International maritime industries champion the new Global Marine Fund, managed by Pelagic Partners
International Maritime Industries (IMI), the largest shipyard in the MENA region, has approved the new Global Maritime Fund (GMF) which will offer innovative financing solutions to major customers and shipping companies around the world.
Managed by Pelagic Partners, GMF aims to become the world’s largest maritime fund to provide innovative, globally competitive, scalable and fit-for-purpose financing solutions, with a focus on ESG financing to support major regional and international clients of IMI 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 clients such as Bahri and ARO that will generate stable revenues. It is expected to manage assets worth $1.25 billion (SAR 4.7 billion) by the end of 2023, growing to $10 billion (SAR 37.6 billion) over the next 10 coming years.
GMF, which will provide up to 100% financing for vessels and platforms built at IMI’s shipyard in Ras Al Khair, Saudi Arabia, was launched at a ceremony in Cyprus attended by the Minister of Country Finance Mr. Constantinos Petrides, IMI Chairman Mr. Ahmed Al Sa’adi, Saudi Ambassador to Cyprus Mr. Khalid Al Shareef, IMI CEO Dr. Abdullah Al Ahmari and the non-executive chairman of the GMF, Mr. Feras Al-Sahan, as well as the founders of Pelagic Partners, Dr. Niels Hartmann and Atef Abou Merhi. Pelagic Partners and IMI executives, board members and other government officials also attended the ceremony.
Ahmed Al Sa’adi said, “At IMI, we are incredibly honored 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 Global Maritime Fund aligns with our vision to become a global leader in maritime innovation and sustainability, expanding our service offering as we strive to become one of the most advanced maritime facilities in the world. world.
Dr. Abdullah Al Ahmari said, “The launch of the Global Maritime Fund will allow IMI to offer an entirely new value proposition that will help strengthen our position as a key driver of the Saudi Arabian maritime industry. GMF further enhances our comprehensive service offering which provides customers and business partners with a range of innovative and sustainable marine products at internationally competitive prices. We are proud to be at the forefront of this important initiative.
Dr Niels Hartmann said: “As a relatively small and young fund management company, we have a combined experience of over 60 years behind us in ship management, ship management, ship finance and investor management. IMI and Pelagic Partners will navigate the underworld of this venture together. But together we made it and now we have taken the first big step, successful GMF certification and registration.
Atef Abou Merhi said, “GMF is a unique vision that will play a key role in shaping the future of shipbuilding in general and in Saudi Arabia in particular. With the shipping industry one of the key pillars of the Saudi Kingdom’s 2030 vision, Pelagic Partners was eager and tempted to partner with IMI to create what is destined to become one of the largest shipping funds in the world. world.
Feras Al-Sahan said, “The launch of the Global Maritime Fund has created a unique and unprecedented value proposition in the maritime industry. It is the first independent maritime fund to offer innovative, globally competitive, scalable and fit-for-purpose financing solutions, with a focus on ESG financing to support key regional and international clients. ‘IMI, as well as other companies operating in the Saudi maritime industry. We look forward to working with 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 largest maritime fund in the world. world.
IMI, a joint venture between major industrial partners Saudi Aramco, Bahri, Lamprell and HHI, is the largest shipyard in the MENA region with nearly 12 million square meters. It provides new construction and maintenance, repair and overhaul (MRO) services for commercial vessels, including VLCCs, bulk carriers, offshore support vessels and offshore jack-ups.
Source: Pelagic Partners