Abu Dhabi Ship Building seeks to rebalance portfolio by 2021

21/02/2017 06:09 AST

Abu Dhabi Ship Building Company (ADSB) plans to double its services business to 50 per cent of its entire portfolio by 2021, days after signing a Dh100 million contract with the UAE Armed Forces, the CEO said on Monday in an interview at Idex.

"The plan between now and 2021 is to enhance our services to 50 per cent of our business without decreasing revenue. Currently, the majority, 75 per cent, of our revenue comes from shipbuilding, whilst the rest comes from services, at 25 per cent," said Khalid Al Mazrouei, CEO of ADSB.

The part-government owned company's shipbuilding business is overwhelmingly made up of military vessels, with only 10 per cent coming from commercial projects.

On Monday afternoon, ADSB officially handed over Al Hili, the sixth and the latest Baynunah-class corvette built by Abu Dhabi Ship Building (ADSB) to the UAE Navy, in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

"The value of projects we are working to close in 2017 is Dh1.5 billion, from shipbuilding and services. Our pipeline is predominantly made up of military projects, which I cannot announce, but I can say that they are in the final stages of discussions," Al Mazrouei said. "Some are from the UAE, and some from outside the UAE," he added


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