13 DEC 2022
Riyadh, KSA, 13 December 2022 – Bahri, a global leader in logistics and transportation, has signed a Memorandum of Understanding (MoU) with Ajlan & Bros Holding Group (ABHG), conglomerate operating in the region. The MoU will pave the way for the formation of a new joint venture company which will specialize in owning, operating, and managing various models of vessels, serving as an essential contributor to the nation’s fleet.
Under the terms of the agreement, Bahri will act as the JV company’s commercial and technical manager. This encompasses the management of the JV company’s fleet of vessels, along with any and all day-to-day commercial and operational management duties, performed in accordance with the highest industry standards.
Commenting on the agreement, Eng. Ahmed Ali AlSubaey, CEO of Bahri, said: “We are delighted to enter into this partnership with ABHG, one of the region’s leading private sector players. Bahri will oversee the JV company’s entire fleet of vessels, offering its industry-leading expertise across a wide range of logistics services. This new venture comes as part of our ongoing efforts to strengthen ties with various leading national companies and achieve the maritime sector’s Vision 2030 objectives.”
Commenting on the agreement, Mohammed Bin Abdulaziz Alajlan, Deputy Chairman of Ajlan & Bros Holding Group, said: “We very much look forward to commencing our new JV with Bahri, a global leader in maritime logistics and transportation. This will see us working to expand the scope of our investments in such a vital sector for the Kingdom. ABHG’s business development efforts, in tandem with leading Saudi companies such as Bahri, are all in line with our overarching Vision 2030 objectives.”
The agreement will create a wide range of new employment opportunities and significantly contribute to the Kingdom’s economic expansion and fiscal growth. The formation of the JV, while attracting private sector capital to a systemically important sector of Saudi Arabia’s economy, will also help create greater domestic awareness of the sector itself and the critical role it plays.