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 H.E. Admiral Osama Rabie, Chairman of the Suez Canal Authority;
H.E. Eng. Ahmed Ali Alsubaey, Chief Executive Officer of Bahri; and Badr bin
Ibrahim Al-Badr, the Undersecretary of the 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.
H.E.
Admiral Osama Rabie, Chairman of the Suez Canal Authority, affirmed the signing
of the MoU, stating: “Our agreement with
Bahri falls in line with our 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.”
H.E.
Eng. Ahmed Ali Alsubaey, CEO of Bahri, said: “Our agreement with the Suez Canal Authority underlines Bahri’s
commitment to collaboration in order to deliver industry-leading maritime
transport solutions.”
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.
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