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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
Gulfnews
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
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
24/01/2016
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 capabi
The National
| 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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