Doha: The Chairman of the Saudi-Moroccan Business Council, Mohammed Al Hammadi, said that a new maritime transport company between Saudi Arabia and Morocco is set to launch. "We are now in the process of issuing licenses, as we are working on processing the licenses and finishing all procedures, from governmental licenses and other requirements," Hammadi said. He added that the name of the company was chosen to be Al-Mamlakatain "The Two Kingdoms" for Maritime Transport.
The company is with a capital of 415 million riyals, in which the Saudi side invests 51%, while the Moroccan takes 49%. Its headquarters is in Jeddah. The company will start working in the second quarter of 2014, with 12 trips per year. A fleet of six ships will be the eventual goal.
The Moroccan Minister of Equipment & Transport, Abdelaziz Rabbah, said that the Kingdom of Saudi Arabia is an economic power that can't be overlooked. "We, in Morocco, welcome the new Saudi investments, especially since there is a tendency to change the regulation to reduce bureaucratic processing" said Rabbah. [12/11/13]