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Drydocks World expects 10% growth in profit

Company looking to operate facilities in Saudi Arabia

Gulf News

Dubai: Drydocks World expects a 10 per cent growth in profit this year, and is looking at options to enter the Saudi Arabian market as part of its expansion plans, according to the company’s top executive.

“We expect a 10 per cent growth in our net profits for 2012, and we are doing well. We don’t need any financial aid from the government,” Khamis Juma Bu Amim, the company’s chairman, told reporters on the sidelines of an event here.

Drydocks made a net profit of $134 million in 2011, according to the company.

The firm is also “in serious talks to operate and manage dry dock facilities in Saudi Arabia’s Dhahran and Jeddah ports. We expect to see this agreement through by first quarter of 2013,” Bu Amim said.

This is expected to add 17-18 per cent to Drydocks’ existing capacity, which currently sees the handling of 35 vessels at each dock, he noted.

Besides Saudi Arabia, Drydocks is also eyeing new opportunities in Turkey. “We are in final talks to expand in Turkey at an already existing yard. They already have the manufacturing unit and we will be adding a repair facility to that,” Bu Amim said, but declined to give any other details.

A multi-purpose Maritime Business Centre within the Dubai Maritime City (DMC) was opened on Saturday by Lieutenant-General Saif Abdullah Al Shafar, Undersecretary, Ministry of the Interior.

The Centre will form the nucleus of DMC, which is evolving rapidly into a hub of maritime commerce, business and trade with a series of leading regional and international companies setting shop within the District, recently.

“All components have fallen into place as envisaged within our long term strategy for Dubai Maritime City, which is to develop the mixed-use maritime hub as a key contributor to the country’s economy as a driving force behind the growth and progress of maritime and relevant business in the region. The opening of the Maritime Business Centre will greatly facilitate the growth of the City,” said Khamis Juma Bu Amim, Chairman of Drydocks World and Maritime World.