Drydocks World and Privinvest Holding eye JV to build warships and support vessels

WAM DUBAI: Drydocks World, one of the largest shipyards in the world, has signed an MoU with Privinvest Holding, which has state-of-the-art construction and design facilities in the Mediterranean, the Arabian Gulf, Germany, France and the United Kingdom.

The two groups envisage a joint venture that will provide ship maintenance, upgrade and refit in addition to other associated services including specialized technical training within the United Arab Emirates and the surrounding region for mega yachts and naval vessels, according to a press release by Drydocks World.

The memorandum also provides that the two groups develop the final visualization for creating partnership to undertake a specialized business to build warships and support vessels in South East Asia in general and Indonesia in particular.

“This MoU further enhances our strategic business direction and will create the required synergies to reaffirm our global foothold by offering specialized high-end engineering, designing and construction services jointly with Privinvest Group. We aim to provide the latest technologies and techniques with enhanced capabilities. We aspire to offer advanced and sophisticated solutions in Project Management and Services to all our customers.” said Khamis Juma Buamim, Chairman of Drydocks World and Maritime World.

“Our two groups will join their forces to become an integrated service provider to the Naval and Yacht business. I am very happy about this agreement because of the complementary elements that each partner brings to the table”, stated Iskandar Safa, CEO of Privinvest Holding.

Drydocks world and its subsidiaries has maintained, serviced and refurbished over 1300 vessels of different types of Naval vessels and medium to Mega Yachts. Privinvest Holding, and its group and affiliated companies (including ADM, ADM Kiel, CMN and Nobiskrug) have delivered more than 1,600 vessels and catered to 30 Navies around the world.

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