UAE-based shipbuilding, ship repair and conversion specialist, Grandweld, and Drydocks World Dubai have signed a long-term ground development lease agreement (Musataha) for a shipbuilding and ship repair facility at the Industrial Precinct of Dubai Maritime City (DMC).
At a ceremony held at the Intercontinental Hotel in Dubai Festival City, the agreement was signed by Jamal Abki, General Manager of Grandweld, and Hamad Al Maghrabi, Managing Director of Jadaf Dubai and Director Shiplift.
Under the Musataha lease agreement, Drydocks World Dubai leases DMC – Industrial Precinct plots SR 1 and 2, measuring 27,055 metres-squared, to Grandweld for a period of 25 years.
"Grandweld, with two and a half decades of expertise in shipbuilding, repair and conversion, is taking a new step by signing the Musataha agreement," Jamal Abki said.
"The new facility in DMC is an additional milestone for Grandweld and will allow us to double our shipbuilding capacity. Moreover, it offers us extra capacity for docking larger vessels at the ship repair facility that has full and free access to the Arabian Gulf," he said.
