Boeing, the renowned US aerospace giant, has recently solidified its partnership with Bahri Logistics, a subsidiary of Saudi Arabia’s leading logistics and transportation firm, Bahri, through the signing of a Memorandum of Understanding (MoU). The primary goal of this collaboration is to enhance cooperation in supply chain and distribution operations within Saudi Arabia.
Aligned with the objectives of Saudi Vision 2030, the partnership aims to strengthen Boeing’s supply chain activities within the kingdom while amplifying the role of Bahri Logistics in supporting services and defense-related products. The agreement outlines plans for joint exploration in freight forwarding, warehousing, inventory management, and performance-based logistics consulting, leveraging Bahri Logistics’ existing capabilities and supply channels.
Eng. Soror Basalom, President of Bahri Integrated Logistics, expressed enthusiasm about the collaboration, emphasizing their commitment to enhancing Boeing’s supply chain efficiency while contributing to the growth of the defense sector in Saudi Arabia. On the other hand, Asaad Aljomoai, President of Boeing Saudi Arabia, highlighted Saudi Arabia’s strategic importance as a market for Boeing. He underscored Boeing’s dedication to investing in expanding its presence and supply chain to better serve customers in the kingdom.
Aljomoai emphasized that the collaboration with Bahri will not only bolster the kingdom’s defense capabilities but also drive growth in the aerospace sector, leveraging the Special Integrated Logistics Zone (SILZ) near King Khalid International Airport (RUH) in Riyadh.
In financial news, Boeing disclosed its fourth-quarter results for the period ending 31 December 2023, reporting a narrower-than-expected quarterly loss and better-than-anticipated revenue and free cash flow. The company recorded a net loss of $30 million on revenue of $22 billion, surpassing analysts’ expectations. Additionally, Boeing’s free cash flow for 2023 reached $4.4 billion, falling within its forecasted range of $3 billion to $5 billion.