Naval shipbuilder Abu Dhabi Shipbuilding Company (ADSB) has locked in Dh750 million in revenues for 2017, as it looks to venture further into the oil and gas industry.
“By December 31 we would’ve finished concluded projects that would bring in revenues of around Dh750m, including with international clients and customers. We have expected revenue of Dh500m for 2018 from commercial, military, shipbuilding and services projects,” ADSB chief executive Khaled Al Mazrouei told The National.
“Next year, we expect the company to be profitable and we expect growth in revenue of five to ten per cent next year until 2025,” he added.
ADSB's revenues stood at Dh928m in 2016, up from Dh791m in the previous year.
Mr Al Mazrouei was speaking at the unveiling of the shipbuilder's new branding strategy at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec). He said the company is looking to further expand its oil and gas services portfolio, in addition to its current portfolio of naval and commercial shipbuilding operations.
The company last year commissioned its first floating dock in Abu Dhabi's Mina Zayed port, with the intention of servicing oil and gas vessels.
“The downturn has prevented oil and gas companies from building new ships and due to the oil price downturn and they’re trying to maximise utilisation. This calls for greater maintenance of ships and that's our area of expertise,” he says.
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Read more:
Abu Dhabi shipbuilder’s huge floating drydock up and running at Mina Zayed
Abu Dhabi Ship Building reports profit fall but sees promise from Mina Zayed floating dock
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“One of the intentions of having a floating dock at Mina Zayed is to enhance the capabilities for having oil and gas ships and as well as chemical ships, which wasn’t the case at our shipyard at Musaffah before. We’re not going to the oil and gas as a core business. We’re just taking care of the ships and the services, as well as they have the offshore rigs,” he added.
ADSB, which suffered a Dh90.6m loss in 2014 managed to turnaround last year with Dh71m in net profit.
The Abu Dhabi listed company, which is 40 per cent owned by Mubadala Investment Company and 10 per cent by the Abu Dhabi government, repaired and serviced 285 vessels last year.
The company completed six oil and gas projects from regional, national and international companies over the past year.
“We have already exported to many GCC countries. We did some works for Kuwait Navy worth Dh260m. The last two ships have already been delivered as per contract. We also exported to some other GCC countries some war ships. We have exported to countries in Africa and the subcontinent. The services are not only for the UAE but we’re looking globally,” said Al Mazrouei.
“[For the] last three to four months, the floating dock has been fully occupied.”
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Score
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
New Zealand lead three-match ODI series 1-0
Next match: Zayed Cricket Stadium, Abu Dhabi, Friday
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
GRAN%20TURISMO
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