Saudi Ports Authority cancels cash insurance condition on cargo
The Saudi Ports Authority (Mawani) announced today that it has cancelled the cash insurance condition for cargo handled at Saudi Arabian ports in a bid to facilitate trade exchange. Importers were required to extend a cash guarantee to shipping agents to cover potential damage or delay incidents. The move is part of the agency's initiative to facilitate trading activity, by allowing traders to collect their merchandise during an exemption period of 15 days without having to incur an insurance burden.
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