Bahri Logistics, a business unit of the national shipping carrier of Saudi Arabia, and the MOSOLF Group, one of the leading system service providers for the automotive industry in Europe, today announced the signing of a Memorandum of Understanding (MoU) aims to establish and develop an automotive logistics framework initially focused on Saudi Arabia with plans to expand across the Gulf Cooperation Council (GCC). The mutually beneficial agreement seeks to deploy innovative solutions that will enhance the automobile supply chain network domestically and regionally by harnessing both parties’ industrial expertise and shared resources.
With the support of the Ministry of Investment (MISA) the MoU was signed by Mr. Soror Basalom, President of Bahri Logistics, and Gregory Hancke, Vice Chairman of the Executive Board of the MOSOLF Group (COO), during the signing ceremony held at Ministry of Investment (MISA). Under the terms of the partnership, Bahri Logistics and German automotive supply chain experts MOSOLF will work collaboratively to develop and operate an automotive logistics system in the Kingdom that prioritizes B2B fulfillment and the application of industry-leading logistics practices.
The MoU is consistent with the Saudi Arabian Public Investment Fund’s (PIF) recent investments in the car industry, focusing on the luxury and electric vehicles markets. PIF, which owns a 22% stake in Bahri, is a majority shareholder in the American electric vehicle manufacturer Lucid Motors, which has agreed to build its second factory in Saudi Arabia’s King Abdullah Economic City in the near future.
The MoU between Bahri Logistics and MOSOLF seeks to further fortify the Kingdom’s current automotive logistics supply chain.
Mr. Soror Basalom, President of Bahri Logistics, applauded the deal saying, “The signing of this agreement with MOSOLF is yet another calculated step on our journey to deliver world-class logistics services to our valued clients and customers. As Saudi Arabia 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. 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.”
Gregory Hancke, COO at the MOSOLF Group, added: “This strategic partnership is an important step for our company to enter new markets and, most importantly, to take the company to a new level in the industry. The MOSOLF Group is one of the leading system service providers in the automotive industry in Europe. We are ready to bring our long-standing European innovative and reliable expertise to this exciting project and share it with our partners. We are ready to bring our long-standing European expertise in innovation and reliability to this exciting project and share it with our partners. The Memorandum of Understanding that we have now signed is proof that our services are recognized and in demand beyond the continent’s borders. By drawing on our companies’ backgrounds, MOSOLF Group and Bahri Logistics will create the best conditions for the innovative and sustainable development of the automotive market in Saudi Arabia and the GCC.”
Bahri Logistics’ partnership with MOSOLF aligns with the Kingdom’s push towards developing world-class infrastructure for its sectors and improving its global connectivity and access to markets across the world.