International Maritime Industries inks $346 million Saudi IKTVA deals

International Maritime Industries (IMI), the largest shipyard in the region, has signed 10 agreements worth up to SR1.3 billion ($346 million) at this year’s In-Kingdom Total Value Add 2023 (IKTVA) programme.

IMI is a joint venture between leading industry partners Saudi Aramco, Bahri, Lamprell, and Hyundai Heavy Industries (HHI), is the largest shipyard in the Mena region at nearly 12 million sq m.

It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels,and Offshore Jackup rigs.

Six of the agreements, signed with industry-leading companies ESAB, Gulf Cryo, Euroblast, Acceleron, and ElectroMech, are focused on enhancing IMI’s business operations across a range of areas including shipbuilding, ship repair, and marine engineering, said a statement from IMI.

The programme provides young Saudi industrial workers with associate degrees in various trades as well as hands-on training. So far, 1,830 have enrolled, with 1,281 having graduated and hired into roles at IMI, it stated.

The remaining agreements were signed with leading Saudi training institutions and academies including the National Industrial Training Institute (NITI), Saudi Petroleum Services Polytechnic (SPSP), National Maritime Academy (NMA), and National Power Academy (NPA), to support, enhance, and further expand IMI’s apprenticeship program.

Located at Ras Al Khair on Saudi Arabia’s eastern seaboard, IMI is the largest maritime facility in the region, with global ambitions and reach.

IMI’s full-service yard will be capable of building four new offshore rigs and more than 43 vessels including VLCCs per year, as well as providing maintenance, repair and overhaul (MRO) services for more than 260 maritime products.

On the strategic agreements, CEO Dr Abdullah Al Ahmari said: “These agreements reflect IMI’s commitment to driving the growth of the Saudi maritime industry and contributing to the Kingdom’s localization goals. By partnering with leading companies and training institutions we are actively expanding our capabilities and service offering to establish IMI as a Saudi maritime leader and key contributor to Vision 2030.”

“IMI was pleased to showcase its latest products and services at IKTVA through an exhibition stand and panel sessions with members of its executive management team,” he added.

IMI’s Chairman of the Board of Directors Ahmed Al Sa’adi, visited and showed appreciation for IMI’s stand, alongside IMI CEO Dr Abdullah Al Ahmari, who attended the event and met senior executives from across the maritime industry.

IKTVA is an annual event hosted by Saudi Aramco that aims to promote localization and the development of local content in Saudi Arabia, while encouraging discussions around the future of the global maritime sector.


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