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RIYADH: July 18, 2017. The National Shipping Company of Saudi Arabia (Bahri) is setting up a joint venture with Group Bolloré to provide end-to-end logistics and supply chain solutions throughout the GCC.

Bahri and BolloreWith an initial capital of SAR15 million, the joint venture will leverage Bolloré's global reach and logistics platform and Bahri's local logistics expertise and fleet of multi-purpose vessels.

The new company will be called Bahri Bolloré Logistics with Bahri owning 60 percent of the shares and Bollore the remaining 40 percent. Both companies have agreed to increase the share capital to SAR30 million following incorporation that is expected by the third quarter of 2017.

"We are proud to partner with a well-known and respected global player like Bolloré Logistics, which brings more than three decades of expertise in the logistics industry," said Ali Al-Harbi, Acting CEO of Bahri. "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 toward becoming a logistics partner of choice for companies around the region."

According to a report by research company Solidiance, the GCC logistics market is worth SAR176.3 billion with Saudi Arabia contributing SAR71.3 billion. The Kingdom's logistics industry has been growing at an average rate of six percent per year.

Philippe Lortal, CEO of Bolloré Logistics Middle East – South Asia added: "It is a great honour for us to partner with Bahri, a leading and well recognized transport and logistics player in Saudi Arabia. Being established in this country is crucial for us as Saudi Arabia stands as the most significant market in the Middle East with regard to imports and exports."

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