Saudi Company Bahri, Suez Canal intend to establish joint venture

CAIRO - 1 March 2023: The national shipping carrier of Saudi Arabia, Bahri, announced Wednesday signing a non-binding memorandum of understanding with the Suez Canal Authority to establish a joint company for maritime transport.

 

Bahri added in a filing to the Saudi Stock Exchange that the company will be an Egyptian joint stock company for maritime transport, and is specialized in owning, chartering and operating ships to transport general and bulk cargo, chemicals, oil and all operations related to maritime transport.

 

The statement revealed that the duration of the non-binding agreement is six months, subject to renewal.

 

The revenues of the Suez Canal in 2022 were estimated at $7.932 billion, compared to $6 billion in 2021, according to the previous statement of Lieutenant General Osama Rabie, head of the Suez Canal Authority, and in 2023 he expected to achieve a return of more than $8 billion.

 

Osama Rabie considered that what the canal is currently witnessing is an unprecedented boom, despite the existing global crisis.