Riyadh – Mubasher: The National Shipping Company of Saudi Arabia (Bahri) launched on Tuesday its joint venture (JV) namely BahriBolloré Logistics, collaborating with the French company Bollore Logistics Sas, (Bollore).
Bahri will own a 60% stake of the new JV, while Bollore will own a 40% stake, according to a statement by the Saudi shipping firm on Wednesday to the Saudi Stock Exchange (Tadawul).
BahriBollore will provide end-to-end logistics and supply chain management solutions to the domestic and international companies in the Kingdom, and it will be located in Riyadh, Bahri’s statement added.
“The inauguration of BahriBolloré Logistics will enable us to play a significant role in driving an important objective of Saudi Arabia’s Vision 2030, to further raise the Kingdom’s ranking in the global logistics market,” the acting CEO of Bahri Ali Al-Harbi said.
“The JV will enable us to deliver high-quality logistics and supply chain management solutions as we combine Bolloré’s global footprint with our industry-leading capabilities and deep understanding of the local market to meet the growing demand for these services in the regional market,” Al-Harbi added.
“In doing so, we are also proud to be playing an integral role in further promoting Saudi Arabia’s credentials as a prominent logistics gateway,” the acting CEO noted.
“This development at the heart of a high growth potential region is an important milestone of our global network integration.” Cyrille Bolloré, Chairman of Bolloré Transport & Logistics stated.
“Our joint venture with Bahri enable us to promote our expertise of our key sectors, especially in Aerospace, Defense, Oil & Gas, along with Fashion and Healthcare,” the CEO of Bolloré Logistics Thierry Ehrenbogen said.
