Saudi Arabia’s national shipping company Bahri has signed a memorandum of understanding with the Suez Canal Authority to create an Egyptian joint-stock company for maritime transport.
The company stated to the Saudi stock market that the 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.
The MoU agreement can be renewed after six months from the date of signing.
Bahri ranks 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.
Egypt’s state-owned Suez Canal Authority is aiming to have a 15 percent share of global energy commerce by 2040, up from 8 percent in 2019.
The development comes as the Kingdom adds two shipping services to boost trade with East Africa.
The new transport lanes were unveiled by Saudi’s port authority, also known as Mawani, which will see commerce through East Africa to Red Sea and from Red Sea to Jeddah Islamic Port route, Saudi Press Agency reported.