The UAE's Al Seer Marine (ASM), a subsidiary of International Holding Company (IHC) specializing in marine supplies and equipment, announced Monday a joint venture with the Dutch maritime solutions conglomerate Damen Shipyards and the Singaporean financial services firm DTec Industries to sell, build, and maintain marine vessels in global markets.
Key details ASM sees potential for almost $10 billion (AED 36.7 billion) agreements in current markets over the next 10 years as the marine vessel procurement market recovered over the last 12 months with new shipbuilding contracts awarded globally.
The company said that the joint venture with Damen Shipyards and DTec Industries aligns with its international growth plan in response to rising global demand.
Operating in 120 countries, Damen Shipyards has been providing maritime solutions in design, shipbuilding, ship repair, and related services across a range of sectors since its establishment in 1927.
DTec Industries offers industrial participation and finance services, primarily in the maritime. It has several wholly owned operating subsidiaries located around the world.
“The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028. The collaboration with Damen Shipyards and DTec aligns well with Al Seer Marine's strategy in becoming a global brand in developing world-class marine vessels," said Guy Neivens, CEO of Al Seer Marine.
