In a concerted effort to bolster collaboration and share their wealth of expertise, Saudi Arabia’s national shipping firm, Bahri, and SAIL, a subsidiary of the Saudi Investment Recycling Co. owned by the Public Investment Fund, have inked a Memorandum of Understanding (MoU) aimed at enhancing their services within the Kingdom.
This strategic alliance, forged during the two-day Saudi Maritime Congress held in Dammam, is set to usher in a new era of maritime sector development, technical support, and knowledge and expertise exchange between the two entities, as highlighted in a press release.
Under the purview of this agreement, both Bahri and SAIL will pool their resources to engage in technical support across various domains, encompassing shipbuilding, procurement, ship management, and leasing.
This partnership will serve as a conduit for the exchange of ideas on common interests, spanning various vessel types and targeted services. Moreover, both organizations will actively participate in joint studies and research initiatives, with a shared goal of enhancing their operations in alignment with industry best practices.
Ziyad Al-Shiha, the CEO of SAIL, expressed his optimism regarding the agreement, emphasizing its potential to play a pivotal role in shaping the future of the maritime sector, ultimately positioning Saudi Arabia as a global industry hub.
Ahmed Ali Al-Subaey, the CEO of Bahri, underscored the strategic significance of this cooperation, highlighting the collective strengths and expertise that will contribute to the establishment of an ecosystem fostering innovation, generating employment opportunities, and showcasing Saudi Arabia as a thriving global logistics hub.
This partnership marks a significant stride forward in advancing the industry, as both entities are committed to leveraging their strengths to deliver innovative and efficient solutions tailored to meet the evolving demands of the maritime logistics market.
Notably, SAIL offers marine pollution response services as part of Saudi Arabia’s endeavors to safeguard the marine environment and its coastlines. Equipped with state-of-the-art early monitoring and alarm systems, this service is dedicated to combating marine spills and hazardous materials in strategically significant locations along the Kingdom’s coastlines, spanning the Red Sea and the Arabian Gulf. It also facilitates swift and effective responses to marine environmental accidents and disasters.
This landmark MoU signifies a shared commitment to the growth and prosperity of the maritime sector within Saudi Arabia, offering a promising outlook for the industry’s future prospects, both nationally and internationally.
