Abu Dhabi (WAM) — Emirates Steel, a subsidiary of the General Holding Corporation (SENAAT), has signed a strategic agreement with Abu Dhabi Marine Services (SAFEEN), a subsidiary of Abu Dhabi Ports, valued at AED1 billion.

The agreement was signed by the Chief Executive Officer of Emirates Steel, Saeed Ghumran Al Remeithi, and Captain Mohamed Juma Al Shamisi, Chief Executive Officer of Abu Dhabi Ports, in the presence of Captain Adil Banihammad, Acting CEO – Marine Services, Abu Dhabi Marine Services – SAFEEN, and a number of senior officials from both parties.

The agreement, which will be implemented in January 2021 and will extend over the next ten years, is the result of Emirates Steel’s commitment to both providing high-quality products and optimising its supply chain in accordance with international standards. Such aims fall in line with Emirates Steel’s efforts to support Abu Dhabi Economic Vision 2030.

In the agreement, SAFEEN will provide short marine shipping services for three shipments of iron ore per month. Additionally, SAFEEN will be responsible for the purchase, rental, delivery, operation and maintenance of cargo ships, trailers and unloading equipment for Emirates Steel.

Speaking about the agreement, Jamal Salem Al Dhaheri, CEO of SENAAT, said, “We are delighted to have signed this agreement between Emirates Steel and Abu Dhabi Ports, which reflects our ongoing commitment to home-grown entities working together and their keenness to build strategic partnerships that contribute to supporting the economy of Abu Dhabi and the UAE in general.”

Al Remeithi said, “Emirates Steel continues to seek to enhance its production capabilities in Abu Dhabi, and the signing of this agreement falls in line with such a commitment. Through this agreement, we have ensured the best shipping services for our cargo in order to continue to improve our production capacity in Abu Dhabi.

“This agreement will enhance Emirates Steel’s capabilities, and contributes towards its goal of being an internationally leading manufacturer and supplier of high-quality steel products, alongside providing technical services and solutions to clients, and increasing revenues for shareholders,” Al Remeithi added.

Juma Al Shamisi said, “This strategic agreement highlights Emirates Steel and Abu Dhabi Ports’ commitment to reinforcing Abu Dhabi’s position as a global industrial hub and contribute to building a sustainable, diversified economy.”

Adil Banihammad said, “The agreement with Emirates Steel is one of our biggest and most significant deals to date. SAFEEN will be expanding its portfolio of services by offering lighterage for the first time, complementing other maritime and quayside-support services. We see huge demand, especially in the Gulf, for the marine shipping sector. We are proud to continue addressing the market’s demand by providing world-class integrated marine and port services.”