MIS struggles to buy Abu Dhabi yard |
|
Oslo-listed Maritime Industrial Services (MIS)Maritime Industrial Services (MIS)
is struggling at acquiring a yard in Abu Dhabi to support its expansion plans, Emirates Business has learned.According to Jerry Smith, MISMIS
managing director, the Sharjah-based firm has been scouting for over a year but has not been able to find one. Abu Dhabi, he said, tends to be a "bit harder" since it is the base for several large scale oil and gas related industries and firms and a lot of the available yard space has been bought already. "This means there are more firms vying for whatever yard space is currently available," Smith added.
According to Karim El Solh, member of the board at MISMIS
and CEO of Gulf Capital, the largest shareholder in MISMIS, they will either build a greenfield yard or acquire an existing operation.He said although the firm has set its eye on the UAE capital, looking to the East is a natural progression for MISMIS
as currently all the shipyards in the region especially in the UAE are fully booked. The list of orders is also growing and to accommodate that, companies need more space."We may be looking in India or Indonesia or China where we may have access to competent but very attractively priced labour, space and also access to cheap raw material like steel, El Solh said. "We could outsource some of the lower value added projects to Asia and focus on the very complex technology and projects here in the UAE."
Smith said looking to the East could be a good alternative solution depending on the company's specific growth strategy and priority business lines. "We are not opposed to looking overseas in the future for joint ventures or acquisitions opportunities," he added.
MISMIS
had recently increased its yard capacity by 60,000 square metres when it acquired 3C Metal International in June, which has 30,000 sq m capacity. It has also obtained a 30,000 sq m land in Hamriyah Free Zone, Sharjah.
Smith said MISMIS
will develop this greenfield yard into a feeder fabrication facility and a material storage warehouse. Both should be ready for operation in the second quarter of next year.The firm's main yard in Sharjah is about 200,000 sq m. It also has a 90,000 sq m in Saudi and a 15,000 sq m yard in Kuwait. MISMIS
has seven offshore jack-up drilling rigs under construction in its new-build programme and backlog orders of $1 billion (Dh3.67bn).By Karen Remo-Listama
© Emirates Business 24/7 2008
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Abu Dhabi Investment Council | UAE | Investment Firms and Funds |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Mubadala Development Company | UAE | Investment Firms and Funds |
| Barwa Real Estate Company | Qatar | Landlords and Developers |
| Emaar Properties | UAE | Landlords and Developers |
| Saudi Arabian Oil Company | Saudi Arabia | Oil |
| Al Hilal Bank | UAE | Banking |
| Al Rajhi Investment Group | Saudi Arabia | Investment Firms and Funds |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| IPIC - Abu Dhabi Crude Oil Pipeline (ADCOP) | UAE | Oil and Gas |
| Dubai RTA - Dubai Metro - Purple Line | UAE | Infrastructure |
| Qatar Foundation - Sidra Hospital | Qatar | Real Estate |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| ADCO - SAS Field Development | UAE | Oil and Gas |
| Abu Dhabi Municipality - Salam Street and Mina Road Development | UAE | Infrastructure |
| Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Qatalum Aluminum Smelter | Qatar | Industry |
| KNPC - Al Zour Refinery | Kuwait | Oil and Gas |
| Nakheel - Dubai Waterfront | UAE | Real Estate |