RIYADH: Saudi shipping firm Bahri Logistics signed a Memorandum of Understanding with German automotive supply chain expert MOSOLF Group to collaborate on developing the sector in the Kingdom.
This deal seeks to further fortify the Kingdom’s current automotive logistics supply chain, and is set to be expanded across the Gulf Cooperation Council region.
Under the terms of the partnership, both parties will work collaboratively to develop and operate an automotive logistics system that prioritizes business-to-business fulfillment and the application of industry-leading logistics practices, a statement showed.
“As Ƶ continues to diversify its commercial sector and lay the foundation to manufacture 300,000 cars annually by 2030, we at Bahri Logistics are proud to heed the call to operational excellence,” President of Bahri Logistics, Soror Basalom said.
“This valuable partnership will help develop the automotive logistics market as we continue to innovate our services and work in step towards the transformative objectives of Vision 2030,” he added.
The agreement aims to enhance the automobile supply chain network domestically and regionally, by deploying innovative solutions, as both parties will harness their industrial expertise and shared resources.
This deal comes in line with the Saudi Public Investment Fund’s recent investments in the car industry, focusing on the luxury and electric vehicles markets.
PIF, a 22 percent stake owner in Bahri, is also a major shareholder in US Lucid Motors, which has agreed to build its second factory in King Abdullah Economic City in the near future.
