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Al Seer Marine, a global player across multiple marine sectors, has formed a joint venture with leading maritime solutions Dutch company Damen Shipyards and DTec Industries, a global pioneer in industrial cooperation.
Guy Neivens, CEO of Al Seer Marine, said: “Ocean accounts for around 80% of global trade. The global ship market is expected to grow from US$170.75 billion in 2021 to US$188.57 billion in 2028. The partnership with Damen Shipyards and DTec and Al Seer Marine’s strategy of becoming a global brand developing world-class ships fits perfectly.
The move is in line with Al Seer Marine’s international growth plans in response to global industry needs. Al Seer Marine, a subsidiary of International Holding Company (IHC), sees the current market as having a potential of more than AED 36.7 billion ($10 billion) over the next decade.
Best Maritime Talent
The joint venture between the two companies will combine the best maritime talent in the industry and position the UAE as an industry centre of excellence. The strategic joint venture will work with partners in the Middle East and the international community to apply their key success models to the joint venture and local partners to successfully sell, build and maintain high quality, innovative and cost-effective in the Middle East ship. Global Market.
In the first two quarters of 2020, the pandemic reduced maritime trade and shipping, which in turn reduced demand for new vessel purchases; however, the market is recovering over the past 12 months, with new shipbuilding contracts paying off globally.
“Based on current market indicators, we believe that this strategic joint venture will play a key role in the development of Al Seer Marine, which will provide significant added value for our shareholders,” Nevins added.
Established in 1927, Damen Shipyards has been providing maritime solutions in design, shipbuilding, ship repair and related services covering a wide range of fields. Damen Group is a Dutch shipbuilding and engineering group headquartered in Goringham, South Holland, Netherlands. Although it is a large international group with operations in 120 countries, it is still a privately owned family business.
DTec Industries is a Singapore-based company providing industrial engagement and financial services primarily in the maritime sector. The group has several wholly-owned operating subsidiaries around the world. — arab trade news agency
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