Kuwait Times, Monday, Mar 06, 2023 | Sha'ban 14, 1444
Saudi’s Bahri inks MoU with Suez Canal Authority
Kuwait:
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 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.” Al-Subaey 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 traveling ships and overseeing projects related
to the Suez Canal.