Top Saudi shipper Bahri mulls new JV with Suez Canal
ABU DHABI, March 4, 2023
Saudi-based National Shipping Company (Bahri), a global leader in transportation and logistics, said it has signed a non-binding renewable six-month agreement with the Suez Canal Authority, an independent general Egyptian Authority responsible for the canal facility’s affairs.
The cooperation lays the foundation for creating a joint Egyptian shareholding company that will provide industry-leading maritime transportation services in the country.
The Bahri move comes in line with its commitment to explore regional co-operation horizons to achieve its growth objectives and enhance its global position.
As per the MoU, the two parties will discuss the potential of owning, leasing, hiring, and operating ships to transport general goods, including dry bulk, chemicals, oil, petroleum products, and liquefied gas to meet the demands of the local market.
The agreement was signed by Engineer Mohammed Bin Battal, President of Bahri Dry Bulk and Engineer Jamil Al Sayyed Abul Khair, Board Member at Suez Canal Authority, in the presence of Admiral Osama Rabie, Chairman of the Suez Canal Authority; Engineer Ahmed Ali Alsubae, Chief Executive Officer of Bahri; and Badr bin Ibrahim Al Badr, the Undersecretary of the Ministry of Investment for Communication with Investors.
Rabie said the agreement with Bahri falls in line with its mission to maintain and enhance the Suez Canal for the benefit of operators and regional markets.
"We look forward to working in tandem with industry leaders to deliver effective, sustainable solutions that benefit the Suez Canal and the people it serves,” he noted.
Alsubaey said: “We are proud to cooperate with the Suez Canal Authority to create a framework to explore successful potentials. The Suez Canal is positioned as a pivotal waterway that has allowed for the seamless transport of consumer goods and commodities from Asia and the Middle East to Europe."
"Our agreement with the Suez Canal Authority underlines Bahri’s commitment to collaboration in order to deliver industry-leading maritime transport solutions,” he stated.
Established 152 years ago, the Suez Canal Authority is a government agency that owns the Suez Canal and all buildings and assets assigned to the waterway.
The authority is responsible for the operation and maintenance of the canal, ensuring a safe passageway for traveling ships and overseeing projects related to the Suez Canal.-TradeArabia News Service
