Dubai – Mubasher: Gulf Navigation Holding has allocated AED 550 million for new acquisitions inside and outside the UAE, board member and CEO Khamis Juma Buamim told Al-Bayan News.

The company listed on the Dubai Financial Market (DFM) will focus on expanding in the UAE in Fujairah, Khor Fakkan, and Abu Dhabi to increase revenues and profits, Buamim indicated.

The group has allocated $50 million as an initial investment in Abu Dhabi, he highlighted, forecasting the firm to start collaborating with some of the UAE-based firms by the end of 2017.

The CEO has revealed that Gulf Navigation will mainly concentrate on bolstering maritime and shipping operations in Abu Dhabi.

Gulf Navigation will sign a memorandum of understanding (MoU) on Wednesday to support the group’s future vision during a press conference, which will be held in the Westin Dubai Mina Seyahi at 4:00 pm.

The Emirati firm had previously reported a 27.1% year-on-year surge in profits for the second quarter of 2017 to AED 10.19 million from AED 8.02 million in Q2-16.