The Kingdom of Saudi Arabia (KSA) is opening the door for overseas shipping agents to set up shop in the country.
Writing on the Mondaq website, Clyde & Co legal director Khurram Ali said the move is part of the country's National Transformation Plan and Vision 2030.
The Saudi Arabian General Investment Authority (SAGIA) has been working on easing restrictions applied to foreign investments.
New agency licenses will be valid for five years and can be renewed annually, Ali said.
Activities include vessel clearance, cargo loading, unloading and booking, paying port dues, representing a shipping line and supplying vessels.
But bunkering and customs clearance will not be included.
Until recently, ship agency services could only be performed by a 100% Saudi-owned company.
SAGIA has confirmed that there are no special requirements other than the regular ones for setting up a company in the kingdom, Ali said.
"This decision is certainly a positive step forward for the marine sector and for the KSA economy," he added.
