Abu Dhabi: The chief executive officer of Abu Dhabi Ports said they are looking at new opportunities as part of the expansion plans and growth strategy.

Weve been witnessing growth in all aspects in terms of cargo we are handling. We have just expanded into Fujairah after we signed the concession agreement and (we have) launched operations recently. The future is bright, said Captain Mohammad Juma Al Shamisi speaking to Gulf News on the sidelines of Seatrade Offshore Marine and Workboats conference in Abu Dhabi on Monday.

He also said that they were looking at new opportunities in managing ports outside the UAE but refused to divulge details.

Abu Dhabi Ports currently manages operations of a port in the Republic of Guinea in Africa.

When asked whether they were considering an IPO, he said they have no immediate plans.

Abu Dhabi Ports will be purchasing three new additional tugs as part of the expansion of its fleet, Al Shamisi said.

In June this year, Abu Dhabi Ports signed a 35-year concession agreement with the Port of Fujairah, under which Fujairah Terminals, a new operational arm wholly owned by Abu Dhabi Ports, was established with over Dh1 billion earmarked for investment in infrastructure and equipment.

Speaking at the conference, Al Shamisi also said the market continued to be tough for workboat operators and service providers but there are also new opportunities for companies to grow their business.

Renewables present opportunities for companies to diversify their business and serve offshore wind market among others.

He also said demand for offshore supply vessels continued to be high in the Middle East compared to other parts of the world due to growth opportunities in the region.

Quoting IHS data, he said demand for offshore vessels in the Middle East was 2.6 per cent higher in December 2016 than in January of the same year.

The increase may appear modest at first but all other regions reported a significant drop in activities across 2016. West Africa saw 30 per cent reduction, the Gulf side of the US saw 31 per cent drop and Mexico reported 53 per cent drop in activity.

This show the Middle East continues to grow even in the downturn. However, competition will increase as more players come into the Middle East, putting huge competitive pressure on local companies.

Al Nisr Publishing LLC 2017. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).