Abu Dhabi MAR sails into Europe with major deals

* username: rupertbu

Abu Dhabi MAR, the new shipbuilding group, has sailed into the front ranks of Europe’s maritime sector after reaching a wide-ranging agreement with ThyssenKrupp of Germany.

The Musaffah-based shipbuilder will acquire ThyssenKrupp’s Blohm+Voss Shipyards yacht-building division, employees and production facilities for non-military vessels, as well as 80 per cent of two units that repair ships and make components, the two companies said yesterday.

Abu Dhabi MAR has 2,000 employees and an order book worth €1 billion (Dh5 bn). The transaction, which needs antitrust approval, may close by the end of June, the two companies said.