Abu Dhabi: Emirates Steel, a subsidiary of the General Holding Corporation (Senaat), signed an agreement with Abu Dhabi Ports to provide marine services for shipment of Iron more, according to an announcement on Wednesday. The value of the deal is Dh1 billion.
The deal with Abu Dhabi Marine Services (Safeen), a subsidiary of Abu Dhabi Ports, will be implemented in January 2021 and will extend over the following 10 years.
As per the agreement, Safeen will provide short marine shipping services for three shipments of iron ore per month. Additionally, Safeen will be responsible for the purchase, rental, delivery, operation and maintenance of cargo ships, trailers and unloading equipment for Emirates Steel.
“Emirates Steel continues to seek to enhance its production capabilities in Abu Dhabi, and the signing of this agreement falls in line with such a commitment,” Saeed Ghumran Al Remeithi, the CEO of Emirates Steel, said in a statement. “Through this agreement we have ensured the best shipping services for our cargo in order to continue to improve our production capacity in Abu Dhabi.”
Established in 1998, Emirates Steel posted a revenue of Dh6.6 billion for 2017, up 22.2 per cent compared to Dh5.4 billion in 2016, the firm’s CEO said last year. Production capacity increased to more than 3.2 million tonnes by the end of 2017.
“We are delighted that Emirates Steel has chosen Abu Dhabi Ports to provide marine shipping services, and we will continue to leverage Safeen’s expertise to provide world-class services and solutions,” said Captain Mohammad Juma Al Shamisi, CEO of Abu Dhabi Ports.