Cairo – Mubasher: National Shipping Company of Saudi Arabia (Bahri) said it reached a strategic agreement with Suez Canal Authority (SCA).

Through the agreement, the two parties agreed on studying the feasibility of establishing joint Egyptian-Saudi navigation company.

The new company is set to be established in Egypt, where it will carry out all the activities related to moving the products and the materials required by the Suez Canal Axis Development project after securing the competing parties approval.

Saudi-based Bahri affirmed that it will announce any further details after finishing the project’s feasibility study.