Abu Dhabi’s Al Seer Marine enters JV to build vessels; targets $10bln in contracts

Abu Dhabi’s Al Seer Marine enters JV to build vessels; targets $10bln in contracts

Abu Dhabi's Al Seer Marine Supplies and Equipment Co., a subsidiary of International Holding Company (IHC), has entered a joint venture with two global companies to build marine vessels eyeing potential contracts of more than AED36.7 billion ($10 billion) over 10 years.

Al Seer Marine will partner with DTEC, a Singapore-based maritime solutions company, and DTC Industries Investments, a marine environment technologies company to to sell, build and maintain marine vessels across the globe, it said in a regulatory filing on the Abu Dhabi Securities Exchange (ADX) on Monday.

Guy Neivens, CEO of Al Seer Marine, said maritime trade is around 80% of global trade by volume. "The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43% in the forecast period."

The company made a net profit at AED 882.9 million for the second quarter of the year, up from AED 411.3 million a year ago.

(Writing by Brinda Darasha; editing by Daniel Luiz)

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