31 MAY 2017
The world-class project will spur the development of local industry, further boost the service sector and support the diversification of the economy
Riyadh, Saudi Arabia – May 31, 2017: Bahri, a global leader in transportation and logistics, recently inked a joint venture (JV) agreement with Saudi Aramco, Lamprell plc, and Hyundai Heavy Industries Co. Ltd. (HHI) to build and operate a world-class maritime yard within the King Salman International Complex for Maritime Industries and Services, located in Ras Al-Khair Industrial City, on the Arabian Gulf coast, northeast of Saudi Arabia.
This cooperation underlines Bahri's commitment to achieving the Saudi Vision 2030, as it will contribute to the enhancement and diversification of the national economy, boost the Kingdom’s GDP in the coming years, and develop the local industry and service sector. It will also help promoting the transportation and logistics sector, creating thousands of new and sustainable job opportunities, and localization of talent associated with the maritime industries. This strategic partnership also aims to capitalize on the rapidly-growing maritime requirements in the region by offering globally competitive, safe, high-quality and on-time solutions.
Mr. Ali Al-Harbi, Acting CEO, Bahri, said: “Our Joint Venture with prominent entities such as Saudi Aramco, Lamprell and Hyundai Heavy Industries to establish and operate a cutting-edge maritime yard facility in Saudi Arabia will aid in the enhancement of our service portfolio and optimize efficiency and performance of our business verticals. As demand for maritime services continues to rise, joint ventures like this serve as a significant strategic step towards helping industry players meet the growing need of customers, while also maintaining the highest service standards.”
The maritime yard will be the largest in the Middle East region in terms of scale and production capacity. The new facility will have the capacity to manufacture 4 offshore rigs, over 40 vessels including 3 VLCCs (Very Large Crude Carriers), and service over 260 maritime products annually.
Major production operations are expected to commence in 2019, with the facility reaching its full production capacity by 2022.