Abu Dhabi: Al Seer Marine PJSC, the leading marine company in the Middle East region that is engaged across multiple marine sectors and a subsidiary of International Holding Company (IHC), has announced today a sizeable investment of 375 million equity shares (AED 1.2 billion) in Abu Dhabi Ports Group allocated ahead of its IPO.
The investment will support Al Seer Marine to generate growth in the country and the wider region and will accelerate the company’s local and international expansion plans. Al Seer Marine has been rapidly growing its portfolio, which now includes Abu Dhabi Ports Group which will list on Abu Dhabi Securities Exchange (ADX) on Tuesday.
Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “The investment in Abu Dhabi Ports Group is crucial for improving the company's competitiveness and revenue capacity performance. The port is an economic driver, not only in UAE but across the region. Our participation highlights our confidence in Abu Dhabi Ports Group IPO and sets a benchmark for the investor community at large.”
Founded in 2003, Al Seer Marine is a leader in marine services in the region with 1 billion in paid-in capital and over 1,200 employees. As of December 2021, the company’s assets amounted to AED 6.1 billion, compared to AED 717.81 million at the start of the year. Al Seer Marine provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.
About Al Seer:
Al Seer Marine Supplies and Equipment Company was established in 2003 and is headquartered in Abu Dhabi, UAE. Al Seer is a leading marine company in the Middle East Region, with a portfolio of services including the management and training, Construction of vessels, High-tech boatbuilding, Unmanned systems development, and manufacturing. Al Seer Marine employs more than 1200 people onboard and ashore, from more than 50 nationalities.
International Holding Company
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.
Media Contacts
IHC
Ahmad Ibrahim
Corporate Communication & Media Manager
Ahmad.ibrahim@ihcuae.com
© Press Release 2022
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