ABU DHABI: Al Seer Marine PJSC, the leading marine company in the Middle East and a subsidiary of International Holding Company (IHC), has announced a sizeable investment of 375 million equity shares (AED 1.2 billion) in Abu Dhabi Ports Group allocated ahead of its Initial Public Offering (IPO).

The investment will support Al Seer Marine to generate growth in the country and the wider region and will accelerate the company’s local and international expansion plans.

Al Seer Marine has been rapidly growing its portfolio, which now includes Abu Dhabi Ports Group which will list on Abu Dhabi Securities Exchange (ADX) on Tuesday.

Guy Neivens, Chief Executive Officer of Al Seer Marine, said: “The investment in Abu Dhabi Ports Group is crucial for improving the company’s competitiveness and revenue capacity performance. The port is an economic driver, not only in UAE but across the region. Our participation highlights our confidence in Abu Dhabi Ports Group IPO and sets a benchmark for the investor community at large.”

Founded in 2003, Al Seer Marine is a leader in marine services in the region with 1 billion in paid-in capital and over 1,200 employees. As of December 2021, the company’s assets amounted to AED 6.1 billion, compared to AED 717.81 million at the start of the year. Al Seer Marine provides vessels construction services, operation, refurbishment, and yacht management to private customers, as well as fulfilling public sector vessels contracts.

Al Seer Marine Supplies and Equipment Company was established in 2003 and is headquartered in Abu Dhabi, UAE. Al Seer is a leading marine company in the Middle East Region, with a portfolio of services including the management and training, Construction of vessels, High-tech boatbuilding, Unmanned systems development, and manufacturing. Al Seer Marine employs more than 1200 people onboard and ashore, from more than 50 nationalities.