Al-Seer Marine targets $10 billion future agreements

Al-Seer Marine, a global player across multiple marine sectors and a subsidiary of the International Holding Co. has entered a strategic joint venture with Damen Shipyards, the leading Dutch maritime solutions company, and DTec Industries, a Singapore-based global pioneer in industrial partnerships and financial services.

The joint venture between the companies will combine the best maritime talent in the industry and help position the UAE as the industry center of excellence.

Working with regional partners in the Middle East and those in the international community, the strategic joint venture will implement their key success formulas to ventures and local partnerships to successfully sell, build and maintain high-quality, innovative, and cost-effective marine vessels in the global markets.

Commenting on the joint venture, Guy Neivens, CEO of Al-Seer Marine, said: “The sea carries out around 80 percent of global trade by volume. 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 worldclass marine vessels.”

The move aligns with Al-Seer Marine’s international growth plan in response to the global industry demand. Al-Seer Marine sees a potential of more than $10 billion in current markets in the coming 10 years.

In the first two quarters of 2020, the pandemic had reduced maritime trade and transport, which, in turn, has lowered the demand for the procurement of new vessels; however, the market is witnessing a recovery in the past 12 months with new shipbuilding contracts being rewarded globally.

“With the current market indicators, we are confident this strategic joint venture will play a key role in Al-Seer Marine’s growth, which

will be a great added value to our shareholders,” Neivens added.

Founded in 1927, Damen Shipyards has been providing maritime solutions in design, shipbuilding, ship repair, and related services across a range of sectors.

The Damen Group is a Dutch shipbuilding and engineering conglomerate company based in Gorinchem.