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24/01/2016 19:47 AST
Abu Dhabi Ship Building (ADSB) has won a Dh260 million contract from the Kuwaiti government to build eight boats, as the Arabian Gulf neighbour looks to bolster its maritime patrol and defence capabilities.
The Abu Dhabi-listed company's shares rose by 10.2 per cent to Dh2.90.
The landing crafts and high-speed protection vessels will be delivered in less than two years.
"The vessels will have high-level requirements, making them globally competitive protection vessels, which will be built by using state-of-the-art multipurpose technologies and equipment," the Kuwaiti defence ministry said in a statement.
Khaled Al Mazrouei, the chief executive of ADSB, said: "At ADSB, we've proven our competence as one of the premiere shipbuilders in the region, and this contract [with Kuwait] further demonstrates our commitment to growing our capabilities and supporting regional partners."
The global maritime security market is expected to nearly double from US$15.3 billion last year to $22.2bn by 2020, according to a Markets andMarkets maritime report. It forecasts that the vessel security segment would remain the largest contributor for maritime security.
Meanwhile, contracts are still rolling in. ADSB announced this month that it had signed an initial agreement with Drydocks World to create an industrial entity to support maritime projects in the UAE and across the GCC.
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21/02/2018
Abu Dhabi Ship Building (ADSB)'s net profit increased to Dh104.8 million in 2017 from Dh61.3 million in the previous year due to awarding of marine support services contract, cost efficiency measures
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Abu Dhabi Ship Building Company (ADSB) plans to double its services business to 50 per cent of its entire portfolio by 2021, days after signing a Dh100 million contract with the UAE Armed Forces, the
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25/04/2016
Abu Dhabi Ship Building announced key business results for 2015 at its recent annual general meeting held in Abu Dhabi. ADSB's consolidated revenue for 2015 was Dh791 million, while its net profit
Khaleej Times
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ALPHADHABI | 9.39 | 0.03 (0.32 |
| IQCD | 12.06 | -0.03 (-0.25 |
| MODON | 3.40 | 0.03 (0.89 |
| ADNOCLS | 5.75 | 0.05 (0.87 |
| ADPORTS | 4.49 | -0.01 (-0.23 |
03/02/2026
As part of its ongoing commitment to community engagement, Gulf Bank organized an interactive workshop titled "From Farm to Table", as part of its sustainability workshop series aimed at raising envi
Kuwait Times
03/02/2026
Vodafone Qatar reported a net profit of QR702mn in 2025, reflecting 16.8% year-on-year (y-o-y) increase, mainly driven by solid revenue growth and sustained cost discipline.
Total revenue in
Gulf Times
03/02/2026
GFH Financial Group (GFH) has announced that it has completed the acquisition of a majority stake in Byrne Equipment Rental, one of the GCC's leading industrial services and equipment rental provider
Trade Arabia
03/02/2026
Saudi-based Umm Al Qura for Development & Construction Company has announced the launch of a unified digital platform for property ownership within its premium Masar Destination in Makkah through app
Trade Arabia
03/02/2026
Mashreq, one of the leading financial institutions in the MENA region, has delivered exceptional results for the full year 2025, marked by transformational international expansion, record loan and de
Trade Arabia
Financial Information Co.
Saudi Arabia