Arab economy, is undertaking a number of measures to help boost the contribution of the non-oil sector under Vision 2030, its overarching road map for the kingdom’s economic overhaul. The country is spending billions of riyals on boosting its infrastructure, especially in developing new ports across the country.
As part of the agreement, the two entities will also focus on raising awareness about dispute settlement alternatives as well as developing the skills of the authority’s staff members and those concerned with the maritime transport and ports sector, the statement said.
In 2020, the Saudi Ports Authority signed a 7 billion riyal ($1.86bn) deal with a company backed by the kingdom's sovereign wealth fund to develop new container terminals at King Abdulaziz Port in Dammam.
AP Moller-Maersk, the world’s largest container carrier, is also investing $136 million over a 25-year period on an integrated logistics park at Jeddah Islamic Port to help the country boost exports.
The project, spread over 20.5 hectares, will serve as a centre for trans-shipments and air freight, with a number of warehouses, distribution centres and cold storage units, Maersk said in November.
Saudi Arabia’s economy is expected to grow 4.8 per cent in 2022, according to the International Monetary Fund’s World Economic Outlook report, released in October.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Killing of Qassem Suleimani
THREE
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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PRISCILLA
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
