Saudi port authority cancels cash insurance condition on cargo

The Saudi Ports Authority (Mawani) has cancelled the cash insurance condition for cargo handled at Saudi ports in a bid to facilitate trade exchange, the government agency said today.

The move is part of the agency's initiative to facilitate trading activity, by allowing traders to collect their merchandize during an exemption period of 15 days without having to incur an insurance burden.

Importers were required to extend a cash guarantee to shipping agents to cover potential damage or delay incidents.