Bahri and Bolloré set up JV

TYING THE KNOT

MIDDLE EAST • THE NEW BAHRI-BOLLORÉ JOINT VENTURE AIMS TO BRING BETTER PERFORMANCE AND GREATER CONNECTIVITY TO THE SAUDI ARABIAN LOGISTICS SECTOR

BOLLORÉ GROUP AND Bahri have established a joint venture, Bahri Bolloré Logistics, in Saudi Arabia, which will provide end-to-end logistics and supply chain management to local and international companies operating in the country and the wider Middle East. Bahri owns 60 per cent of the new company, with Bolloré holding the remaining 40 per cent.

Commenting on the joint venture, Abdulrahman Mohammed Al-Mofadhi, chairman of Bahri, says: “The success of this joint venture signals the importance of collaboration in creating a wider positive impact on the sector. It is only through meaningful partnerships and a shared vision that the transportation and logistics sector can break new ground and explore new horizons of growth.”

The new joint venture was celebrated and formally inaugurated at a ceremony held in the Ritz-Carlton in Riyadh in late September, attended by senior executives of the two partners as well as Éric Giraud-Telme, deputy head of mission at the French embassy in Riyadh along with other representatives of the diplomatic and military services.

ALLIANCE FOR GROWTH “Bahri is extremely proud to be playing an active role in strengthening the Kingdom’s position as a unique global logistics gateway. Through this joint venture and other initiatives, we remain dedicated to the future growth and development of the transportation and logistics

THE BAHRI-BOLLORÉ ALLIANCE BRINGS TOGETHER industry in the Kingdom,” Al-Mofadhi said during the inauguration.

Ali Al-Harbi, acting CEO of Bahri, commented: “The inauguration of Bahri Bolloré Logistics will enable us to play a significant role in driving an important objective of Saudi Arabia’s Vision 2030, to further raise the Kingdom’s ranking in the global logistics market.

“The joint venture will enable us to deliver high quality logistics and supply chain management solutions as we combine Bolloré’s global footprint with our industryleading capabilities and deep understanding of the local market to meet the growing demand for these services in the regional market,” Al-Harbi added. “In doing so, we are also proud to be playing an integral role in further promoting Saudi Arabia’s credentials as a prominent logistics gateway.”

Cyrille Bolloré, chaiman of Bolloré Transport and Logistics, said: “We are particularly honoured to conclude this strategic partnership with Bahri, one of the most recognised logistic players in Saudi Arabia. This development at the heart of a high growth potential region is an important milestone of our global network integration.”

Bolloré Logistics’ CEO, Thierry Ehrenbogen, added: “This alliance is following the development dynamic of Bolloré Logistics in the Middle East region and at the crossroads of Asia, Africa and Europe. Our joint venture with Bahri enables us to promote our expertise in our key sectors, especially in aerospace, defence, oil and gas, along with fashion and healthcare.”

Bolloré has an existing presence in Saudi Arabia, with a headquarters office and operational facility in Jeddah and another location on the Arabian Gulf coast in Dammam.

Bahri was formerly the National Shipping Corporation of Saudi Arabia (NSCSA) and remains a major player in oil and chemical tanker shipping; it has since added a dry bulk shipping operation, ship management activities, and Bahri Data, formed in 2015, which focuses on leading cross-functional initiatives to unearth the knowledge hidden inside massive amounts of data and thus create transformative impacts in the maritime industry. Last year Bahri achieved revenues of SAR 6.79bn ($1.8bn) and net income of SAR 1.76bn ($470m). HCB www.bahri.sa www.bollore-logistics.com