| | OCTOBER 20239IN FOCUSSAUDI BASED SAIL & BAHRI INK MOU TO BOOST MARITIME COLLABORATIONDUBAI MULTI COMMODITIES CENTRE & HONG KONG BUSINESS GROUP INK DEAL FOR LOGISTICAL ASSISTANCEThe largest free-trade zone in the United Arab Emirates (UAE) has struck an agreement with a Hong Kong business chamber to strengthen commercial connections between the city and the Middle East. The agreement was reached between the Dubai Multi Commodities Centre (DMCC) and the Hong Kong-Middle East Business Chamber after both parties proposed a deal in July to strengthen exchanges of expertise and best market practices, knowledge transfer, and the provision of trade and logistical support."The agreement will pave the way for consistent growth and business entry," Ahmed Bin Sulayem, CEO and executive chairman at DMCC, said at a seminar just before the deal was signed. "Dubai offers immense potential that could be leveraged ... and is a top gateway to the Gulf Cooperation Council, the Middle East and Africa."The council is a political and economic alliance comprising the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, as per scmp.The DMCC, the UAE's largest free-trade zone, was established in 2002. It now houses over 23,000 businesses, 800 of which are Chinese. According to Sulayem, the government body accounted for 11% of foreign investment streaming into Dubai. He went on to say that the number of businesses establishing themselves in the zone had increased from 2,200 in 2020 to 2,485 in 2021, and reached 3,049 last year.The agreement was inked at the "Embracing New Business Opportunities: Navigating Hong Kong-Dubai Trade Connections" event. Both signatories declined to provide additional information regarding the transaction. Saudi national shipping business Bahri and SAIL, a subsidiary of the Saudi Investment Recycling Co. managed by the Public Investment Fund, have signed a memorandum of understanding to improve their services within the Kingdom in an effort to accelerate collaboration and share experience. The two firms created an alliance during the two-day Saudi Maritime Congress in Dammam to enable maritime sector development, provide technical support, and promote knowledge and experience sharing.Both organizations will collaborate on technical support in a variety of fields, including shipbuilding, procurement, ship management, and leasing, under the terms of the agreement. This collaboration will promote the exchange of ideas on common interests such as different vessel types and tailored services. Furthermore, the two organizations will collaborate on collaborative studies and research projects to improve their operations in accordance with industry best practices. Commenting on the deal, Ziyad Al-Shiha, CEO of SAIL, said he expects this agreement to play a pivotal role in shaping the maritime sector's future, positioning the Kingdom as a global hub in the industry, as per arabnews.The CEO of Bahri, Ahmed Ali Al-Subaey, emphasized the significance of this strategic collaboration, noting the combined strengths and knowledge that would contribute to the establishment of an ecosystem encouraging innovation, providing job opportunities, and promoting Saudi Arabia as a worldwide logistics hub. This collaboration represents major progress in the industry's advancement, as both parties intend to harness their capabilities to create creative and efficient solutions customized to the changing needs of the maritime logistics market. As part of the Kingdom's efforts to conserve the marine environment and its beaches, SAIL provides marine pollution response services.
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