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Al Seer Marine eyes AED 36.7bn deals in decade; new JV unveiled

Al Seer Marine eyes AED 36.7bn deals in decade; new JV unveiled
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Abu Dhabi – Mubasher: Al Seer Marine, a subsidiary of International Holding Company (IHC), is targeting future agreements worth more than AED 36.70 billion ($10 billion) over the coming 10 years, according to a press release.

Meanwhile, IHC’s unit has entered into a strategic joint venture (JV) with Damen Shipyards, a maritime solutions group in the Netherlands, and Singapore-based DTec Industries, a provider of industrial partnerships and financial services.

In line with Al Seer Marine’s growth plans, the JV aims to build, sell, and maintain high-quality cost-effective marine vessels in the global markets.

Guy Neivens, CEO of Al Seer Marine, said: “The sea carries out 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.”

Neivens added: “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.”

Last September, Al Seer Marine teamed up with Singapore-based Netbulk Pte to expand its freight services worldwide.

In the first half (H1) of 2020, the UAE-based marine firm’s net profits reached AED 882.97 million, an annual leap of 115% from AED 411.33 million.