The National Shipping Company of Saudi Arabia (Bahri) announces signing a non-binding Memorandum of Understanding with Suez Canal Authority

1 March 2023

Introduction
The National Shipping Company (Bahri) is pleased to announce the signing of a non-binding Memorandum of Understanding with the Suez Canal Authority (SCA), which is an independent Egyptian public authority that manages and operates one of the world's most heavily used shipping lanes. This cooperation aims to establish an Egyptian joint-stock company for maritime transport.

Memorandum Signing Date
2023-03-01 Corresponding to 1444-08-09

Counterparty
Suez Canal Authority

Memorandum Subject
To cooperate in establishing an Egyptian joint-stock company for maritime transport that will specialize in owning, leasing, chartering, and operating vessels to transport general and bulk cargo, chemicals, oil, and all operations related to maritime transport.

Memorandum Duration
6 months from the date of signing the MoU and can be renewed.

Related Parties
N/A

Financial Impact
The financial impact cannot be currently determined.

Bahri (formerly known as NSCSA), press release