The agreement will create new economic opportunities for both companies
Bahri recently signed a Memorandum of Understanding (MoU) with the Riyadh, Saudi Arabia headquartered Ajlan & Bros Holding Group (ABHG), a large privately owned business conglomerate.
The MoU will pave the way for the formation of a new joint venture company which will specialize in owning, operating, and managing various models of vessels, serving as an essential contributor to the nation’s fleet.
Under the terms of the agreement, Bahri will act as the JV company’s commercial and technical manager. This encompasses the management of the JV company’s fleet of vessels, along with regular commercial and operational management duties, performed in accordance with the highest industry standards, a press release stated.
“This new venture comes as part of our ongoing efforts to strengthen ties with various leading national companies and achieve the maritime sector’s Vision 2030 objectives,” remarked Eng. Ahmed Ali AlSubaey, CEO, Bahri.
“This will see us working to expand the scope of our investments in such a vital sector for the Kingdom. ABHG’s business development efforts, in tandem with leading Saudi companies such as Bahri, are all in line with our overarching Vision 2030 objectives,” commented Mohammed Bin Abdulaziz Alajlan, Deputy Chairman, ABHG.
The agreement will create a wide range of new employment opportunities and significantly contribute to the Kingdom’s economic expansion and fiscal growth, the press communique concluded.