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Bahri, the National Shipping Company of Saudi Arabia, has signed a strategic Letter of Intent (LOI) with Ma’aden, the Saudi Arabian Mining Company. The aim of this collaboration is to localise maritime opportunities and develop resilient supply chains.
Bob Wilt, CEO of Ma’aden, said: “As a global exporter, access to Bahri’s extensive shipping capabilities ensures that Ma’aden can support localisation of the maritime industry in Saudi Arabia. Having worked with the Bahri team across our fertilizer business in recent years, we are confident that this collaboration will open up new growth opportunities across other areas of our business, while continuing to support the national economy.”
Ma’aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world. It operates 17 mines and sites, has over 7,000 direct employees and exports products to over 30 countries. The company is embarking on significant growth across the phosphate, aluminium, gold, copper and new minerals sectors, which will create additional logistics and transportation related requirements.
One of the region’s largest shipping companies, Bahri has enjoyed a strong first half of 2024, with profitability up 28% to 1532 million SR and revenues up 6.3% to 5,025 million SR compared with the first six months of 2023. This is attributed to increases in shipping rates for chemicals and oil transportation especially.
