Speaking at the recent Middle East Regional Offset Conference in the UAE capital Abu Dhabi, Neil Rutter, Chairman of the Global Offset & Countertrade Association (GOACA), said cross-border partnerships, the core of offsets, are essential to propelling forward the region's economic opportunities.
"Industry partnership is key to developing the strength of the region's geographic and financial position and the remarkable UAE industry growth has built a stronger economic case for regional offset," said Rutter.
And the GOACA Chairman said industry analysts had to look no further for proof of offset success than Dubai-headquartered Gulf Energy Maritime (GEM), the Middle East's largest independent commercial tanker operator, in which French defense giant Thales has an equity stake following a successful offset investment.
"GEM has successfully delivered high quality services to customers globally and provided flawless marine transportation," said Rutter.
Thales involvement in GEM followed an approach by initial shareholder Emirates National Oil Company (ENOC).
"Within a month of being approached, Thales entered the joint venture convinced by its sound business approach," explained Ahmed Hareb Al Falahi, CEO, GEM. Following Thales' commitment Abu Dhabi's International Petroleum Investment Company and Oman Oil Company joined the GEM joint venture.
"By coming together in a professional manner we have, over the last three years, shared experience, skills and international industry knowledge for the benefit of all and for the greater good of the UAE," added Al Falahi. "GEM has befitted immensely from Thales' guidance in corporate governance."
Since its launch in July 2004, GEM has built an asset base which now stands at US $1.1 billion, an 800% growth on start-up, through the ownership of 19 product and chemical tankers.
Thales is now holding GEM up as a sterling offset case study which, it says, others in the region should emulate.
"Offset is an important tool to encourage economic growth and Thales' participation in GEM's highly successful venture has created the perfect business model for others in the region to follow," said J.C. Climeau, CEO, Thales International.
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UAE industry growth builds offset proposition, says expert
- United Arab Emirates: Saturday, March 03 - 2007 at 09:30
- PRESS RELEASE
The spectacular growth of the United Arab Emirates' industrial sector is building a strong case for the use of the country's offset programme in delivering national economic wealth, according to an international offsets expert.
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About Gulf Energy Maritime (GEM) PJSC:Headquartered in Dubai, GEM is the Middle East's largest independent, commercial product tanker operator and boasts the world's most modern product tanker fleet. Committed to delivering safety, quality and excellence, GEM's Tanker Management Self Assessment System required by the Oil Companies International Marine Forum, has been approved by ExxonMobil, BP and Shell - the first Middle East product tanker operator to be approved by three of the world's oil majors.
Established just two and a half years ago, GEM has built an asset value now standing at USD 1.1 billion.
GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of a fleet of petroleum and chemical tankers trading worldwide. These also incorporate the pollution prevention requirements of the International Marine Organisation's ISM Code.
GEM is a joint venture partnership between Dubai's Emirates National Oil Company (ENOC), Abu Dhabi's International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France under the UAE Offsets programme.
About Gulf Energy Maritime (GEM) PJSC:
Headquartered in Dubai, GEM is the Middle East's largest independent, commercial product tanker operator and boasts the world's most modern product tanker fleet. Committed to delivering safety, quality and excellence, GEM's Tanker Management Self Assessment System required by the Oil Companies International Marine Forum, has been approved by ExxonMobil, BP and Shell - the first Middle East product tanker operator to be approved by three of the world's oil majors.
Established just two and a half years ago, GEM has built an asset value now standing at USD 1.1 billion.
GEM is certified by Lloyd's Register Quality Assurance to the ISO 9001-2000 Quality Management System and ISO 14001-2004 Environment Management System for the operational and technical management of a fleet of petroleum and chemical tankers trading worldwide. These also incorporate the pollution prevention requirements of the International Marine Organisation's ISM Code.
GEM is a joint venture partnership between Dubai's Emirates National Oil Company (ENOC), Abu Dhabi's International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France under the UAE Offsets programme.
For further information:
Gladson Ronad, MCS/Action, PO Box 20970, Dubai, United Arab Emirates.
Tel: +9714 390 2960;
Fax: +9714 390 8161
Or
Fouad Kassem, MCS/Action, P.O Box 20970, Dubai, United Arab Emirates.
Tel: +9714 3902960;
Fax: +9714 390 8161
Posted by Lara Lynn Golden, News EditorSaturday, March 03 - 2007 at 09:30 UAE local time (GMT+4)
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