Al Seer Marine, a subsidiary of Abu Dhabi International Holding Company, plans to complete a US $10 billion shipping transaction in the next 10 years to promote growth. As the company continues to explore new markets. Al Seer marine said in a statement of the Abu Dhabi Stock Exchange that, as part of the joint venture, the two companies will cooperate with partners in the Middle East and other countries to sell, build and maintain high-quality seagoing ships worldwide, and their shares will be traded on the exchange. Gay Nevens, CEO of Al Seer Marine, said that the cooperation with Damen Shipyard and DTec was very consistent with the strategy of Al Seer Marine to become a world-class global brand for ship development.

As of the end of June, Al Seer Marine had 11.5 billion dirhams of assets, a diversified portfolio, and services such as management and training, high-tech shipbuilding, unmanned system development and manufacturing. As global trade continues to recover from the economic slowdown caused by the coronavirus pandemic, the company is expanding rapidly in the field of commercial shipping and plans to acquire as many as 15 ships in 2022 to promote its business.

In 2022, the company acquired two liquefied petroleum gas tankers, with a total value of 246 million dirhams, and owns large natural gas carriers currently under construction as part of a joint venture with BGN International. The company is also expanding its bulk cargo shipping solutions worldwide to meet growing demand.

Nevens said that according to the current market indicators, we believe that this strategic joint venture will play a key role in the growth of Al Seer Marine, which will bring huge added value to our shareholders. The company said that the global marine ship market is expected to grow from USD 170.75 billion in 2021 to USD 188.57 billion in 2028.

According to the documents, Damen Shipyard was established in 1927, focusing on design, shipbuilding and ship repair in multiple industries, while DTec provides "industry participation and finance" services, mainly in the maritime sector. Al Seer Marine reported that its second quarter profit increased by more than 100% to 807.3 million dirhams, and its revenue more than doubled during this period to 303.8 million dirhams. Keywords: overseas news, engineering news

IHC is majority owned by PAL Group Company in Abu Dhabi. The Group consists of more than 30 entities with 22345 employees and diversified shareholding in real estate, agriculture, healthcare, food and beverage, public utilities, retail and leisure.Editor/Xing Wentao