Al Seer Marine (ASM), a subsidiary of International Holding Company (IHC), has secured a production agreement valued at AED 47.6 million ($13 million) to deliver high-speed interceptor vessels to Albwardy Damen (Damen Shipyards Sharjah – DSSh).
Delivery will span 42 months, with the units slated for integration into offshore patrol vessels (OPVs). All vessels will be designed, built, and outfitted entirely in the UAE, in alignment with the country’s “Make it in the Emirates” industrialization initiative.
“The global OPV market is projected to grow from US$38.1 billion in 2024 to $73.3 billion by 2033, at a CAGR of 7.15 percent, according to a recent report published via GlobeNewswire—positioning it as one of the highly profitable segments in the shipbuilding industry,” said Guy Neivens, CEO of Al Seer Marine.
Neivens added that, “With our long-term strategic vision, we anticipated this trajectory early, driving targeted investments in our technologies, infrastructure, and engineering depth to establish the naval shipbuilding vertical as a core driver of our revenue growth, portfolio diversification, margin resilience, and long-term value creation for our investors.”
The move comes in response to accelerating global and regional demand for OPVs, particularly in the Middle East, where maritime security and naval capability development have become national imperatives.
In 2024, Al Seer Marine reported operational profits of AED 107 million ($29 million) on revenues exceeding AED 1.28 billion ($348 million). The new production mandate is expected to enhance financial performance over the contract period and further strengthen the company’s shift toward high-value, IP-driven manufacturing and defense export capabilities within the UAE.
