September 27 - Bahri and the Bolloré Group have officially inaugurated their Saudi Arabia-based joint venture, BahriBolloré Logistics, which will provide end-to-end logistics and supply chain management solutions to local and international companies opera
The agreement to establish the joint venture was signed in July, 2017, as HLPFI reported here. Headquartered in Riyadh, Bahri is the majority shareholder of the joint venture with a 60 percent stake, while Bolloré holds the remaining 40 percent.
Commenting on the joint venture launch, Abdulrahman Mohammed Al-Mofadhi, chairman of Bahri, said: "The success of this joint venture signals the importance of collaboration in creating a wider positive impact on the sector. It is only through meaningful partnerships and a shared vision that the transportation and logistics sector can break new ground and explore new horizons of growth."
Ali Al-Harbi, ceo of Bahri, 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 joint venture will combine Bolloré's global footrpint with Bahri's understanding of the local market, said Al-Harbi.
"This alliance is following the development of Bolloré Logistics in the Middle East region and at the crossroads of Asia, Africa and Europe. Our joint venture with Bahri enables us to promote our expertise of our key sectors, especially in aerospace, defence, oil and gas, as well as fashion and healthcare," added Thierry Ehrenbogen, ceo of Bolloré Logistics.
To mark the occasion, BahriBolloré Logistics hosted a ceremony at The Ritz-Carlton in Riyadh.