Thursday 09 february 2023 - 7:37:43 am

Al Seer Marine targeting AED36.7 billion future agreements over next 10 years

ABU DHABI, 17th October, 2022 (WAM) -- Al Seer Marine (ADX: ASM), a global player across multiple marine sectors and a subsidiary of International Holding Company (IHC), has entered a strategic joint venture with the leading maritime solutions Dutch company, Damen Shipyards and DTec Industries, a global pioneer in the industrial partnerships and financial services based in Singapore, respectively.

The Joint Venture between the companies will combine the best maritime talent in the industry and help position the UAE as the industry centre of excellence. Working with regional partners in the Middle East and those in the international community, the strategic joint venture will implement their key success formulas to ventures and local partnerships to successfully sell, build and maintain high-quality, innovative, and cost-effective marine vessels in the global markets.

Commenting on the joint venture, Guy Neivens, Chief Executive Officer of Al Seer Marine, said, “The sea carries out around 80 percent of global trade by volume. The global marine vessel market is projected to grow from USD 170.75 billion in 2021 to USD 188.57 billion in 2028. The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine's strategy in becoming a global brand in developing world-class marine vessels.”

The move aligns with Al Seer Marine’s international growth plan in response to the global industry demand. Al Seer Marine sees a potential of more than AED36.7 billion in current markets in the coming ten years.

In the first two quarters of 2020, the pandemic had reduced maritime trade and transport, which, in turn, has lowered the demand for the procurement of new vessels; however, the market is witnessing a recovery in the past 12 months with new shipbuilding contracts being rewarded globally. “With the current market indicators, we are confident this strategic joint venture will play a key role in Al Seer Marine's growth which will be a great added-value to our shareholders," Neivens added.

Khoder Nashar