Manama: AD Ports Group signed three Heads of Terms (HoTs) with the Arab Shipbuilding and Repair Yard Company (ASRY) to collaborate on strategic maritime and ports projects in Bahrain. The signing was attended by H.H. Shaikh Nasser bin Hamad Al Khalifa, the Kingdom of Bahrain's Representative for Humanitarian Works and Youth Affairs and Chairman of Bapco Energies.
According to Emirates News Agency, these agreements build on the establishment of ASRY Marine, a joint venture between Noatum Maritime, part of AD Ports Group's Maritime and Shipping Cluster, and ASRY. The first HoT focuses on a Joint Venture (JV) to manage drydock facilities and shipyards, aiming to enhance capabilities within the GCC and explore opportunities globally.
Additionally, a second HoT involves a collaboration with JM Baxi, an Indian company specializing in marine services, ports, logistics, and technology. This agreement aims to create green ship recycling facilities, promoting a circular economy by repurposing parts and reducing waste and carbon emissions. JM Baxi supports sustainable practices and the implementation of the Hong Kong Convention, a global standard for responsible ship recycling.
The final HoT involves AD Ports Group and ASRY exploring joint investment opportunities within ports and terminals. A collaborative framework and working group will be established to identify prospective development areas.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, expressed enthusiasm for deepening collaboration across the maritime sector. Dr. Ahmed Al Abri, CEO of ASRY, highlighted the importance of these agreements in strengthening capabilities in drydocking and shipbuilding, developing green ship recycling, and enhancing port management.
The new cooperation areas bolster maritime capabilities and emphasize sustainability and environmental responsibility, fostering innovation and growth in the industry.