{"id":83423,"date":"2024-02-14T00:00:00","date_gmt":"2024-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/14\/algihaz-eyes-more-exposure-to-regions-biggest-shipyard\/"},"modified":"2024-02-14T00:00:00","modified_gmt":"2024-02-14T00:00:00","slug":"algihaz-eyes-more-exposure-to-regions-biggest-shipyard","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/14\/algihaz-eyes-more-exposure-to-regions-biggest-shipyard\/","title":{"rendered":"Algihaz eyes more exposure to region\u2019s biggest shipyard"},"content":{"rendered":"

Energy, construction, and industry-focused player <\/strong>Algihaz<\/a><\/strong>Holding<\/a><\/strong> is restructuring its <\/strong>holding of <\/strong>Lamprell<\/a><\/strong>, the UAE-based offshore and onshore engineering, procurement, construction, and installation (EPCI) company, bringing its direct ownership to 90%, Aleqtisadiah<\/a> reported yesterday. <\/p>\n

Why it matters: Lamprell is part of the JV that is building the region\u2019s biggest shipyard<\/strong>. The Aramco-sponsored joint venture<\/a> is building International Maritime Industries (IMI)<\/a> as the region\u2019s largest full-service shipyard at Ras Al Khair on the coast of the Arabian Gulf. Lamprell holds a 20% stake alongside Aramco (40%), Bahri (20%), and Hyundai Heavy Industries (20%). <\/p>\n

By the numbers: <\/strong>IMI will have the capacity to turn out four offshore rigs and up to 40 vessels per year. <\/p>\n

Lamprell is also active in the renewables business<\/strong>, providing wind turbine foundations, HVAC\/HVDC offshore jackets, and multi-purpose vessels, according to the company\u2019s website.<\/p>\n

Regional footprint:<\/strong> Lamprell owns fabrication facilities in Hamriyah and Khalid Port in Sharjah, and Jebel Ali in Dubai, according to its website. The company is also operating in Iraq through its subsidiary Maritime Industrial Services. <\/p>\n

The transaction:<\/strong> Algihaz has acquired the entire stake of its subsidiary Thunderball Investments, which held a 73% stake in Lamprell. Algihaz became the sole owner of Thunderball<\/a> after acquiring the entire 60% stake of Blofeld Investment Management in October 2023<\/a>. (You have to love the James Bond references there, folks.)<\/p>\n","protected":false},"excerpt":{"rendered":"

The investment company now owns 90% of Lamprell, which is building the region\u2019s largest full-service shipyard in Ras Al Khair<\/p>\n","protected":false},"author":1,"featured_media":83424,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[1045,10,1046,238,14,588],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-algihaz-holding","tag-enterpriseam-ksa","tag-lamprell","tag-logistics","tag-ma-watch","tag-shipping","wpautop","entry"],"acf":{"mongo_id":"d406b58e-d4d3-48e8-a298-cc41eaeec9d2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1248.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Algihaz eyes more exposure to region\u2019s biggest shipyard","related_issue":[83419],"teaser":"The investment company now owns 90% of Lamprell, which is building the region\u2019s largest full-service shipyard in Ras Al Khair","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.6b82efdf-1453-4325-8cdf-894d8058d8fb.mp3"},"yoast_head":"\nAlgihaz eyes more exposure to region\u2019s biggest shipyard - 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