The Arab Shipbuilding & Repair Yard Company (ASRY) and AD Ports Group have inked three Heads of Terms (HoTs) for the provision of maritime services in Bahrain as well as joint ventures on important port and maritime projects. These new agreements come after ASRY Marine, a joint venture between ASRY and Noatum Maritime, a member of the Maritime & Shipping Cluster of AD Ports Group, was successfully established with the goal of offering complete marine services in Bahrain.
The initial Head of Terms (HoT) concerns a Joint Venture (JV) for the management of shipyards and drydock facilities. Through its existing companies in this industry, the JV seeks to capitalize on each party’s facilities and expertise.
Additionally, both parties signed a second HoT with a third party, JM Baxi, an India-based, well-established business specialising in marine services, ports, logistics, and technology.
By reusing parts and minimizing waste, this agreement aims to reduce carbon emissions by establishing green ship recycling facilities that support a circular economy. Examining cooperative investment prospects in ports and terminals is the subject of the final HoT that AD Ports Group and ASRY inked.
