Al Jaber the Biggest Private Company in the Middle East
Abu Dhabi: Al Jaber Group announced today the purchase of 8 bulk carriers for US$ 500 million. The deal that was signed with Jiangsu Hangtong Ship Heavy Industry Co., Ltd, will position Al Jaber Shipping Agency & Marine Works as the biggest shipping company in the Middle East with a total dead Weight capacity of 651,800 tons.
In a historic deal with the Chinese manufacturer, Jiangsu Hangtong Ship Heavy Industry Co., Ltd, Al Jaber Group acquired eight new bulk carriers to compliment its fleet of vessels that counts for a total of 38 ships. Al Jaber Shipping Agency & Marine Works will receive the first vessel in October 2010, followed by new vessel every four months.
H.E. Obeid Khalifa Al Jaber, Chairman of Al Jaber Group, commented on the signage of the deal saying, "With the purchase of the new eight bulk carriers we officially become the biggest private shipping company in the Middle East both in terms of tonnage capacity and number of ships. We are very pleased to be able to play a leading role in the shipping industry in the region and promise to keep this pioneering role in providing unmatched services with continuous upgrading of our fleet".
Mr. Mohammed Al Jaber, Chief Executive Officer, Al Jaber Group said, "This deal of buying eight new vessels is in line with our vision to continuously expand at all the Group's companies levels; such moves secure the sustainable growth of the Group and enable us to maintain our strong and competitive position".
Mrs. Fatima Al Jaber, Chief Operating Officer, Al Jaber Group, added, "With the increasing demands in the shipping sector in the region, and due to the strategic position of the UAE, we were keen to upgrade our fleet and expand our operations with state-of-the-art new ships that will cater to the needs of both local and regional shipping markets".
Each of the new eight Dolphin double hull Type bulk carriers will have a capacity of carrying 56,300 tons, and will be equipped with the latest advanced technologies in the marine sector. A crew of 20 members will be operating the state-of-the-art bulk carriers that will be rented on daily time chartered basis to shipping companies and shipping chartering companies around the world.
Al Jaber Shipping Agency & Marine Works stated that the negotiations with the manufacturers lasted for several months, and they announced that a British company has been appointed to supervise and follow up on the construction process of the eight ships to ensure strict adherence to highest quality standards and specifications are maintained through out the construction process.
With the increasing demand on shipping services, Al Jaber Shipping Agency & Marine Works are now in talks to rent four out of eight ships that are being constructed for long time chartered contracts up to five years.
Al Jaber Shipping Agency & Marine Works L.L.C. owns and operates a fleet of vessels that consists of landing crafts/hot bitumen carriers/oil tanker and crew boats. The fleet maintains a proud shipping heritage in the Gulf area with fast, safe and economical transportation means. The vessels are manned by qualified and experienced officers and are maintained by the company's port engineers with the assistance from Al Jaber Group in-house work shop facilities.
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Al Jaber Group:
Established in 1970, Al Jaber is one of the leading business Groups in the UAE. Today it is a conglomerate with combined revenues of over US$ 2.0 billion operating in a diverse range of activities enjoying leading positions in many of the sectors it operates. The major business segments of the Group which support and complement each other, and mitigate risks through diversification and effective management, are Contracting, Industrial, Trading & Logistics, Real Estate, Hospitality and Aviation.
The Group is owned by Mr. Obeid Al Jaber and family and is represented by more than 30 entities with Al Jaber Transporting & General Contracting LLC as the flagship company. The UAE has historically been the principal market for Al Jaber's entities with well established and long standing relationships with government, semi-government and private clients.
The Group is one of the largest private sector employers in the UAE with about 40,000 employees. It also boasts of the largest fleet (about 8,000 units) of vessels, cranes, heavy equipment and machinery in the UAE.
© Press Release 2008
