21 Hrs
Source:
الاقتصادية
Saudi Arabia Approves Shipping Initiative
Saudi Arabia is approaching approval of a government initiative to enhance sea freight insurance, aimed at reducing the impact of Iran's conflict on insurance costs and the risks associated with cargo transit. The initiative also seeks to support supply chains and lower expenses. It comes amid rising insurance premiums and tightened coverage requirements for ships and goods in the region. The Saudi Insurance Authority held a meeting with insurance companies to discuss the details and provided a deadline for their comments. If approved, the initiative will help stabilize shipping and insurance costs and strengthen the kingdom's position as a regional logistics hub, as part of a plan to shift maritime imports from the Gulf to the Red Sea and bolster supply chains during the wartime period.
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