Abu Dhabi Shipbuilding is in advanced talks to secure orders for its new Baynunah class of multipurpose missile corvettes from other regional navies. Christopher Pike / The National
Abu Dhabi Shipbuilding is in advanced talks to secure orders for its new Baynunah class of multipurpose missile corvettes from other regional navies. Christopher Pike / The National

Warships made in Abu Dhabi to be sold abroad



Abu Dhabi Ship Building (ADSB) is in advanced talks to secure orders for its new Baynunah class of multipurpose missile corvettes from other regional navies.

"The Baynunah class is a unique and very sophisticated warship and it has attracted the attention of a number of navies in the region and around the world," Mohamed Salem Al Junaibi, the ADSB chief executive, said after the launch of the Mezyad, the fourth ship in the class at ADSB's yard yesterday.

He declined to name the interested navies, but it is already known that the Saudi Arabian navy has embarked on a US$20 billion(Dh73.46bn)-plus expansion programme and is said to be considering the purchase of up to a dozen new warships.

The Kuwaiti navy is also understood to be a potential customer according to the Defense News journal, based in the US.

The Mezyad is one of six new corvettes, first ordered by the UAE Navy in 2004, and expected to be in service by 2014. The programme, worth Dh4bn, is the largest and most important contract for ADSB to date.

Under the contract, the first of the class was designed by both ADSB and the French shipbuilder Constructions Mecaniques de Normandie (CMN) and built at CMN's yard in Cherbourg. The five remaining ships are being built and completed by ADSB at its yard in Mussaffah in Abu Dhabi under a technology transfer arrangement between the two companies.

The 72-metre long Baynunah class has been designed to replace the UAE Navy's 33.5-metre Ardhana class large patrol class vessels in the patrol and surveillance role in the country's territorial waters and exclusive economic zone. But they will also be capable of minelaying, interception and other anti-surface warfare operations.

Their design also incorporates a stealthy superstructure, a helicopter landing deck and a hangar and the ships are being equipped with the latest weapons and surveillance technology that is being integrated by the sub-contractor Selex, formerly Marconi Systems.

Its shallow draught allows the corvette to operate easily in inshore waters, and the class is being seen as a much more economic alternative to the US-designed littoral combat ship concept being offered by Lockheed Martin and Austal USA since mid-2008.

"The Baynunah Corvette Class, which is the largest warship construction programme and a first-of-its-kind project in the region will significantly boost the arsenal of the UAE Navy and enable it to effectively fulfil its duty of protecting the UAE's maritime territory," Mr Al Junaibi said. He also used the launch to announce the completion of a 155-metre extension to the yard's fitting-out quay to accommodate an expansion of ADSB's refitting and maintenance business.

The shipyard already has two construction halls equipped with overhead cranes. The shipyard facilities also include two shiplift piers for berthing and ship repair.

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UAE SQUAD

Muhammad Waseem (captain), Aayan Khan, Aryan Lakra, Ashwanth Valthapa, Asif Khan, Aryansh Sharma, CP Rizwaan, Hazrat Billal, Junaid Siddique, Karthik Meiyappan, Rohan Mustafa, Vriitya Aravind, Zahoor Khan and Zawar Farid.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

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Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

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Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

WIDE VIEW

The benefits of HoloLens 2, according to Microsoft:

Manufacturing: Reduces downtime and speeds up onboarding and upskilling

Engineering and construction: Accelerates the pace of construction and mitigates risks earlier in the construction cycle

Health care: Enhances the delivery of patient treatment at the point of care

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Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Kill Bill Volume 1

Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5

World Food Day

Celebrated on October 16, to coincide with the founding date of the United Nations Food and Agriculture Organisation, World Food Day aims to tackle issues such as hunger, food security, food waste and the environmental impact of food production.

While you're here
In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
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THE APPRENTICE

Director: Ali Abbasi

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Tottenham's 10 biggest transfers (according to transfermarkt.com):

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Price: From Dh750,000


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