Abu Dhabi's AD Ports Group and Bahrain's ASRY sign three LoIs
Abu Dhabi's AD Ports Group has signed three letters of intention with the Manama-based Arab Shipbuilding & Repair Yard Company (ASRY) for the provision of marine services in Bahrain, and to collaborate on strategic maritime and ports projects.
These agreements come after Noatum Maritime, part of AD Ports Group's Maritime & Shipping Cluster, formed a joint venture (JV), ASRY Marine, with ASRY. The new company will be focused on providing integrated marine services in Bahrain.
AD Ports and ASRY deepen strategic ties
AD Ports Group has now signed a Head of Terms (HoT) to establish a new JV to manage drydock facilities and shipyards. The JV company seeks to enhance drydocking and shipbuilding capabilities within the GCC and explore opportunities in other regions.
The two parties signed a second letter of intent with India-based JM Baxi, which is in marine services, ports, logistics, and technology. This agreement focuses on creating green ship recycling facilities to promote a circular economy by repurposing parts and minimising waste.
JM BAXI is known for promoting and implementing sustainable practices in green recycling and supports the implementation of the Hong Kong Convention, a global standard for responsible ship recycling.
The final HoT seeks to explore joint investment opportunities within ports and terminals.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, commented: 'Following the successful formation of our recent joint venture with ASRY, we look forward to deepening our collaboration across the maritime realm.
'We have already developed strong working ties, and this agreement opens the door to create more value and growth across our operations. Exploring opportunities to establish green ship recycling facilities is also very important for us, ensuring that vessels are retired in a safe and environmentally responsible manner.'
Dr Ahmed Al Abri, CEO, ASRY, added: 'We are proud to enhance and expand our strategic partnership with AD Ports Group through these new agreements. By combining our shared expertise and advanced infrastructure, and in line with global shifts in the maritime industry, we aim to strengthen our capabilities in drydocking and shipbuilding across the GCC and beyond.
'We also look forward to developing green ship recycling capacities and entering a vital new field in port management and operation. These initiatives reflect our ongoing commitment to a culture of innovation, operational excellence, and driving growth in the maritime sector.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
21 minutes ago
- The National
UAE Property: ‘I'm worried the seller is unduly delaying my house purchase'
Question: I signed a memorandum of understanding on March 4 for the purchase of a property at Gate Tower, Abu Dhabi. The original agreement was valid for 60 days. However, due to delays in the bank loan process, the seller decided to withdraw from the sale. About a week later, the seller reconsidered and agreed to proceed with the sale. We did not sign a new memorandum of understanding, as advised by the agent handling the transaction. Now, as we are already into the third week of June, certain pending actions remain from the seller and the agent holding the power of attorney. Could you advise what steps I can take to help move the process forward, as the delay is becoming longer than anticipated? My blank cheque as security deposit of 10 per cent of the property price is with the agent. AA, Abu Dhabi Answer: The first thing to point out is that not signing a new written agreement was a bad move because now you are reliant on a verbal agreement, where the parties don't have any legal redress should they fail to fulfil the wishes of all. These delays would worry me because the tide has turned from your side being the one that had issues leading to delays, but now the delay is with the seller. If all parties are in agreement and even at this late stage, I would still urge you to firstly sign an addendum to the expired memorandum of understanding clearly stating the obligations of all parties in order to finalise this sale, after which all parties can work to finish this transaction, assuming all still wish to do so. This is where my concerns are. It's possible that the seller may use this delay to look for another buyer or indeed has one already but just has not informed you yet. I know this is pure speculation, but my experience has shown me that when the seller delays, especially in a rising market, it's because he wants a better deal. I suggest you bring all parties together to agree once and for all if this deal is going ahead because with an expired memorandum of understanding in hand, nobody has any rights. Q: I have a question regarding an office rental situation. If I provide a tenant with a 12-month eviction notice due to the sale of the property, and after the tenant vacates, I later invite them to return but they decline, would I be legally allowed to rent the office to someone else? I recently purchased an office property and understand that the previous owner issued a 12-month eviction notice to the tenant due to the sale of the property. I assume that this eviction notice remains valid under my ownership, just as the lease contract would. Could you confirm if this is correct? Additionally, as the new owner, once the tenant vacates the property, am I permitted to lease it to a new tenant immediately? JL, Dubai A: The outgoing tenant always has the first right of refusal after a forced eviction, so if you re-offer the unit to the outgoing tenant and they are not interested to return, you would need to have this in writing, preferably notarised, after which you can re-let the property again. The reason of the notarised notice is because a landlord technically cannot evict one tenant to then just re-let it out to another. That's why the outgoing tenant has the right of refusal and if they do not exercise that right, you can move forward and re-let the property immediately. Your second point is correct, as long as the eviction notice was sent by notary public and/or registered mail and was for the statutory 12 months' notice, you can use this for your own gain, even if it was sent by the previous owner. This has now been made possible by judges at the Rental Dispute Settlement Committee agreeing that the notice served is transferable when previously it wasn't. Before this law change, you would have had to serve another 12 months' eviction notice to the tenant yourself.
Khaleej Times
3 hours ago
- Khaleej Times
Watch: Dubai expat to build mini Burj Khalifa using 2 million chopsticks
Dubai-based businessman Charles Jabbour is on a mission to boost recycling and up-cycling one chopstick at a time. He plans to spare millions of disposable wooden utensils from going to landfills with projects that give them a second life as new, practical products. And to demonstrate just how many disposable chopsticks a big city like Dubai gets through, a replica of the Burj Khalifa is being constructed at The Arbor School, Al Furjan, led by students, with help from teachers, parents, and Jabbour's team. The Burj Bambusa Project, as it has been named by the school, will result in what is being touted as a potential record-breaker: the world's tallest structure made entirely from recycled bamboo chopsticks. 'We are using close to two million chopsticks, which I believe is about the equivalent number used at restaurants in a week in Dubai,' the 57-year-old Lebanese entrepreneur told Khaleej Times over the weekend. He views the project as a powerful symbol of circular economy principles, environmental innovation, and community engagement, and says the six-metre tower will raise awareness of the vast amount of reusable materials thrown away daily by hundreds of UAE restaurants. Jabbour and his team started collecting chopsticks from restaurants around Dubai 18 months ago and have since harvested at least two million to be repurposed to make attractive items such as 'climate-positive' furniture. He started a franchise, ChopValue, a global circular economy brand headquartered in Vancouver, Canada, and set up a micro-factory in Dubai under his company Art & Culture LLC. The Arbor School, meanwhile, prides itself on its focus on ecological literacy and sustainability, and on embedding compassion and curiosity into the fabric of the curriculum. So students have been directly involved in various stages of the project, including constructing chopstick bundles and conducting waste audits, evaluating the design of the structure, calculating environmental impact, and documenting the process. Since embarking on his campaign, Jabbour has partnered with popular restaurant chains The Noodle House and Wagamama, plus Radisson Blu Hotel, Dubai Deira Creek, whose staff gather chopsticks used by customers for collection by Jabbour's team. 'As it currently stands, the majority of chopsticks in restaurants are used once and then thrown out,' Jabbour noted. 'This represents a tragic waste of resources, including wood, energy, and water, but also represents a great opportunity.' Jabbour and ChopValue intend to prevent about 250 tonnes of chopsticks per year locally from going to landfill. They will turn them into attractive items through a carbon-neutral, community-based production model, and give these humble wooden implements a new lease of life. Once clean of food and liquids, the chopsticks and wooden utensils can be engineered to form fresh items such as tables, chopping boards and coasters, thereby saving on carbon emissions and resources used in creating products from raw materials. 'This way, the chopsticks get more than one use and are repurposed creatively for products that look stylish and also come with a story,' Jabbour explained. Three weeks to go Jabbour wants The Arbor School's Burj project to draw attention to the 'breathtaking volume' of chopsticks used by the F&B industry, not only in the UAE but worldwide. The Burj replica construction began in early May and should be completed within three weeks, when Jabbour will seek a new temporary home for the structure. These chopsticks will also later be repurposed as new products.'By getting the school involved, we can demonstrate to the next generation how an item with a very short lifespan is treated as waste by many, but can still have an enduring new purpose,' Jabbour says. 'The project also shows the power of up-cycling and how this imaginative and growing sector can develop not only attractive new products using items destined for landfill but also create jobs for those who wish to pursue a sustainable career direction.' Jabbour said: 'There is a little bit of irony that these chopsticks will actually be around for longer now than they would have been for the purpose for which they were first designed. That is reassuring to know - and even better for the forests, our ecosystem, and the planet.'
Zawya
5 hours ago
- Zawya
Octa's oil outlook: Middle East tensions threaten global supply
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 21 June 2025 - Crude oil, which is arguably the world's most important commodity, is on everybody's mind right now. The flared up conflict in the Middle East is increasing risks of a major oil supply shock, potentially pushing the price of 'black gold' into the stratosphere and completely derailing the global economy. In this article, Octa, a global retail broker, shares its expert opinion on the unfolding situation and outlines possible scenarios for the global oil market. As it often happens, the market started to price in the possibility of a new conflict in the Middle East well in advance. On 11 June, oil prices rose more than 4% after reports surfaced that the U.S. was preparing to evacuate its Iraqi embassy due to heightened security concerns in the region. Two days later, Israel and Iran exchanged airstrikes, pushing both Brent and West Texas Intermediate (WTI), the world's two major oil benchmarks, to five-month highs as investors anticipated potential supply disruptions from an open conflict. To this day, the conflict continues without resolution and oil prices remain elevated even as there are some telltale signs that the parties may be willing to negotiate. 'This burgeoning unrest introduces an unprecedented degree of volatility, significantly amplifying the specter of a catastrophic oil supply shock', argues Kar Yong Ang, a financial market analyst at Octa broker, adding that the conflict between Israel and Iran 'carries ominous potential to propel crude prices to unprecedented levels, thereby unleashing a cascade of detrimental effects that could, in the most dire of scenarios, cause a major global economic crisis'. Indeed, the Middle East in general and Iran in particular play a pivotal role in global energy markets. A substantial portion of the world's crude oil and liquified natural gas (LNG) is produced and exported in this region. Iran itself, despite the existing sanctions on exports, remains an important supplier of oil—notably, for China. Furthermore, a vast number of ships carrying crude oil and LNG transit through the Strait of Hormuz, a narrow yet vital chokepoint that Iran has repeatedly threatened to close. Should Iran act on this threat and block the strait, the repercussions would be quite severe, likely pushing global crude oil prices well above $100 per barrel, or even higher, due to the significant disruption of supply. Technically, if we look at a broader, long-term picture, WTI crude oil seems to be moving sideways with a minor bearish tilt. On a daily chart (see below), the price still has not escaped from the bearish parallel channel. However, due to the latest geopolitical news, the price has managed to rise above the 200-day moving average (MA) and seems poised to break above the critically important 77.60-78.00 area. 'Breaching the $80 handle should not be difficult if the current situation deteriorates sharply', says Kar Yong Ang. 'Continuing destruction of oil infrastructure in Iran, potential U.S. involvement in the war, countries' unwillingness to negotiate and, above all else, Iran's attempts to block the Strait of Hormuz, all of this will have a bullish impact on prices'. Indeed, a break above 80 level, would open the way towards 83.40, 85.20, 87.30, and 90.00 area. Alternatively, in case the hostilities moderate somewhat, other countries—particularly the U.S.—refrain from directly participating in the conflict, and both Israel and Iran express willingness to negotiate, bearish sentiment will immediately kick in. 'I think WTI oil may lose as much as 5 dollars per barrel in the blink of an eye should we see some progress in nuclear negotiations between Europeans and Iranians, which are due to commence in Geneva this Friday', concludes Kar Yong Ang. In this scenario, a break below 71.50 level would allow bears to target 67.80, 64.80 and 61.70. Overall, WTI crude price is now stuck in a broad range between $70 and $80. The move above and below these two levels will essentially indicate if the situation in the region is getting worse or is getting better. The chart below shows potential bullish and bearish targets, marked in green and red, respectively. NYMEX light sweet crude oil (WTI) daily chart ___ Disclaimer: This press release does not contain or constitute investment advice or recommendations and does not consider your investment objectives, financial situation, or needs. Any actions taken based on this content are at your sole discretion and risk—Octa does not accept any liability for any resulting losses or consequences. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa
