Dry­docks World ex­pects 10pc growth in profit

The Pak Banker - - Front Page -

DUBAI

Dry­docks World ex­pects a 10 per cent growth in profit this year, and is look­ing at op­tions to en­ter the Saudi Ara­bian mar­ket as part of its ex­pan­sion plans, ac­cord­ing to the com­pany's top ex­ec­u­tive.

"We ex­pect a 10 per cent growth in our net prof­its for 2012, and we are do­ing well. We don't need any fi­nan­cial aid from the gov­ern­ment," Khamis Juma Bu Amim, the com­pany's chair­man, told re­porters on the side­lines of an event here.

Dry­docks made a net profit of $134 mil­lion in 2011, ac­cord­ing to the com­pany.

The firm is also "in se­ri­ous talks to op­er­ate and man­age dry dock fa­cil­i­ties in Saudi Ara­bia's Dhahran and Jed­dah ports. We ex­pect to see this agree­ment through by first quar­ter of 2013," Bu Amim said.

This is expected to add 1718 per cent to Dry­docks' ex­ist­ing ca­pac­ity, which cur­rently sees the han­dling of 35 ves­sels at each dock, he noted.

Be­sides Saudi Ara­bia, Dry­docks is also eye­ing new op­por­tu­ni­ties in Tur­key. "We are in fi­nal talks to ex­pand in Tur­key at an al­ready ex­ist­ing yard. They al­ready have the man­u­fac­tur­ing unit and we will be adding a re­pair fa­cil­ity to that," Bu Amim said, but de­clined to give any other de­tails. A multi-pur­pose Maritime Busi­ness Cen­tre within the Dubai Maritime City (DMC) was opened on Satur­day by Lieu­tenan­tGen­eral Saif Ab­dul­lah Al Sha­far, Un­der­sec­re­tary, Min­istry of the In­te­rior.

The Cen­tre will form the nu­cleus of DMC, which is evolv­ing rapidly into a hub of maritime com­merce, busi­ness and trade with a se­ries of lead­ing re­gional and in­ter­na­tional com­pa­nies set­ting shop within the Dis­trict, re­cently. "All com­po­nents have fallen into place as en­vis­aged within our long term strat­egy for Dubai Maritime City, which is to de­velop the mixed-use maritime hub as a key con­trib­u­tor to the coun­try's econ­omy as a driv­ing force be­hind the growth and progress of maritime and rel­e­vant busi­ness in the re­gion. The open­ing of the Maritime Busi­ness Cen­tre will greatly fa­cil­i­tate the growth of the City," said Khamis Juma Bu Amim, Chair­man of Dry­docks World and Maritime World.

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