Saudi Arab shipping company (Bahri) announced that the administration of the Suez Canal (SCA) to further support the development of shipping between Saudi Arabia and Egypt, and the research to set up a potential joint venture shipping companies.

Recently, the two sides renewed the promotion of the Suez Canal maritime transport agreement. Bahri chief executive Abdullah Aldubaikhi and SCA chairman and managing director Mohab Mameesh signed the memorandum of agreement.

The agreement also includes an egyptian-saudi joint venture between SCA and Bahri. Headquartered in Egypt, the company will focus on transporting goods to meet Egypt's transport needs.

The deal also includes another joint venture to provide a combination of services for ships passing through the Suez Canal. As early as 2016, SCA and Bahri have begun exploring the possibility of forming such a company.