Saudi’s Bahri inks MoU with Suez Canal Authority

Saudi’s Bahri inks MoU with Suez Canal Authority

RIYADH: Driven by its commitment to exploring regional cooperation horizons to achieve its growth objectives and enhance its global position, Bahri, the national shipping company of the Kingdom of Saudi Arabia and a global leader in transportation and logistics, 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, a key global shipping lane.

The cooperation lays the foundation for creating a joint Egyptian shareholding company to provide industry-leading maritime transportation services in the Egyptian market. The agreement was signed by Eng Mohammed Bin Battal, president of Bahri Dry Bulk and Eng Jamil Al-Sayyed Abul Khair, board member at Suez Canal Authority, in the presence of admiral Osama Rabie, chairman of the Suez Canal Authority; Eng Ahmed Ali Al-Subaey, chief executive officer of Bahri and Badr bin Ibrahim Al-Badr, the undersecretary of the Saudi ministry of investment for communication with investors.

Under the terms of 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.

Admiral Osama Rabie, chairman of the Suez