Riyadh - Mubasher: National Shipping Company of Saudi Arabia (Bahri) announced Wednesday that it has signed yesterday a joint development agreement (JDA) with Saudi Arabian Oil Company (Saudi Aramco), South Korea’s Hyundai Heavy Industries and UAE’s Lamprell Energy Limited.

The JDA represents the next phase of developing a maritime yard at Ras Al Khair, eastern Saudi Arabia, between the partners after signing the Memorandum of Understanding (MoU) in January, according to a bourse filing.

The company said that good progress has been made in recent months and with the signing of the JDA, the partners intend to assess the operational, financial, personnel and legal aspects of the project in detail with a view to making a final investment decision in due course.