The National Shipping Company of Saudi Arabia (Bahri) has signed a memorandum of understanding (MoU) with South Korean shipbuilder Hyundai Heavy Industries (HHI) to work together on big data and technological innovation in the maritime sector.

The newly signed MoU has outlined a comprehensive business cooperation framework for Bahri and HHI to jointly evaluate the feasibility of starting new long-term initiatives. It will also provide a boost for various existing projects between the two companies.

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Bahri acting CEOAli Al-Harbi said: “We are excited to collaborate with HHI Group and unearth opportunities that will positively impact the transportation and logistics sector.

“As one of the largest ship owners and operators in the world, we have a commitment towards the industry to drive sustainable growth by deploying new and improved technology, harnessing data and insights, and making the system more efficient than ever before.

“We also have the Saudi Vision 2030 in our sights, and with cost efficiency and economic diversification being key components of the reform plan, we believe that this collaboration comes at a crucial moment for both companies and the transportation industry at large.”

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"This strategic undertaking with HHI Group opens up several possibilities, including using big data technology to generate higher revenues and ensuring improved client satisfaction."

Bahri previously launched its new big data division last year and considered HHI as its potential partner for the development, which is a data-driven initiative for the transportation industry.

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Bahri data head Anwar Siddiqui said: “The need of the hour is a solid and reliable framework that puts data at the core of our business, and this collaboration will set the tone for distilling sophisticated transportation functions into streamlined and predictable data that helps make smarter decisions.

“This strategic undertaking with HHI Group opens up several possibilities, including using big data technology to generate higher revenues and ensuring improved client satisfaction through real-time data and analysis.”

Bahri and HHI have overseen the delivery of 34 vessels to date.

Image: Deal signing between Bahri and Hyundai Heavy Industries (HHI) Group. Photo: courtesy of Bahri.