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Abu Dhabi Mar Acquires Shares in Greek Shipyard

Greece has approved the sale of its main shipyard to Abu Dhabi Mar.  Abu Dhabi Mar is a holding company that owns a string of luxury yacht and naval shipyards in Europe and the UAE.
The deal will help the UAE company to expand its portfolio of European shipyards.  These includes assets in France and Germany, and will see it gain new capabilities in manufacturing submarines.
The agreement announced on Friday, involves the transfer of a 75% stake in Hellenic Shipyards, also known as Skaramanga, to Abu Dhabi Mar from ThyssenKrupp Marine Systems of Germany. ThyssenKrup will retain a 25% stake.
A draft contract was announced in March.  Last week’s agreement paves the way for the matter to be brought before the Greek parliament at the end of this month.
The deal is tied to pending submarine contracts with the Greek government and to Abu Dhabi Mar’s takeover of other ThyssenKrupp shipyards.
The complex dealings were described by the Greek defence ministry as full of: “tough and painful negotiations that on occasion reached the limit of failure”.
“The Greek government, ThyssenKrupp Marine Systems and Abu Dhabi Mar today jointly announce that they have reached an agreement by finalising the contract text,” the ministry said. “A new page opens for the Greek Navy, Skaramanga Shipyards and the entire Greek shipbuilding and ship repair sector.”
Managing director of Abu Dhabi MarIskandar Safa cautioned that: “further steps still need to be taken before the contract comes into effect”.
Abu Dhabi Mar’s recent activities paint a picture of an ambitious young firm that is fast growing, politically connected and well- unded.

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