UAE AND KSA INVESTMENT CONTINUE TO SUPPORT OFFSHORE SECTOR

The Middle East region’s offshore market continues to demonstrate an upward trajectory, which makes it the most robust marketplace from a demand perspective--widely attributed to the significant investment plans of the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), according to Gregory Brown, associate director for Offshore, Maritime Strategies International, a maritime forecasting and strategic advisory firm.

According to Brown, the offshore vessel market is in the early stages of recovery as witnessed by the presence of increased activity and the growing demand for high specification vessels. Coming off from a market downturn that was experienced in the last five years, the market is now witnessing a key upturn.