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Sat 22 Sep 2012 11:59 AM

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Dubai's Drydocks World eyes JV to build warships

Agreement signed with Privinvest Holding; targets naval customers in South East Asia

Dubai's Drydocks World eyes JV to build warships

Dubai-based Drydocks World said on Saturday it has signed an agreement with Privinvest Holding, which has construction and design facilities in the Mediterranean, the Gulf, Germany, France and the UK.

The two companies said they envisage a joint venture that will provide ship maintenance, upgrade and refit in addition to other associated services including specialised technical training within the Gulf region for mega yachts and naval vessels.

The memorandum of understanding also says they will work to create a partnership to build warships and support vessels in South East Asia and Indonesia in particular.

Khamis Juma Buamim, chairman of Drydocks World and Maritime World, said: "This MoU further enhances our strategic business direction and will create the required synergies to reaffirm our global foothold by offering specialised high-end engineering, designing and construction services jointly with Privinvest Group.

"We aim to provide the latest technologies and techniques with enhanced capabilities. We aspire to offer advanced and sophisticated solutions in project management and services to all our customers."

Iskandar Safa, CEO of Privinvest Holding, added: "Our two groups will join their forces to become an integrated service provider to the naval and yacht business. I am very happy about this agreement because of the complementary elements that each partner brings to the table."

Drydocks world and its subsidiaries has maintained, serviced and refurbished over 1,300 vessels while Privinvest Holding have delivered more than 1,600 vessels and catered to 30 navies around the world.

Earlier this month, Drydocks World announced a deal with a German luxury yacht manufacturer to work on joint projects.

Buamim has had discussions with senior execs of Lurssen Werft, a German shipbuilding company that designs and builds yachts and naval ships on the sidelines of an event in Hamburg.

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