UAE’s Al Seer Marine, the global player across multiple marine sectors and a subsidiary of the International Holding Company (IHC), has secured a major cornerstone investment in ADNOC Logistics & Services PLC, the global energy maritime logistics leader, with share value of AED 257 million (US$70 million).

ADX-listed Al Seer Marine said the move comes as part of its strategy to diversify its investment portfolio, as the company continues to be a key and strategic contributor to the United Arab Emirate´s economy and diversification efforts.

“Al Seer Marine is building on its highly diversified investment portfolio, and with ADNOC has excellent and longstanding track record and network within the global energy maritime logistics sector, we are confident this cornerstone investment in ADNOC Logistics & Services PLC will reflect positively on our growth strategy,” said Guy Neivens, CEO of Al Seer Marine.

It’s worth noting that Al Seer Marine has a portfolio of services including management and training, construction of vessels, tankers, high-tech boatbuilding, unmanned systems development, and manufacturing.

Earlier this year the company acquired a 49,000-deadweight tons, double-hull eco-designed medium-range products tanker, Meissa, at a value of AED 132 million. The vessel is an IMO II/III product tanker built in 2017 at Hyundai Mipo Dock in Ulsan, South Korea.