Bahri inks non-binding MoU with Suez Canal Authority for cooperation in establishing a joint venture

…MoU seeks to create a joint Egypan shareholding company aimed at delivering marime transport services

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 globalshippinglane.

The cooperation lays the foundation for creating a joint Egyptian shareholding company to provide industryleading 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, ChairmanoftheSuezCanalAuthority;H.E.Eng.AhmedAli Alsubaey, Chief Executive Officer of Bahri; and Badr bin Ibrahim Al-Badr, the Undersecretary of the Ministry of InvestmentforCommunicationwithInvestors.

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 demandsofthelocalmarket.

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 operatorsandregionalmarkets.Welookforwardtoworking in tandem with industry leaders to deliver effective, sustainable solutions that benefit the Suez Canal and the peopleitserves.”

H.E. Eng. Ahmed Ali Alsubaey, CEO of Bahri, 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.”

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 travelling ships and overseeing projects related to the SuezCanal.