Dubai's ship building unit Drydocks World said it has signed an MoU with Privinvest Holding, a leading player in the naval, commercial vessels and super yacht industry, for its specialized high-end engineering, designing and construction services.

The Beirut-based company boasts of hitech construction and design facilities in the Mediterranean, the Arabian Gulf, Germany, France and the United Kingdom.
 
Drydocks World said 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 UAE and the surrounding region for mega yachts and naval vessels.

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," remarked Khamis Juma Buamim, the chairman of Drydocks World and Maritime World.

"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," he stated.

Drydocks World and its subsidiaries, he said, have maintained, serviced and refurbished over 1300 vessels of different types of naval vessels and medium to mega yachts.

"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," Juma Buamim added.

Privinvest Holding CEO Iskandar Safa said, "Our two groups will join 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."

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, he added.-TradeArabia News Service