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Elham AbolFateh

Business

SCA’s head، CEO of Saudi National Shipping Company sign agreement to support marine shipping through Suez Canal

Monday 12/March/2018 - 06:39 PM
Sada El Balad
Hassanein Tayea
Chairman of Suez Canal Authority Mohab Mamesh، and CEO of Saudi National Shipping Company Abdullah Bin Ali Al-Debaikhi renewed today Monday the agreement signed to support marine transport between Egypt and Saudi Arabia across the Suez Canal

The agreement states that Bahri Company transfers all the kingdom’s needs through the Suez Canal، by using all kinds of ships that are affiliated to the company.

Bahri is established as the national shipping carrier of Saudi Arabia، formerly known as (NSCSA) – which was created by a Royal Decree as a public company in 1978، with 22 percent ownership stake held by the Public Investment Fund (PIF) of the Saudi government، 20 percent by Saudi Aramco Development Company (SADCO)، and the remaining shares listed on the Saudi stock exchange (Tadawul).

The agreement also includes the study of the establishment of a joint Egyptian-Saudi shipping company represented by the Suez Canal Authority and the Saudi National Maritime Transport Company.

The joint company will exist in Egypt to work on transferring Egypt’s different kinds of needs، as well as raw materials and products received and exported for the development project of the Suez Canal.

The agreement also includes the study of another joint company between the two states of the integrated marine’s service for ships crossing the Suez Canal.

This agreement comes as a result of Saudi Crown Prince Mohamed bin Salman’s visit to Egypt، with the purpose to strengthen the relations between Saudi Arabia and Egypt.



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