Bahri and Suez Canal Authority ink MoU for establishing a Joint Venture

n Bahri, recently signed a non-binding renewable six-month agreement with the Suez Canal Authority, an independent general Egyptian Authority responsible for the canal facility’s affairs, a key global shipping lane.

The cooperation lays the foundation for creating a joint Egyptian shareholding company to provide industry-leading maritime transportation services in the Egyptian market, the company revealed in a press communique.

The agreement was signed by Eng. Mohammed Bin Battal, President, Bahri Dry Bulk and Eng. Jamil Al Sayyed Abul Khair, Board Member, Suez Canal Authority, in the presence of Admiral Osama Rabie, Chairman, Suez Canal Authority; Eng. Ahmed Ali Alsubaey, CEO, Bahri and Badr Bin Ibrahim AlBadr, the Undersecretary of the Saudi Arabian Ministry of Investment for Communication with Investors.

Under the terms of the MoU, the two parties will discuss the potential of owning, leasing, hiring, and operating ships to transport general goods, including dry bulk, chemicals, oil, petroleum products, and liquefied gas, to meet the demands of the local market, the press note continued.

“Our agreement with Bahri falls in line with our mission to maintain and enhance the Suez Canal for the benefit of operators and regional markets,” commented Admiral Osama Rabie.

Established 152 years ago, the Suez Canal Authority is a government agency that owns the Suez Canal and all buildings and assets assigned to the waterway. The authority is responsible for the operation and maintenance of the canal, ensuring a safe passageway for traveling ships and overseeing projects related to the Suez Canal, the press statement concluded.