00:00OK, so when we talk about the GCC and some pretty major investments and expansion plans across the region when it comes to shipbuilding, I mean, which countries are we talking about in particular?
00:11I think the two countries in the Gulf that are really leading the way are the Kingdom of Saudi Arabia and the United Arab Emirates.
00:18I think few regions carry as much maritime significance as the Gulf.
00:23It's a crossroads, as we know, of energy, logistics, trade, but 12 percent of global trade, nearly 30 percent of world container traffic and 90 percent of global goods by volume move through this region.
00:36So this makes really the Gulf and the wider region, if you will, the arteries of trade.
00:43So it's in everybody's interest to keep them flowing and to avoid, you know, clots in the system.
00:49The regional naval capability has gone from a buyer's market to a builder's market.
00:56You know, over the last 15 years, the UAE, mostly through Edge, the Consolidated Defense Tech Company, and Sami Industries in Saudi Arabia have gone to being among the world's largest buyers to significant builders.
01:09That means transferring very sellable intellectual property to these host countries, developing it in-country, and then not only meeting the domestic demand, but exporting abroad.
01:22We've seen that in the United States more than anywhere else so far in the region.
01:27On our side, Siem and Naval, through our joint venture with Edge, these are not really hypothetical ideas or selling points.
01:34I mean, it's happening as we speak.
01:37A major milestone came in 2022 when, together with Edge, we signed a 1 billion euro export deal for very sophisticated corvettes.
01:45These are large ships, 72 meters in length, equipped with very, very sophisticated tech and weapon systems, which were exported to the Angolan Navy from Abu Dhabi.
01:56So all of the elements, all of the pieces were assembled in Abu Dhabi, purchased from Abu Dhabi, built in Abu Dhabi, and exported abroad.
02:05Edge also recently signed with the Kuwaiti Naval Forces, a brotherly country of Kuwait in the Gulf, a $2 billion deal for other ocean patrol vessels and corvettes as well.
02:18So these re-achievements really demonstrate the UAE's growing ability, not only, again, to meet local demand, but also to export capability and knowledge.
Be the first to comment