Bolloré Logistics and Bahri signed a joint-venture
20/07/2017 - 11:28:00
Headquartered in Riyadh, the joint-venture will offer end-to-end logistics solutions to support the needs of customers in the Kingdom of Saudi Arabia and the region as well as international companies doing business with the Kingdom.
Bolloré Logistics has signed a Joint-venture agreement with Bahri, a recognized global leader in transport and logistics, on July 18th, 2017, in Riyadh, and will now operate under the name Bahri Bolloré Logistics in Saudi Arabia.
The agreement marks another step of Bolloré Logistics' expansion into the fast-growing logistics and supply chain management market within the Gulf Cooperation Council (GCC).
"It is a great honor for us to partner with Bahri, a leading and well recognized transport and logistics player in Saudi Arabia. This collaboration will intensify Bolloré Logistics' development in the Middle East, which is definitely a key region for our organization, mainly because of its strategic location at the crossroads of Asia, Africa and Europe. The Joint-venture with Bahri also allows us to reinforce our market segments development, especially for Aerospace & Defense, Oil & Gas, Luxury Goods and Healthcare," said Mr. Philippe Lortal, Chief Executive Officer of Bolloré Logistics Middle East - South Asia.
"Bolloré Logistics' global capabilities in logistics and supply chain management, coupled with our regional knowledge and depth of expertise in transportation and logistics services, will help unlock synergies and operational efficiencies powerful enough to propel the new venture toward becoming a logistics partner of choice for companies around the region," said Mr. Ali Al-Harbi, Acting CEO of Bahri.
The logistics market in the GCC is worth SAR 176.3 billion (US$47 billion), with Saudi Arabia, with a market size of SAR 71.3 billion (US$19 billion), representing 43 per cent of the combined regional market, according to a report by research consultancy Solidiance. One of the fastest growing countries in the logistics and warehousing industry globally, Saudi Arabia is positioned as the primary entry point for goods in the GCC market, and the Kingdom's logistics industry has been growing at an average rate of around 6% per year.
Gulf Cooperation Council (GCC): regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf, except for Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.