AD Ports has signed three Heads of Terms (HoTs) with the Arab Shipbuilding & Repair Yard Company (ASRY) for the provision of marine services in Bahrain to collaborate on strategic maritime and ports projects.
These new agreements follow the successful establishment of ASRY Marine, a joint venture between Noatum Maritime, a part of AD Ports Group’s Maritime & Shipping Cluster, and ASRY, which focuses on providing integrated marine services in Bahrain.
The first Head of Terms (HoT) concerns a Joint Venture (JV) to manage dry dock facilities and shipyards. The JV aims to leverage the capabilities and facilities of each party through their established businesses in this sector.
This agreement seeks to enhance drydocking and shipbuilding capabilities within the GCC and explore opportunities in other regions.
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The parties signed a second HoT with a third party, JM Baxi, an India-based, well-established business specialising in marine services, ports, logistics, and technology.
This agreement focuses on creating green ship recycling facilities to promote a circular economy by repurposing parts and minimising waste, thereby reducing carbon emissions. Green recycling in the shipping industry involves the environmentally responsible dismantling and repurposing of ships, contributing to resource conservation and pollution reduction.
The final HoT signed by AD Ports Group and ASRY relates to exploring joint investment opportunities within ports and terminals. Through the creation of a collaborative framework and a working group, the parties will draw on their joint expertise to identify prospective areas of development.
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Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: “Following the successful formation of our recent joint venture with ASRY, we look forward to deepening our collaboration across the maritime realm.
“We have already developed strong working ties, and this agreement opens the door to create more value and growth across our operations. Exploring opportunities to establish green ship recycling facilities is also very important for us, ensuring that vessels are retired in a safe and environmentally responsible manner.”
