International Maritime Industries (IMI), the largest shipyard in the Mena region, has endorsed the newly launched Global Maritime Fund (GMF) that will offer innovative financing to key customers and maritime firms around the world. 

 

Managed by Pelagic Partners, GMF aims to become the world’s largest maritime fund to provide innovative financing solutions that are globally competitive, scalable, and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers and other companies operating in the Saudi maritime industry.

 

Based in Cyprus, GMF will raise capital through regional and international investors, as well as long-term agreements with key customers such as Bahri and ARO that will deliver stable income. It is expected to be managing assets worth $1.25 billion (SR4.7 billion) by the end of 2023, growing to $10 billion (SR37.6 billion) over the next 10 years. 

 

Financing to ships

GMF, which will provide up to 100% financing for ships and rigs built at IMI’s yard in Ras Al Khair, Saudi Arabia, was launched during a ceremony in Cyprus attended by the country’s Finance Minister Constantinos Petrides, IMI Chairman Ahmed Al Sa’adi, the Saudi Ambassador to Cyprus, Khalid Al Shareef, IMI CEO Dr Abdullah Al Ahmari, and GMF Chairman Feras Al-Sahan, as well as Pelagic Partners Founders Dr Niels Hartmann and Atef Abou Merhi. Pelagic Partners and IMI executives, board members and other government officials also attended the ceremony. 

 

Al Sa’adi said: “At IMI we are honoured to be part of Saudi Arabia’s ambitious Vision 2030 efforts to build a technologically advanced and sustainable maritime hub at the center of its logistics industry. The launch of the GMF goes hand in hand with our vision to become a global leader in maritime innovation and sustainability, expanding our service offering as we work to become one of the world’s most advanced maritime facilities.”

 

Dr Al Ahmari said: “The launch of the GMF will enable IMI to offer a brand-new value proposition that will help reinforce our position as a key driver of the Saudi maritime industry. GMF further enhances our comprehensive service offering that provides customers and business partners with a range of innovative, sustainable maritime products at internationally competitive prices. We are proud to be at the forefront of this significant initiative.”

 

Value proposition

Al-Sahan said: “The launch of GMF has created a unique and unprecedented value proposition in the maritime industry. It is the first independent maritime fund providing innovative financing solutions that are globally competitive, scalable and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers, and other companies operating in the Saudi maritime industry. We look forward to working with the fund manager, Pelagic Partners, to grow the fund over the coming years by developing strong relationships with key regional and international banks and investors, with the aim of becoming the world’s largest maritime fund.”

 

IMI, a joint venture between leading industry partners Saudi Aramco, Bahri, Lamprell, and HHI, is the largest shipyard in the Mena region at nearly 12 million sq m. It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.-- TradeArabia News Service