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Abu Dhabi MAR Group, ThyssenKrupp Agree On Long-Term Strategic Partnership |
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Abu Dhabi MAR Group, an Abu Dhabi-based international shipbuilding group and ThyssenKrupp Marine Systems, part of ThyssenKrupp, have agreed on a close strategic partnership. Following the acquisition of Nobiskrug Shipyard in Rendsburg, Germany, the envisaged partnership is a further step for Abu Dhabi MAR Group towards creating a world leader in naval and mega-yacht building. The strategic partnership involves the formation of a 50:50 joint venture, Blohm + Voss Naval, for the design and manufacturing of naval surface ships (frigates, corvettes and offshore patrol vessels). It also involves Abu Dhabi MAR Group owning a majority stake of 80% in the mega yacht business and in each of the companies "Blohm + Voss Shipyards", "Blohm + Voss Repair" and "Blohm + Voss Industries". Commenting on the deal, Ahmad Darwish Al Marar, Chairman of Abu Dhabi MAR Group, said: "The strategic partnership with ThyssenKrupp presents a compelling opportunity for Abu Dhabi MAR Group to position the group as world leader in naval and mega yacht building." Abu Dhabi MAR Group is a major shipbuilder in the heart of the Gulf Region providing its customers with innovations and creative solutions based on high engineering standards. "The joint shipbuilding group will capitalize on our combined expertise and the commitment to deliver the highest technological standards for our future customers. We believe that, together with the highly qualified and experienced employees of Blohm + Voss, we will be able to design and build excellent and competitive products for our sophisticated customers worldwide," added Mr. Al Marar. The transaction is subject to the approval of the supervisory bodies of both groups. For the naval side, the transaction is subject to disclosure requirements under the German Foreign Trade and Payments Act (AWG). |
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