Abu Dhabi's AD Ports Group and Bahrain's ASRY sign three LoIs
Abu Dhabi's AD Ports Group has signed three letters of intention with the Manama-based Arab Shipbuilding & Repair Yard Company (ASRY) for the provision of marine services in Bahrain, and to collaborate on strategic maritime and ports projects.
These agreements come after Noatum Maritime, part of AD Ports Group's Maritime & Shipping Cluster, formed a joint venture (JV), ASRY Marine, with ASRY. The new company will be focused on providing integrated marine services in Bahrain.
AD Ports and ASRY deepen strategic ties
AD Ports Group has now signed a Head of Terms (HoT) to establish a new JV to manage drydock facilities and shipyards. The JV company seeks to enhance drydocking and shipbuilding capabilities within the GCC and explore opportunities in other regions.
The two parties signed a second letter of intent with India-based JM Baxi, which is in marine services, ports, logistics, and technology. This agreement focuses on creating green ship recycling facilities to promote a circular economy by repurposing parts and minimising waste.
JM BAXI is known for promoting and implementing sustainable practices in green recycling and supports the implementation of the Hong Kong Convention, a global standard for responsible ship recycling.
The final HoT seeks to explore joint investment opportunities within ports and terminals.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, commented: 'Following the successful formation of our recent joint venture with ASRY, we look forward to deepening our collaboration across the maritime realm.
'We have already developed strong working ties, and this agreement opens the door to create more value and growth across our operations. Exploring opportunities to establish green ship recycling facilities is also very important for us, ensuring that vessels are retired in a safe and environmentally responsible manner.'
Dr Ahmed Al Abri, CEO, ASRY, added: 'We are proud to enhance and expand our strategic partnership with AD Ports Group through these new agreements. By combining our shared expertise and advanced infrastructure, and in line with global shifts in the maritime industry, we aim to strengthen our capabilities in drydocking and shipbuilding across the GCC and beyond.
'We also look forward to developing green ship recycling capacities and entering a vital new field in port management and operation. These initiatives reflect our ongoing commitment to a culture of innovation, operational excellence, and driving growth in the maritime sector.'
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