Chinese to develop yard in UAE

The Chinese are coming to set up a yard in the United Arab Emirates (UAE). Dubai’s Gulf Navigation is teaming up with Wuchang Shipbuilding and Qingdao Beihai Shipbuilding Heavy Industry – both part of state backed China Shipbuilding Industry Corporation (CSIC) – to develop shipyard facilities in the north of the UAE. The trio will take over an existing facility and then develop it with ship repair and shipbuilding both eyed in a triple phase development.

Khamis Juma Buamim, the group ceo of Gulf Navigation, commented the move was part of his line’s plans to diversify revenues. The Dubai line had skirted with bankruptcy in recent years but has recently stated it is preparing for a large series of investments in many different sectors including a notable fleet buildup.