IMI Championing the Newly Launched Global Maritime Fund
International Maritime Industries (IMI), the largest shipyard in the MENA region, has endorsed the newly launched Global Maritime Fund (GMF) that will offer innovative financing solutions to key customers and maritime companies around the world.
GMF aims to become the world’s largest maritime fund to provide innovative financing solutions that are globally competitive, scalable, and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers and companies in Saudi maritime industry.
Based in Cyprus, GMF will raise capital through regional and international investors, as well as long-term agreements with key customers such as Bahri and ARO that will deliver stable income.
It is expected to be managing assets worth $1.25 billion by the end of 2023, growing to $10 billion over the next 10 years.
Bahri Closes $1.04bn Sukuk Issuance, Oversubscribed 1.95 Times
GMF, which will provide up to 100% financing for ships and rigs built at IMI’s yard in Ras Al Khair, Saudi Arabia, was launched during a ceremony in Cyprus.
The event was attended by Finance Minister Constantinos Petrides, IMI Chairman Ahmed Al Sa’adi, the Saudi Ambassador to Cyprus, Khalid Al Shareef, IMI CEO Dr Abdullah Al Ahmari, and GMF Chairman Feras Al-Sahan, Pelagic Partners Founders 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 goes hand in hand with our vision to become a global leader in maritime innovation and sustainability, expanding our service offering as we work to become one of the world’s most advanced maritime facilities.”
Dr Al Ahmari said: “The launch of the Global Maritime Fund will enable IMI to offer a brand-new value proposition that will help reinforce our position as a key driver of the Saudi maritime industry.
"GMF further enhances our comprehensive service offering that provides customers and business partners with a range of innovative, sustainable maritime products at internationally competitive prices. We are proud to be at the forefront of this significant initiative.”
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 providing innovative financing solutions that are globally competitive, scalable and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers, and other companies operating in the Saudi maritime industry.
"We look forward to working with the 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 world’s largest maritime fund.”
IMI, a joint venture between leading industry partners Saudi Aramco, Bahri, Lamprell, and HHI, is the largest shipyard in the MENA region at nearly 12 million square meters.
It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.
Read More: Bahri Receives First ‘Gas Ready’ VLCC ‘Rayah’ Built by IMI and HHI