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Egypt, Saudi Arabia ink deal to build navigation firm

Egypt, Saudi Arabia ink deal to build navigation firm
Under the deal, Bahri will transfer all the kingdom’s needs through Suez Canal
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Cairo – Mubasher: Egypt’s Suez Canal Authority (SCA) has signed a memorandum of understanding (MoU) with the National Shipping Company of Saudi Arabia’s (Bahri) to support maritime transportation and establish joint navigation venture in the North African nation.

Under the deal, which was inked by SCA chairman Mohab Mamish and Bahri CEO Abdullah Aldubakhi, Bahri will transfer all the kingdom’s needs through Suez Canal, according to SCA’s statement on Monday.

The new navigation company will transfer Egyptian raw materials, as well as imported and exported products of the Suez Canal Economic Zone.

The two parties also discussed establishing another joint company to provide full-fledged marine services for ships passing through Suez Canal.

During his visit to Egypt on 4 March, the Saudi Crown Prince Mohammed bin Salman signed four cooperation agreements in environmental protection and slashing pollution.

The Saudi Public Investment Fund (PIF) and the Egyptian Investment and International Cooperation Ministry also signed a contract to launch Saudi-Egyptian investment fund.

Moreover, the Egyptian General Authority for Investment and Free Zones (GAFI) and its Saudi counterpart inked a deal for boost investments.