Dubai: Former Drydocks Chairman Khamis Juma Bu Amim is to lead a five-year expansion strategy at Dubai-based shipping company Gulf Navigation.
Bu Amim, who led state-owned Drydocks between 2010 and 2015, joined Gulf Navigation this month as managing director and group chief executive.
He will now oversee a strategy to grow the business in the Arabian Gulf and Gulf of Oman and explore a series of unnamed acquisitions, the company said on Tuesday.
The strategy, which will be presented to the board next month, includes adding new tanker tonnage and increasing technical and offshore support services, Bu Amim told reporters at a press conference at a Dubai hotel.
Bu Amim’s appointment is the latest in a series of changes at Gulf Navigation, who is facing “three major legal cases” brought against them in international courts. The company’s chairman and more than half its board departed in January and have since been replaced with new members and a new chairman, Abdullah Saeed Abdullah Brook Al Hemeiri.
Gulf Navigation expects to settle the three legal cases this year, board member Ahmad Al Kilani said. The cases total $60 million in claims against Gulf Navigation but Al Kilani believes they can resolve the claims for $35 million.
“Everyone will get paid. We will negotiate preferable, preferential pricing structure,” he said.
Bu Amim declined to provide specific details about the expansion strategy, telling reporters “wait and see” but did say Gulf Navigation had the necessary funds to settle the lawsuits.
“We have enough to sustain the company, to ensure all legacy issues are sorted out and keep moving forward and do our business in the right matter,” he said.
Gulf Navigation shares closed on the Dubai Financial Market up 1.51 per cent to 87.3 fils following the announcement of the expansion strategy.
