UAE port operator the AD Ports Group and the Arab Shipbuilding and Repair Yard (ASRY) based in Bahrain have entered into heads of terms agreement for the provision of marine services in Bahrain and to collaborate on maritime and ports projects.
The AD Ports Group said these new agreements follow the successful establishment of ASRY Marine, a joint venture between ASRY and Noatum Maritime, part of AD Ports Group’s maritime and shipping cluster.
The first agreement pertains to a joint venture to manage drydock facilities and shipyards. The AD Ports Group said the agreement seeks to enhance drydocking and shipbuilding capabilities within the Gulf Cooperation Council region and explore opportunities in other regions.
The AD Ports Group and ASRY have also agreed with JM Baxi, an India-based business specialising in marine services, ports, logistics, and technology.
The agreement with JM Baxi focuses on the creation of new ship recycling facilities wherein parts will be repurposed and waste will be minimised in compliance with Hong Kong Convention regulations.
The final agreement signed by the 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 two parties will draw on their expertise to identify prospective areas of development.