Abu Dhabi: Al Seer Marine (ASM), a leader in advanced maritime solutions and a subsidiary of International Holding Company (IHC), has secured a production agreement valued at AED47.6 million to deliver high-speed interceptor vessels to Albwardy Damen, known as Damen Shipyards Sharjah (DSSh). The delivery is scheduled to span 42 months, with the vessels being integrated into offshore patrol vessels (OPVs). These vessels will be entirely designed, built, and outfitted in the UAE, supporting the country's 'Make it in the Emirates' industrialisation initiative.
According to Emirates News Agency, the global OPV market is expected to grow from US$38.1 billion in 2024 to US$73.3 billion by 2033, with a CAGR of 7.15 percent. This positions the OPV market as one of the profitable segments in the shipbuilding industry. Guy Neivens, CEO of Al Seer Marine, highlighted the company's proactive approach to this growth trend, emphasizing its investments in technologies, infrastructure, and engineering to establish the naval shipbuilding vertical as a core revenue driver, providing portfolio diversification and long-term value for investors.
This strategic move by Al Seer Marine responds to the increasing global and regional demand for OPVs, particularly in the Middle East, where maritime security and naval capability development are national priorities. In 2024, Al Seer Marine reported operational profits of AED107 million on revenues exceeding AED1.28 billion. The new production mandate is anticipated to further enhance financial performance over the contract period, reinforcing the company's shift toward high-value manufacturing and defence export capabilities within the UAE.