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Saudi Arabia’s National Shipping Company (Bahri) has signed a non-binding memorandum of understanding with Egyptian state-owned authority Suez Canal Authority (SCA) to establish an Egyptian joint-stock company for maritime transport.
The new firm aims to specialise in owning, leasing, chartering and operating vessels to transport general and bulk cargo, chemicals, oil, and all operations related to maritime transport, the shipping major said in a statement to the Saudi stock exchange on Wednesday.
The MoU, which can be renewed, will be valid for six months from 1 March 2023.
(Writing by D Madhura; Editing by Anoop Menon)
