The National Shipping Company of Saudi Arabia (Bahri) has provided an update on the non-binding Memorandum of Understanding (MoU) signed with Ajlan & Bros Holding Group (ABHG). The MoU, initially announced on 21/01/1445H corresponding to 08/08/2023, outlined discussions about potential collaboration to establish a new joint venture company focused on the construction of various types of vessels.
In a recent statement, Bahri announced the ongoing discussions with Ajlan & Bros Holding Group to explore partnership opportunities aligned with their mutual goals. As part of this commitment, both parties have agreed to extend the memorandum, maintaining the same terms and conditions as previously outlined. The extension of the MoU is automatic at the end of each term, unless either party provides advance notice for termination.
This development underscores the continued efforts of Bahri and Ajlan & Bros Holding Group to explore and solidify their collaboration in the establishment and operation of a joint venture company specializing in diverse vessel models. The extension of the MoU reflects the commitment of both entities to furthering their strategic partnership and fostering joint ventures in the maritime industry.
