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The JV aims to improve dry docking and shipbuilding capabilities within the GCC region and explore opportunities in other regions Abu Dhabi – Abu Dhabi Ports Company (AD Ports) inked three heads of terms (HoTs) with Bahrain-based Arab Shipbuilding and Repair Yard Company (ASRY)for strategic maritime and ports projects. The two parties seek to set up a joint venture (JV) that manages drydock facilities and shipyards, according to a press release. It aims to improve dry docking and shipbuilding capabilities within the GCC region and explore opportunities in other regions. Both sides penned a second HoT with JM Baxi, an India-based well-established business specializing in marine services, ports, logistics, and technology, to create green ship recycling facilities. This agreement aims at promoting a circular economy by repurposing parts and minimizing waste, which contributes to cutting carbon emissions. AD Ports and ASRY signed a final deal to explore joint investment opportunities within ports and terminals. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, commented: “Exploring opportunities to establish green ship recycling facilities is also very important for us, ensuring that vessels are retired in a safe and environmentally responsible manner.” Ahmed Al Abri, CEO of ASRY, said: By combining our shared expertise and advanced infrastructure, and in line with global shifts in the maritime industry, we aim to strengthen our capabilities in dry-docking and shipbuilding across the GCC and beyond. “ “We also look forward to developing green ship recycling capacities and entering a vital new field in port management and operation,” Al Abri highlighted. The new agreements bolster the two parties’ maritime capabilities and reach, driving commitment to sustainability and industry growth. This move follows the establishment of ASRY Marine, a joint venture (JV) between Noatum Maritime, part of the ADX-listed group’s Maritime and Shipping Cluster, and ASRY. In the first quarter (Q1) of 2025, AD Ports recorded 16% year-on-year (YoY) higher net profits at AED 463.50 million, compared to AED 400.13 million. |
