By Andy Sambidge
Abu Dhabi Ship Building signs agreement with the UAE Armed Forces to supply new ships
Abu Dhabi Ship Building (ADSB) has announced that it has signed an agreement with the UAE Armed Forces to build two combat ships.
The deal for the ships, which will be equipped with multi-tasking equipment and advanced communication devices, is worth AED870m ($236m), the company said in a statement.
"As a strategic partner of the UAE Armed Forces, ADSB is committed to delivering the best quality standards and leveraging the latest technologies in the construction of these ships, it added, without giving any further details.
ADSB provides construction, repair and refit services for naval, military, and commercial vessels. Headquartered in Abu Dhabi, ADSB was originally formed to support the repairs and refits of UAE Navy vessels.
It now has a portfolio of construction and refit projects worth more than AED3bn while it also operates joint ventures and service agreements with world renowned companies to allow it to supply support services to GCC maritime security forces.
ADSB is 10 percent owned by the Abu Dhabi government, 40 percent owned by Mubadala Development Company, and 50 percent publicly traded on Abu Dhabi's Securities Exchange.