New Abu Dhabi Ship Building joint venture GLNS to debut at ISNR security expo & conference
Abu Dhabi Ship Building (ADSB), the leading shipbuilder and naval support services provider in the Gulf region, has announced that Gulf Logistics and Naval Support LLC (GLNS), the new joint venture between ADSB and the UK’s BAE Systems Surface Ships, will be joining the International Security National Resilience (ISNR) Exhibition and Conference for the first time.
Widely regarded as the definitive event in the Middle East, ISNR Exhibition will run from March 1 to 3, 2010 at the Abu Dhabi National Exhibition Centre. ADSB aims to further broaden its regional presence through GLNS’ participation in the event. The ship builder has been receiving additional enquiries from maritime security organizations after it signed an AED 460 million deal to supply 34 high-speed interceptor boats for Abu Dhabi’s Critical National Infrastructure Authority (CNIA) in 2009. CNIA, the government authority tasked to oversee the protection of the emirate’s vital assets and infrastructure, will act as a Strategic Partner for ISNR 2010.
“GLNS’ inclusion in ISNR 2010 is an excellent opportunity for ADSB to show how its expertise in shipbuilding and naval support can help build up the Middle East’s defense capabilities. Through our presence in high-profile events such as ISNR and key partnerships with organizations such as CNIA and BAE Systems we are confident that we can sustain the momentum of our strong performance in 2009 and extend our Gulf maritime leadership further to the Middle Eastern markets,” said Homaid Al Shemmari, Chairman, ADSB.
ADSB recently announced that it posted a record net profit of AED 114.39 million on revenues of over AED 1.16 billion in 2009, to achieve an Earnings Per Share (EPS) of 53.9 fils. The company’s total assets also grew 29 per cent over 2008 to more than AED 2.2 billion. Officials attributed ADSB’s strongest-ever annual performance to new projects initiated with major organizations such as the UAE Navy, CNIA, and the Royal Bahrain Naval Force last year.
Abu Dhabi Ship Building, the most modern naval shipyard in the Gulf, is a Public Joint Stock Company that was established in 1996. It manages the only shipyard in the region capable of building, refitting, repairing and upgrading complex naval warships. ADSB’s client base includes Navies, Coast Guards and other military, paramilitary and commercial vessel operators across the GCC region. Mubadala Development Company owns 40 per cent of the shipbuilder, with the rest shared by the Abu Dhabi Government (10 per cent) and individual UAE Nationals (50 per cent).
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