Saudi Arabia-based shipping group, Bahri, has signed a Memorandum of Understanding (MoU) with Ajlan & Bros Holding Group (ABHG), one of the region’s leading conglomerates, paving the way for the formation of a new joint venture company which will specialise in owning, operating and managing various types of vessels.
Under the terms of the agreement, Bahri will undertake the technical and commercial management of the joint venture’s fleet of ships, along with day-to-day commercial and operational management duties.
According to Eng. Ahmed Ali AlSubaey, CEO of Bahri: “We will oversee the new company’s entire fleet of vessels, offering our industry-leading expertise across a wide range of logistics services. 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.”
The agreement is expected to create a wide range of employment opportunities and significantly contribute to the Kingdom’s economic expansion and fiscal growth. According to a statement from Bahri, the formation of the joint venture will help attract private sector capital to an important sector of Saudi Arabia’s economy, while also creating greater domestic awareness of the sector itself and the critical role it plays.
Ajlan & Bros employs over 10,000 people in more than 15 countries. It was established originally as a textile business in 1979 and specialises in the manufacturing and marketing of men’s clothing.