Under the new partnership, GulfNav’s current fleet of four crew boats will increase to a mix of 10 crew, tugs and OSVs with a value of $3m per vessel.
Revenue generated from this partnership is estimated to reach around $27m, the company said.
The scope of the new integrated business will include shipbuilding, ship management, ship owning, chartering, ship repair, marine tourism, and marine otels.
Khamis Juma Buamim, group ceo of GulfNav said the partnership would raise the level and quality of services provided to customers and raise the value of the company and its position in local and global markets
“We are confident that step will contribute significantly in the process of expanding our services and commercial business to different parts of the world,” he added.
The new jv business will be a subsidiary of Gulf Navigation Holding Group and will be headquartered in Dubai starting from this month.
Aydin Alaftan, president of foreign relationships for the Turkish Ship Building Association, said the partnership will lead to a number of opportunities between the maritime sectors in Turkey and the Middle East.
The agreement is part of Gulf Navigation’s wider expansion plans, having recently struck an alliance with Mena Energy for 12 tanker newbuilds and a ship management partnership with SeaQuest Group.