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- Lebanon receives preliminary approval to increase World Bank loan to $400m
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24/01/2016 19:47 AST
Abu Dhabi Ship Building (ADSB) has won a Dh260 million contract from the Kuwaiti government to build eight boats, as the Arabian Gulf neighbour looks to bolster its maritime patrol and defence capabilities.
The Abu Dhabi-listed company's shares rose by 10.2 per cent to Dh2.90.
The landing crafts and high-speed protection vessels will be delivered in less than two years.
"The vessels will have high-level requirements, making them globally competitive protection vessels, which will be built by using state-of-the-art multipurpose technologies and equipment," the Kuwaiti defence ministry said in a statement.
Khaled Al Mazrouei, the chief executive of ADSB, said: "At ADSB, we've proven our competence as one of the premiere shipbuilders in the region, and this contract [with Kuwait] further demonstrates our commitment to growing our capabilities and supporting regional partners."
The global maritime security market is expected to nearly double from US$15.3 billion last year to $22.2bn by 2020, according to a Markets andMarkets maritime report. It forecasts that the vessel security segment would remain the largest contributor for maritime security.
Meanwhile, contracts are still rolling in. ADSB announced this month that it had signed an initial agreement with Drydocks World to create an industrial entity to support maritime projects in the UAE and across the GCC.
The National
21/02/2018
Abu Dhabi Ship Building (ADSB)'s net profit increased to Dh104.8 million in 2017 from Dh61.3 million in the previous year due to awarding of marine support services contract, cost efficiency measures
Gulf News
21/02/2017
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
Gulfnews
25/04/2016
Abu Dhabi Ship Building announced key business results for 2015 at its recent annual general meeting held in Abu Dhabi. ADSB's consolidated revenue for 2015 was Dh791 million, while its net profit
Khaleej Times
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ALPHADHABI | 10.94 | 0.00 (0.00 |
| IQCD | 12.15 | -0.30 (-2.41 |
| ADNOCLS | 4.40 | 0.02 (0.45 |
| NMDC | 24.04 | 0.20 (0.83 |
| ADPORTS | 3.90 | 0.01 (0.25 |
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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