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  • 06-03-23

    Saudi Arabia's national shipping company signs memorandum with Suez Canal Authority

    (MENAFN) Bahri, Saudi Arabia's national shipping company, has signed a memorandum of understanding with the Suez Canal Authority to establish a joint-stock company for maritime transport in Egypt. The new firm will focus on owning, leasing, chartering, and operating vessels for transporting general and bulk cargo, chemicals, oil, and all other marine transport-related activities. Bahri's profits increased by more than five times last year to exceed SAR 1 billion ($266.5 million), driven by the performance of the crude oil transportation sector, the chemical transportation sector, and an increase in transportation operations.

    Bahri is one of the world's largest shipping companies, with at least 95 vessels serving 150 ports globally. The corporation is jointly owned by Saudi Aramco and Saudi's Public Investment Fund, with the former owning a 20% stake and the latter holding a 22.5% stake. Bahri is ranked seventh on Forbes Middle East's 10 Biggest Logistics Companies in MENA 2021 List and 40th on the Top 100 Companies in the Middle East 2021 List.

    The MoU agreement between Bahri and the Suez Canal Authority can be renewed after six months from the date of signing. The Suez Canal Authority, which is owned by the Egyptian state, aims to increase its share of global energy commerce from 8% in 2019 to 15% by 2040.

    MENAFN06032023000045012476ID1105711059

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