29 C
Thursday, June 1, 2023

Top Saudi shipper Bahri mulls new JV with Suez Canal

Saudi-based National Shipping Company (Bahri), a global leader in transport and logistics, said it had signed a non-binding renewable six-month agreement with the Suez Canal Authority, which is responsible for Independent General Egyptian Authority for Canal Facilities Affairs.

The partnership lays the groundwork for the creation of a joint Egyptian joint stock company that will provide industry-leading ocean freight services in the country.

Bahri’s move is in line with its commitment to explore regional horizons for collaboration to achieve its growth goals and enhance its global presence.

Under the MoU, the parties will discuss the potential to own, charter, charter and operate vessels for the transportation of general cargo, including dry bulk, chemicals, petroleum, petroleum products and liquefied gas, to meet the needs of the local market.

The agreement was signed by Mohammed Bin Battal, President Engineer, Bahri Dry Bulk, and Jamil Al Sayyed Abul Khair, Engineer, Member of the Suez Canal Authority Board of Directors, in the presence of Admiral Osama Rabie, Chairman of Suez Canal Authority; Ahmed Ali Alsubae, Engineer, Chief Executive Officer, Bahri; Investments Badr bin Ibrahim Al Badr, deputy minister responsible for communications with investors.

Rabie said the agreement with Bahri was in line with its mission to maintain and strengthen the Suez Canal for the benefit of operators and regional markets.

“We look forward to working 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 partner with the Suez Canal Authority to create a framework to explore the potential for success. The Suez Canal is positioned as a hub waterway that can seamlessly transport consumer goods and commodities from Asia and the Middle East to Europe.”

“Our agreement with the Suez Canal Authority underscores Bahri’s commitment to collaboration to deliver industry-leading maritime solutions,” he said.

Established 152 years ago, the Suez Canal Authority is a government agency that owns the Suez Canal and all buildings and assets allocated to the waterway.

The authority is responsible for the operation and maintenance of the canal, ensuring safe passage for sailing ships and overseeing projects related to the Suez Canal. –trade arab news agency

Source link

Related Articles

Make it in Emirates Forum opens in Abu Dhabi

Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, yesterday (31 May) inaugurated the second UAE Forum, which was...

Dubai unveils master plan for futuristic Palm Jebel Ali project

His Excellency Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, today (May 31) approved a new master...

EDB Announces $115 Million Major Funding Deal at Forum

The Emirates Development Bank (EDB), the financial engine of the UAE's economic development and industrial progress, has announced the approval of a comprehensive...

Latest Articles