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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.
The National
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
Gulf News
21/02/2017
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
Gulfnews
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 | 10.90 | -0.38 (-3.37 |
| IQCD | 13.22 | -0.03 (-0.23 |
| ADNOCLS | 4.95 | -0.11 (-2.18 |
| ADPORTS | 4.26 | -0.12 (-2.74 |
| NMDC | 24.50 | 0.16 (0.65 |
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Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
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Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
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Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
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