The National Shipping company of Saudi Arabia (Bahri) recently inked a joint venture agreement with Saudi Aramco, Lamprell plc, and Hyundai Heavy Industries Co. Ltd. (HHI), in order to build and operate a maritime yard within the King Salman International Complex for Maritime Industries and Services, located in northeast of Saudi Arabia.
The maritime yard is expected to be the largest in the Middle East region in terms of scale and production capacity. The new facility will have the capacity to manufacture 4 offshore rigs, over 40 vessels including 3 VLCCs (Very Large Crude Carriers), and service over 260 maritime products annually.
This cooperation is aligned with Bahri’s commitment to achieving the Saudi Vision 2030, as it will contribute to the enhancement and diversification of the national economy, boost the Kingdom’s GDP in the coming years, and develop the local industry and service sector. It is also expected to help promoting the transportation and logistics sector, creating thousands of new job opportunities, and localization of talent associated with the maritime industries.
In addition, this strategic partnership aims to capitalize on the rapidly-growing maritime requirements in the region, by offering globally competitive, safe and on-time solutions.
Mr. Ali Al-Harbi, Acting CEO, Bahri, said: “As demand for maritime services continues to rise, joint ventures like this serve as a significant strategic step towards helping industry players meet the growing need of customers, while also maintaining the highest service standards.”
Major production operations are expected to commence in 2019, with the facility reaching its full production capacity by 2022.