SembMarine (Middle East) Pte Ltd will invest up to
$40m, as well as provide technical services to Floating Dock Company for Shipbuilding and Ship repair (FDSCO) that will develop, own, operate and lease the ship building and ship repair yard.
The 21 hectares FDSCO Yard will be constructed on the Al Jazeera Island which is a part of the Yanbu Commercial Port, facing the Red Sea. It is strategically located, convenient and suitable for ship repair, especially ships plying the Red Sea-
Mediterranean Sea via the Suez Canal. The FDSCO Yard will offer a wide range of shipbuilding, ship repairing, marine engineering facilities and services to the region's heavy industries.
Fully operational by 2009, the FDSCO Yard will have a shiplift system for new building and repair of vessels up to Handymax size and a floating dock for repair of vessels up to Suezmax size. The other associated facilities will include ship construction halls, wet and dry berths, final outfitting and commissioning quay, supporting infrastructures and services as well as training facilities.
On the rationale underlying the joint venture, Mr. Ng Thiam Poh, Senior Vice President of Corporate Development at SembCorp Marine said "We are honored to be chosen by Al Mukairish to be its strategic partner in the development and operations of FDSCO Yard in Yanbu. Through SMME, SCM will invest in and provide technical and management services to FDSCO. SMME will also provide opportunities for SCM to grow its marine, oil and gas business in the Middle East."
On the partnership with SCM, Mr Saleh Al Mukairish, the CEO and main shareholder of
Nasser Mohammed Al-Mukairish & Partners Company said "We are grateful for the friendship that SembCorp Marine has shown us and we are excited about this opportunity for SembCorp Marine to bring their world-class skills and experience as our distinguished partner to develop the strategic FDSCO Project for the benefit of the Kingdom of Saudi Arabia. In this regard, I am confident that the FDSCO Project will be a mutually beneficial and successful one."
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Swicorp advises Nasser Al Mukairish and Partners Co. on partnership with SembCorp Marine
- Saudi Arabia: Saturday, December 15 - 2007 at 10:24
- PRESS RELEASE
Al Mukairish, the lead promoter of a greenfield ship building and ship repair yard to be developed in Yanbu, Kingdom of Saudi Arabia, on the BOOL (Build Own Operate Lease) scheme, has entered into a joint venture agreement with SembCorp Marine Ltd to form SembMarine (Middle East) Pte. Ltd.
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About SembCorp Marine Ltd (SCM)SCM is a Singapore public company listed on the Singapore Exchange. It is a leading global marine engineering group specializing in a full spectrum of integrated solutions in shipbuilding, ship repair, ship conversion, rig building to offshore engineering and production facilities. With more than 40 years experience and proven track record since its inception in 1963, the Group manages 9 yard facilities: five in Singapore, one in Brazil, two in Indonesia and one in the United States. In addition, it owns a 30% stake in the Cosco Shipyard Group, comprising five shipyards in China.
About Nasser Mohammed Al-Mukairish and Partners Company (Al Mukairish)
Al Mukairish is a Saudi Arabian company owned by two brothers Mr. Nasser Mohammed Al-Mukairish and Mr. Saleh Mohammed Al-Mukairish. In addition to its normal course of business in real estate trading, the company is specialized in the area of real estate and infrastructure development projects. It has concluded several major projects in the city of Jeddah / Saudi Arabia, as well as in Sudan. The group of companies has businesses in the areas of road and bridge construction, concrete industry products (including ready mix concrete, pre-cast concrete and hollow core building systems) and investments in a steel rolling mill in Rabigh, Saudi Arabia.
About Swicorp
Founded in 1987, Swicorp is an independent corporate advisory, private equity and principal investment firm which provides a comprehensive range of financial advisory, private equity and principal services to domestic and international businesses active in the MENA region. With twenty years of experience in Mergers & Acquisitions, Private Equity and Principal Investment across the MENA region, Swicorp has established itself as one of the leading players in the MENA region's corporate advisory, private equity and principal investment sectors. Headquartered in Riyadh, Swicorp also has offices in Jeddah, Geneva, Tunis, Dubai, Algiers and Tehran.
For further information, please contact:
Daniel Schenker
Managing Director, CFO
Swicorp
Tel: (+966) 1 211 07 37
(+41) 22 737 37 37
Posted by Medilyn Manibo, Assistant News EditorSaturday, December 15 - 2007 at 10:24 UAE local time (GMT+4)
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