Page 7 - MEOG Week 19 2022

MEOG FINANCE & INVESTMENT MEOG

Bahri to issue sukuk as Saudi

launches a new shipbuilder

SAUDI ARABIA SAUDI Arabia’s national shipping firm Bahri Kingdom’s capabilities in the offshore services
announced plans this week to issue a Shari- market. The company, a JV between local firms
ah-compliant bond as its backers seek to refi- Zamil Offshore and International Maritime
nance an existing financing. Meanwhile, the Industries (IMI), aims to become a key player in
Kingdom has launched its new shipbuilding offshore support vessel (OSV) construction.
company to serve as a ‘national champion’. The JV partners held their first board meet-
The National Shipping Co. of Saudi Ara- ing, during which “executives from both teams
bia (Bahri), a joint venture between the Public discussed best practices for NSIC and set the
Investment Fund (PIF) and Saudi Aramco, direction for the future.”
intends to issue a SAR3.9bn ($1.04bn) sukuk. Zamil owns one of the region’s largest fleets
According to a regulatory filing on the Tad- and shipyards. Meanwhile, IMI is a maritime
awul All Share Index (TASI), the Saudi stock yard JV between Aramco, Bahri, UAE-based
exchange, Bahri is moving to “refinance the com- Lamprell and Korea’s Hyundai Heavy Industries
pany’s existing sukuk which will be matured” on (HHI) within the King Salman Global Maritime
July 30. Industries Complex at Ras Al Khair.
The previous sukuk, of the same value, was The wider complex will include units for land
completed in July 2015 and was partly used to rig, jack-up and shipbuilding, casting & forg-
“repay the Murabaha bridge financing signed ing and engine manufacturing, with partners
and announced on Tadawul website on 22 June, including Hyundai, Lamprell, McDermott and
2014”. the national shipping firm Bahri.
The company recently revealed a 49% Upon the signing of the NSIC JV Zamil said
increase in Q1 revenues to SAR64.9mn ($17mn) that “OSVs will first be built at Zamil Offshore’s
on the back of higher oil revenues. Bahri was facility in Saudi Arabia, with construction activ-
established in 1978 and it owns and manages a ities moving to Zone B of IMI’s full-service yard
fleet of 89 tankers and container ships dedicated in Ras Al Khair once it becomes operational in
to transporting oil, petrochemicals, dry bulk and 2022.”
other cargo. Zamil’s main facilities are located down the
Meanwhile, the new National Shipbuilding Gulf coast from Ras Al Khair at Dammam and it
Industries Co. (NSIC) has received its com- also has operations in the Jeddah Islamic Port on
mercial registration as it moves to step up the the Red Sea coast.™

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