July 18 - Bahri has signed an agreement with Group Bolloré, to establish a new logistics joint venture to serve Saudi Arabia and the wider region.
This cooperation marks another step in Bahri's and Bolloré Logistics' expansion into the fast-growing logistics and supply chain management market within the GCC.
The joint venture, operating under the name 'Bahri Bolloré Logistics' will be headquartered in Riyadh, Saudi Arabia. Bahri will be the majority shareholder, with a 60 percent stake in the venture, while Bolloré will own the remaining 40 percent
Ali al-Harbi, acting ceo of Bahri explained: "Bolloré's global capabilities in logistics and supply chain management, coupled with our regional knowledge and depth of expertise in transportation and logistics services, will help unlock synergies and operational efficiencies powerful enough to propel the new venture towards becoming a logistics partner of choice for companies in the region."
Philippe Lortal ceo of Bolloré Logistics Middle East - South Asia added: "Being established in this country is crucial for us as Saudi Arabia is the most significant market in the Middle East with regards to imports and exports.
"This collaboration will intensify Bolloré Logistics' development in the Middle East, which is definitely a key region for our organisation, mainly because of its location at the crossroads of Asia, Africa, and Europe.