Gunther Alvarado, chief operating officer of Al Seer Marine, signed the agreement with Y K Jang, chief executive of K Shipbuilding. Photo: Al Seer Marine
Gunther Alvarado, chief operating officer of Al Seer Marine, signed the agreement with Y K Jang, chief executive of K Shipbuilding. Photo: Al Seer Marine
Gunther Alvarado, chief operating officer of Al Seer Marine, signed the agreement with Y K Jang, chief executive of K Shipbuilding. Photo: Al Seer Marine
Gunther Alvarado, chief operating officer of Al Seer Marine, signed the agreement with Y K Jang, chief executive of K Shipbuilding. Photo: Al Seer Marine

Al Seer Marine places $175m shipbuilding order amid expansion push


Fareed Rahman
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Al Seer Marine, a unit of Abu Dhabi-based International Holding Company, has placed an order worth Dh643 million ($175m) for the construction of four new tankers as the company continues to focus on expanding its fleet to boost growth.

The medium-range “IMO II/III product tankers” will be built by Korea's K Shipbuilding at Jinhae Shipyard, Al Seer Marine said on Tuesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.

The new ships are expected to be delivered before the end of the fourth quarter of 2024.

With the latest order, Al Seer Marine's fleet totals 12 vessels, boosting its value to more than Dh2.3 billion.

“Al Seer Marine is very serious about becoming a global market leader across different marine sectors,” said Guy Neivens, chief executive of Al Seer Marine.

The new order “is yet another endorsement of our global expansion strategy”, he said.

Al Seer Marine, which had assets worth Dh11.5bn at the end of June, has a diversified portfolio and offers services such as management and training, high-tech boatbuilding, unmanned systems development and manufacturing.

The company this year acquired two liquefied petroleum gas tankers valued at a combined Dh246m and has large gas carriers currently under construction as part of a joint venture with BGN International. It is also expanding its freight solutions for bulk cargo globally to meet growing demand.

Al Seer Marine aims to close Dh36.7bn worth of maritime deals in the next 10 years, it said in October.

The new tankers are being designed to be ready to adapt to new fuels such as ammonia and methanol amid transition efforts, the company said.

“The economists point to the need to build new ships to meet the pending environmental regulations, forecasting that shipbuilding orders will rebound in 2024, and today’s Al Seer Marine order confirms the market demand,” said K Shipbuilding chief executive Y K Jang.

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Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

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Expo 2020 Dubai to open in October 2020 and run for six months

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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

US Industrial Market figures, Q1 2017

Vacancy Rate 5.4%

Markets With Positive Absorption 85.7 per cent

New Supply 55 million sq ft

New Supply to Inventory 0.4 per cent

Under Construction 198.2 million sq ft

(Source: Colliers)

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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Company%20profile
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About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

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• Met Donald Trump at the White House and received his backing.

The specs: 2017 Ford F-150 Raptor

Price, base / as tested Dh220,000 / Dh320,000

Engine 3.5L V6

Transmission 10-speed automatic

Power 421hp @ 6,000rpm

Torque 678Nm @ 3,750rpm

Fuel economy, combined 14.1L / 100km

The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

The%20specs%3A%20Taycan%20Turbo%20GT
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3EDual%20synchronous%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C108hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C340Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%20(front%20axle)%3B%20two-speed%20transmission%20(rear%20axle)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E488-560km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh928%2C400%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EOrders%20open%3C%2Fp%3E%0A
UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
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Updated: November 15, 2022, 11:07 AM