Gulf Navigation Holding announces potential marine economy partnership with Ali and Sons Marine engineering factory

Partnership to establish a joint venture company in rendering services in the oil and gas, offshore, ship building and repairs, and marine services.

DUBAI- The Dubai-based Gulf Navigation Holding PJSC has announced a potential strategic cooperation with Ali and Sons Marine Engineering Factory, ASMEF, in Abu Dhabi with the intention to establish a joint venture company in rendering services in the oil and gas, offshore, ship building and repairs, and marine services.

Gulf Navigation Holding is announcing this potential partnership with ASMEF concurrently with the issuance of Sukuk according to the Islamic Law with a total value of US$250 million in order to finance its expansion plans, diversify its investments portfolio and upsurge profits. This step will position the maritime sector as one of the prime investments sectors that surpasses the traditional investment sectors such as, real estates and other services, the company said in a press statement on Wednesday.

This cooperation seeks to expand and develop business and strengthen the national maritime economy. The countries in the Gulf region are planning to invest at least $140 billion in oil and gas and petrochemicals projects in the next 10 years, the statement continued.

Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding, said, "Our new strategy targets collaborating with the leading national companies in the UAE, in line with our wise leadership’s vision to establish a national maritime industrial cluster that will position the UAE amongst the world's most important maritime centres.'' Buamim added, "This potential partnership will enable us to benefit from the promising opportunities ahead, especially that the volume of investments allocated by the Gulf regional countries to develop its offshore fields exceeds $40 billion over the next ten years. We aim at having a share of these investments." Shamis Al Dhaheri, Board Member of Ali and Sons Holding, highlighted the importance of this potential strategic partnership. He said, "After we have witnessed the outstanding financial performance of Gulf Navigation Holding over the past years, we have taken into consideration of their international network and expertise in the oil and gas, as well as, the maritime sectors, and taken a decision to inaugurate a potential partnership with them." "We, at Ali and Sons, always looking out for opportunities such as this where an entity such as Gulf Navigation could add value to our existing business to and enhance success. We believe that gathering the national companies’ capabilities is our guarantee to expand globally and to strengthen the UAE’s position as a key player in the oil and gas industry and the international maritime services," Al Dhaheri went on to say.

According to the company’s latest financial reports, Gulf Navigation Holding has continued its steady financial performance improvement, with net profit reaching $3.4 million in Q3 of 2017 compared to $2.8 million in Q2 2017, at a growth rate of 21 percent.

© Copyright Emirates News Agency (WAM) 2017.

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