Abu Dhabi Ship Building, which is part of defence conglomerate Edge, secured a Dh3.5 billion ($950 million) contract to build new patrol vessels for the UAE Navy.
The contract is the biggest order ever received by ADSB and covers the building of four Falaj-3 Offshore Patrol Vessels. The company did not give a timeline for delivery.
“This order represents a resounding vote of confidence in ADSB from the MOD (Ministry of Defence) and the UAE Navy,” Khalid Al Breiki, chairman of ADSB and president of mission support at Edge, said.
“The contract will provide the company with a platform for sustainable profitable growth, while maintaining strategic national assets that are critical to the defence of the UAE.”
ADSB, listed on the Abu Dhabi Securities Exchange, manufactures corvettes, offshore patrol vessels and fast patrol boats. It also offers a full range of maintenance, repair and refit, upgrade and conversion of vessels.
“This contract underscores our mutual commitment to serving the UAE navy with the right products and advanced shipping solutions – to enable a secure future,” David Massey, chief executive of ADSB, said. “We look forward to expanding and enhancing our portfolio of vessels.”
The company is also looking to export its vessels to different markets to boost its revenue, Mr Massey told The National in an interview at the Idex and Navdex exhibition earlier this year. It will target markets bordering the Indian Ocean to sell its vessels.
“ADSB has only exported to GCC countries till now and we are going beyond GCC to East Africa, North Africa and the Indian Ocean,” Mr Massey said at the time.
ADSB is one of 25 entities that make up Edge – a defence conglomerate formed in 2019 that specialises in developing advanced technology for weapons systems, cyber protection and electronic warfare.
Last week, the company declared a net loss of Dh15.7m in the three months to March 31 on revenue of Dh56.9m, which it said was due to one-off costs associated with the biennial Navdex exhibition and rental payments on a floating dock. However, since the quarter ended, the dock was sold for Dh34.5m, on which the company stands to make a Dh17.5m gain.
"The disposal will save a significant sum in rental payments and contribute to an improved financial performance in the remainder of 2021 and onwards," ADSB said in a statement accompanying its results.
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UAE currency: the story behind the money in your pockets
Profile Idealz
Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
