Dubai – Mubasher: Gulf Navigation Holding said Wednesday that it has strategic long-term partnership with China’s heavy industry giant, Wuchang Group.
The decision was made at Gulf Navigation Holding’s latest board meeting, aiming to expand the company’s fleet in order to meet the increasing demand for transferring chemicals from the UAE and other GCC countries to global markets, according to a statement.
The signing ceremony, occurred during the Maritime Standard Tanker Conference, was attended by Chairman of Arab Shipbuilding and Repair Yard, Daij Bin Salman Bin Daij Al-Khalifa, Secretary General Dubai Economic Council, Hani Al Hamli, CEO of TASNEEF, Rashed AlHebsi, Deputy Chief Executive of KOTC, Ali Shehab Ahmed and President of Turkish Shipbuilders’ Association “GISBIR”, Aydin AlAftan, in addition to key decision makers from both parties.
"This partnership with Wuchang Heavy Industry Group, which is one of the largest companies worldwide in its field, is a significant step that will enable us to strengthen the company’s capabilities by expanding our fleet with modern and advanced tankers,” Khamis Juma Buamim, Board Member, MD and Group CEO, said.
“This will enhance our competitiveness in the transfer of chemicals; a market that is steadily expanding and is witnessing increasing demand,” he added.
Buamim also asserted that the partnership is also an opportunity for large investment projects for Chinese companies, which will learn from us the opportunities and possibilities that can benefit the Chinese maritime economy through partnerships with the UAE and maritime companies.
“We started with Wuchang Group by signing an agreement to immediately begin building six chemicals tankers. At the same time, we discussed with them cooperation opportunities in various areas. One of the most important pillars of this agreement is to pave the way for Chinese investors and attract them to work in the local market, which will reflect positively on the region as a whole,” Buamim noted.
Zhigang Yang, Chairman of Wuchang Ship Heavy Industry Group, said, "We are fully confident of achieving exceptional results through this exclusive partnership with Gulf Navigation Holding,”.
The agreement involves several points including working to develop the transfer of chemicals from the GCC to the world, encouraging investment in the field of chemical industry and distribution in the Gulf region, and developing investment in the heavy marine industry infrastructure to achieve integrated support for this critical sector and the businesses associated with it. This in turn, helps to meet market needs in the two countries,” Yang added.
