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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
On 13 February 2020, Port of Fujairah issued a ‘Notice to Mariner No. 272’ notifying marine agents, ship owners and oil terminal users that with immediate effect, oil tankers, LPG, LNG and gas carriers calling at Port of Fujairah and offshore anchorage, must all hold insurance certificates issued by one of the 13 International Group of P&I Clubs.
The implications for vessels entered with P&I insurers outside of the IG could be considerable, and owners and their insurers should be mindful of the risk of breaching charterparties, off-hire events or non-recoverable demurrage, or even missing bunkering commitments.
Fortunately, the Port of Fujairah declared that vessels that were already at outer-port anchorage before 13 February 2020 will be exempted from the new requirements. As of today’s date, it is unclear whether the Port of Fujairah will consider granting further specific-exemptions. We are aware that negotiations between some vessel owners, their insurers and the port, are still ongoing.
Partner, Head of Transport & Insurance – UAE
Senior Associate, Transport & Insurance
Paralegal, Transport & Insurance
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