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.