Abu Dhabi-based Al Seer Marine, a subsidiary of International Holding Company (IHC), is set to launch high-speed ferries to tap into the growing demand for public marine transport. 

The new product range will be developed in collaboration with French design and innovation company SEAir, the firm said in a statement on the Abu Dhabi Securities Exchange (ADX). 

The company, which seeks to become the largest company in the marine services sector, also said it is looking at “expansion initiatives” in product tankers, gas tankers and dry bulk shipping sectors. Short-term plans include acquiring 10 to 15 ships in 2022.  

With the new high-speed ferries, Al Seer Marine said it is looking to offer lower ticket prices and shorter travel time to customers. 

“The regional market for passenger ferries is expected to gain traction in the future,” said Guy Neivens, CEO of Al Seer Marine. 

The global marine hybrid market is forecast to grow by 11.7 percent to $10 billion in 2029 from $3.93 billion in 2021, according to the Fortune Business Insight report. 

(Writing by Cleofe Maceda; editing by Seban Scaria)