RIYADH: In an effort to accelerate collaboration and share expertise, Saudi national shipping company Bahri and SAIL, a subsidiary of the Saudi Investment Recycling Co. owned by the Public Investment Fund, have signed a memorandum of understanding to enhance their services within the Kingdom.
The alliance, formed during the two-day Saudi Maritime Congress in Dammam, aims to facilitate maritime sector development, provide technical support, and promote knowledge and expertise exchange between the two companies, according to a press release.
Under the agreement, both companies will collaborate on technical support in various domains, including shipbuilding, procurement, ship management, and leasing.
This partnership will encourage the exchange of ideas on shared interests, such as various vessel types and targeted services.
Additionally, the two entities will engage in joint studies and research initiatives to enhance their operations in line 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.
Ahmed Ali Al-Subaey, Bahri’s CEO, stressed the importance of this strategic cooperation, highlighting the combined strengths and expertise that will contribute to establishing an ecosystem promoting innovation, creating job opportunities, and showcasing Saudi Arabia as a global logistics hub.
This partnership marks significant progress in advancing the industry as both parties aim to leverage their strengths to provide innovative and efficient solutions tailored to the evolving needs of the maritime logistics market.
SAIL offers marine pollution response services as part of the Kingdom’s efforts to preserve the marine environment and its beaches.
Supported by advanced early monitoring and alarm systems, this service combats marine spills and hazardous materials in strategic locations along the Kingdom’s coasts on the Red Sea and the Arabian Gulf.
Additionally, it enables swift and efficient responses to marine environmental accidents and disasters.