AD Ports Group Enters the Drydocking and RepairMarket via Joint Venture with Premier Marine Engineering Services
SAFEEN Drydocks to Serve the MaritimeIndustry Through a Comprehensive Ship Building, Drydocking& Repair Services Hubat Khalifa Port
Abu Dhabi – 25 June 2023:AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, and Premier Marine Engineering Services LLC (Premier Marine), a UAE-based shipyard company specialising in ship building and repair services to marine and offshore industries, today announced the formation of a new joint venture,SAFEEN Drydocks.The joint venture is structured as a 51% ownership by AD Ports Group and 49% by Premier Marine.
The new enterprise will offer a broad range of vital services including drydocking, afloat repairs,ship buildingand refurbishment. The hub of SAFEEN Drydocks’ operations will be located at Khalifa Port and encompass a 45,000m2 shipyard and repair facility, 350mquay wall for vessel afloat repair, and a floating dry dock for vessel maintenance and refurbishment. The floating dry dock is expected to commence operations in July of 2023, while the shipyard has already begun work with construction of two barges for a UAE-basedclient.Once fully up and running, the hub will be operated by SAFEEN Drydocks and be fully equipped to accommodate a range of vessel typesincluding tankers, bulk vessels, container ships, offshore vessels and jack-ups.
Through the new joint venture, AD Ports Group will leverage its reputation and experience as one of the world’s premier facilitators of maritime logistics, industry and trade, and contribute quay space at Khalifa Port for the development and operations of the new services hub. Premier Marine will, in turn, contribute its technicalknowledge andexperience in helping customers build, repair and maintain vessels and other maritime assets in an environmentally sustainable manner. Together, the two entities will serve the needs of not only SAFEEN Group’s maritime fleet, but also of broader regional and international client base spanning the shipping and offshore maritime sectors.
Captain Ammar Mubarak Al Shaiba, Acting CEO Maritime Cluster and SAFEEN Group, AD Ports Group, said: “The establishment of SAFEEN Drydocks is a milestone development for SAFEEN Group as it significantly broadens our scope of services and ability to serve the regional maritime industry. We look forward to working closely with our partners at Premier Marine in bringing together our global reach and their strong multi-decade track record in developing what we envision will be a regional and global hub and centre of excellence for maritime ship building, repair and maintenance.”
Hemant Tandon, Managing Director of Premier Marine Engineering Services, said “We are privileged and honoured to collaborate with AD Ports Groupduring this exciting period to establish a customer-centric marine hub at Khalifa Port. This joint venture marks a new beginning for us, and through our partnership, our teams of highly skilled experts, coupled with the formidable expertise provided by the Group, we aim to achieve great success within the shipbuilding industry.”
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About AD Ports Group:
Established in 2006, AD Ports Group today serves as one of the world’s premier facilitators of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.
Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones under KEZAD Group, the largest integrated trade, logistics, and industrial business grouping in the Middle East.
AD Ports Group is rated A+ by S&P and A+ Outlook Stable by Fitch.
For more information, please visit: adportsgroup.com
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