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The Kingdom of Saudi Arabia Shipping Company, Bahri, signed a strategic Letter of Intent (LoI) with Saudi Arabian Mining Company, Ma’aden in August 2024. The agreement seeks to explore collaboration opportunities between the two entities to localize maritime industries and develop resilient supply chains.
The Kingdom is working to enhance its maritime industry and build itself into a global logistics hub in line with its Vision 2030 goals. The Letter of Intent between these two entities demonstrates the Kingdom’s commitment to developing fluid supply chains and positioning itself as a global leader in the maritime industry. As a Council Member of the International Maritime Organization (IMO), the Saudi Arabia is seeking to build on the economic growth of the maritime industry to benefit all and is continually working to capitalise off this geographical location through enhancing its port operational performance to support global supply chains.
Regarding the signing, Eng. Ahmed Ali Al Subaey, CEO of Bahri, stated:
"This collaboration emphasizes Bahri’s effective and reliable offerings as the national shipping company and further strengthens our position as a global leader within this dynamic industry."
Bob Wilt, CEO of Ma'aden, added:
"As a global exporter, access to Bahri’s extensive shipping capabilities ensures that Ma’aden can support localization of the maritime industry in Saudi Arabia..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."
The recent agreement between Bahri and Ma’aden marks a significant step towards strengthening Saudi Arabia's maritime industry and enhancing the resilience of its supply chains. This collaboration underscores the Kingdom’s leadership in global shipping and its commitment to supporting the localization of the maritime sector. It will lead to new growth opportunities, driving economic development and reinforcing Saudi Arabia’s position as a key player in the global market.
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