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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 |
|---|---|---|
| PAPER | 174.00 | -1.00 (-0.58 |
| ALPHADHABI | 11.44 | 0.26 (2.32 |
| ADNOCLS | 4.69 | 0.00 (0.00 |
| SALIK | 5.79 | 0.06 (1.04 |
| NMDC | 24.44 | -0.56 (-2.24 |
19/05/2025
The US has pledged up to $60 billion in investments for UAE energy projects, reinforcing a strategic partnership announced during the UAE-US business dialogue with President Donald Trump.
Khaleej Times
16/05/2025
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, has delivered a 3.8% year-on-year revenue growth, reaching AE
Trade Arabia
16/05/2025
Abraj Energy Services has signed a contract with BP Oman to provide a drilling rig for operations in Block 61, with the rig expected to become operational in the fourth quarter of 2025.
The
Muscat Daily
16/05/2025
Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region.
This stat
Gulf Times
16/05/2025
Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in fi
Gulfnews
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