In a significant development, the National Shipping Company of Saudi Arabia (Bahri) has recently inked a crucial agreement with the Private Sector Partnership Reinforcement Program, known as "Shareek. This strategic collaboration aims to bolster Bahri's endeavors to venture into the gas transportation sector, thereby catering to the anticipated surge in demand for gas transportation and realizing its long-standing aspiration of diversifying its transport fleet. This move comes at a time when the transport sector is witnessing intense competition in the economic landscape. During the period of 2024-2030, the company has set its sights on a capital investment level of SAR 1.53 billion. This strategic move aligns with the company's long-term investment cycle, which calls for investments in specialized gas transport vessels. The primary objectives of these investments are to enhance efficiency, promote sustainability, and effectively manage costs. By doing so, the company aims to maintain its competitive edge and deliver satisfactory returns to its valued shareholders. In response to the projected increase in global demand for gas transportation, the investment will be channeled towards either acquisition or fleet construction. This strategic move aligns with the anticipated growth in demand within the Kingdom and worldwide. The investment program is set to be primarily funded by the Company's operating cash flow, supplemented by bank financing. The Board of Directors expresses its gratitude to the Government of the Custodian of the Two Holy Mosques for its invaluable support through the Shareek Program. This program, designed to foster collaboration between the public and private sectors, plays a crucial role in bolstering the efforts of national companies to contribute to the sustainable growth of the national economy.
