- The global Marine Hybrid Propulsion market size is anticipated to reach USD 10 billion by 2029
- Al Seer Marine's new product range to expand portfolio in the public marine transportation sector
- The capacity of the new high-speed vessels to be between 60 and 80 passengers
- New vessels to utilise SEAir's advanced eco-friendly hydrofoils technology
Abu Dhabi, UAE : Al Seer Marine PJSC (ASM), a global player across multiple marine sectors and subsidiary of International Holding Company (IHC), has launched a new product range by developing high-speed ferries in collaboration with French design and innovation company SEAir.
The new high-speed ferries under development will utilise SEAir's extensive expertise in creating innovative maritime technologies, including hydrofoils that reduce fuel consumption, and patented technologies that support stability and shock mitigation. As a result, the vessels will be more cost-effective and safer with the ability to reach the fastest top speeds in the MENA region.
This cooperation will enable Al Seer Marine to develop vessels for public maritime transportation that can carry 60 – 80 passengers. The new vessels will have a direct positive impact on customers by reducing ticket prices, improving safety parameters and shortening travel time.
Guy Neivens, CEO of Al Seer Marine , said:“The regional market for passenger ferries is expected to gain traction in the future. This strategic partnership is the latest development in Al Seer Marine's ongoing long-term expansion as a major player in the maritime industry.”
According to the Fortune Business Insight report, the global Marine Hybrid market is expected to grow from USD 3.93 billion in 2021 to almost USD 10 billion in 2029 at a growth rate of 11.71% in the forecast period. The Middle East and Africa region is also expected to increase at a considerable compound annual growth rate during the project period.
“We are seeing an increasingly high demand from new global and regional clients, as well as new opportunities in the Middle East and Africa market as we launch new product lines and areas of operation that drive innovative technological advancement in the business,” Neivens added.
Al Seer Marine is already a leader in marine services in the region and has been expanding rapidly in the commercial shipping segment. The company aims to increase its fleet to become the largest in the MENA market and is analyzing expansion initiatives in product tankers, gas tankers, and dry bulk shipping sectors, with short-term plans of acquiring 10 to 15 ships in 2022. Earlier in the year, Al Seer Marine launched its additive manufacturing business unit, leveraging the latest additive manufacturing technologies for the company's in-house manufacturing of unmanned vessels and vehicles. The business unit will also develop large-scale additive manufacturing (LSAM) products and parts that are in high-demand regionally and globally.
About Al Seer Marine:
Al Seer Marine (ASM), founded in 2003, is listed on the ADX and a leader in marine services with 1 billion paid-in capital and over 1,200 employees. For its Full Year 2021 financial results, the company reported a net profit of AED 2.5 billion, driven by a significant rise in income from investments and acquisitions in support of its diversification strategy in the commercial maritime industry and new management and production services. It has a portfolio of services, including: management and training, construction of vessels, high-tech boatbuilding, unmanned systems development, and manufacturing. These are spread across its assets, namely: ASM Boat Building Sole Proprietorship, ASM Training Institute, and ASM Services Company.
SEAir is based in Lorient (Brittany, France) and a key player in the boat industry due to its expertise in foiling sailing yachts and motor boats. SEAir's founding idea is that hydrofoil technology should not remain the preserve of seasoned skippers, but be made more mainstream.
SEAir did not invent the foil, which is over a hundred years old, but believes it to be of crucial importance in an elaborate ecosystem, while others see it more as a carbon part that you add to a boat. SEAir makes alterations to existing boats and also designs the boats of the future, alone or in partnership with boat builders.
The company innovates constantly and develops a wide range of components with the purpose of making their foiling systems user-friendly and very efficient. Shocks mitigation is substantial, and fuel savings can be 20 to 50% less, depending on the type of pilotage and sea conditions. They offer studies for boats from 8 to more than 30m and also market“Flying Boats” from 8 to 10m.
About International Holding Company:
IHC was founded in 1998, as part of an initiative to diversify and develop non-oil business sectors in the UAE, and has grown to become the most valuable listed holding company in the Middle East with a market cap of USD 140 billion. The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region's largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), which represents the top 15 largest and most liquid companies on the ADX.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities and 22,345 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and partners.
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