The fight against piracy continues. Saudi Arabia decided to give $300,000 to a trust fund with main activity to destroy the piracy off the coast of Somalia.
The undersecretary for the Ministry of Foreign Affairs for Multilateral Relations in the UAE, Prince Turki bin Mohammed bin Saud Al-Kabeer said about the donation in a statement in Dubai when the third conference against maritime piracy was taking place. "Anti-Piracy" was the main topic during the conference and the formation of regional capacity capable to exterminate the serious problem.
The Saudi government is actively involved in the fight against the pirate threat in global plan. The problems for the marine traffic and the maritime industry such as international sales of goods, oil and more. A year ago, Saudi Arabia implemented the Unfair Competition Law (UCL) in order to fight the piracy.
The Kingdom organized courses for coast guards to detect, prosecute and apprehend pirates in the region of Arabian Sea. Somalia piracy is really a menace for the world marine traffic. Shipping expenses are rising because of pirate attacks and the estimated cost is $6.6-6.9 billion a year.
If you remember in 2008 Somali pirates attacked a super oil tanker from Saudi Arabia transporting $100 million worth Saudi oil. The vessel was 500 miles away from the African coast. 25 crew members were detained by the pirates. Even the waters in that time were under foreign navies protection that did not stop the crime.