{"id":70498,"date":"2023-05-03T00:00:00","date_gmt":"2023-05-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/03\/bahri-suez-canal-authority-allocate-usd-50-mn-to-establish-egyptian-joint-stock-maritime-transport-firm\/"},"modified":"2023-05-03T00:00:00","modified_gmt":"2023-05-03T00:00:00","slug":"bahri-suez-canal-authority-allocate-usd-50-mn-to-establish-egyptian-joint-stock-maritime-transport-firm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/03\/bahri-suez-canal-authority-allocate-usd-50-mn-to-establish-egyptian-joint-stock-maritime-transport-firm\/","title":{"rendered":"Bahri + Suez Canal Authority allocate USD 50 mn to establish Egyptian joint-stock maritime transport firm"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Bahri + Suez Canal Authority to pour USD 50 mn into new joint-stock maritime transport firm: <\/span><span style=\"\">Saudi Arabia\u2019s state-owned National Shipping Company (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bahri.sa\/\" style=\"\">Bahri<\/a><\/span><span style=\"\">) and the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.suezcanal.gov.eg\/English\/Pages\/default.aspx\" style=\"\">Suez Canal Authority<\/a><\/span><span style=\"\"> (SCA) are investing USD 50 mn to establish an Egyptian joint-stock company for maritime transport, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/41URIgH\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports, citing a source it says is familiar with the matter. The two companies plan to finalize procedures for the new company by the end of August. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI: <\/span><span style=\"\">Bahri had signed a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4d4f019-dfbd-4c1e-8e37-5bbe1a80d1dc\" style=\"\">non-binding MoU<\/a><\/span><span style=\"\"> with the Suez Canal Authority in March to establish an Egyptian joint-stock company that will \u201cspecialize in owning, leasing, chartering, and operating vessels to <\/span><span style=\"\">transport<\/span><span style=\"font-weight:400;\"> general and bulk cargo, chemicals, oil, and all operations related to maritime transport.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The details: <\/span><span style=\"font-weight:400;\">Bahri will manage and operate the new company, Al Mal quotes the source as saying. The company, which will serve as a shipping agent, will be entitled to all the incentives granted to SCA-affiliated entities. Its fleet will be Egyptian-flagged and will carry most of Egypt\u2019s imports of strategic commodities. Some 75% of the company\u2019s employees will be Egyptians, as mandated by the law. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next: <\/span><span style=\"font-weight:400;\">The two companies are looking into purchasing two 60k ton ships for the new company\u2019s fleet, the source is quoted as saying. The two companies are also looking to appoint a law firm in the next few days to handle registration procedures for the company, and are looking to establish the company\u2019s headquarters soon, the source added. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bahri will operate and manage the new company<\/p>\n","protected":false},"author":1,"featured_media":70499,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[778],"tags":[17,380,34,33,12],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime","tag-enterprise-logistics","tag-investment","tag-maritime","tag-shipping","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"f9f0470e-b2cf-4a3d-9ce2-2c87c1a61755","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/118.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bahri 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