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Abu Dhabi Ship Building Company
Pages 8 (2008 words)
The city of Abu Dhabi is the principal gateway to the offshore market with the Arabian Gulf a well-established hub. At present the shipping industry is in a growth surge, which is expected to continue as high oil prices drive a thriving regional economy.
ADSB, however, specializes in the construction, repair and refit of naval and commercial vessels, rather than focusing on pleasure boats. Since the company began in 1995, it has formed strategic partnerships with leading ship designers and builders in ten countries. As a public joint stock company, it was registered in the UAE, established by Amiri Decree N.5 of 1995 on 12 July 1995. Most of the company's contracts have been with its home country's navy, but in 2001, it began to compete in the oil-fired market of other Gulf states (Kahwaji). It was owned 10 percent by Abu Dhabi's government, 40 percent UAE Mubadala Development Company and 50 percent by more than 6,000 UAE national shareholders. In 2002, a 50m expansion was undertaken, and by 2005 more than 800 people were employed by the company. In 2003, ADSB signed the Baynunah contract to design and construct four corvette class 70-metre naval vessels for the UAE Navy. ...
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