Bahri, France’s Bolloré to set up logistics company in Riyadh

The National Shipping Company of Saudi Arabia (Bahri) signed today a SAR 15 million agreement with France’s Bolloré Logistics to set up a logistics services joint venture (JV) headquartered in Riyadh, Bahri said in a statement on Tuesday.

Under the deal, the partners will increase the share capital to SAR 30 million in three months from the date of incorporating the new entity.

The JV will provide freight forwarding and transportation brokerage, as well as supply chain services, the statement said.

Bahri will own 60 percent of the company, while Bolloré will own 40 percent.

The two companies expect to complete the establishment of the JV by Q3 2017, Bahri said, adding that financial impact is expected to show starting from Q4 2017.