International Maritime Industries (IMI), the largest shipyard in the MENA region, has endorsed the newly launched Global Maritime Fund (GMF) that will offer innovative financing solutions to key customers and maritime companies around the world.
Managed by Pelagic Partners, GMF aims to become the world’s largest maritime fund to provide innovative financing solutions that are globally competitive, scalable, and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers and other companies operating in the Saudi maritime industry.
Based in Cyprus, GMF will raise capital through regional and international investors, as well as long-term agreements with key customers such as Bahri and ARO that will deliver stable income. It is expected to be managing assets worth $1.25 billion (SAR 4.7 billion) by the end of 2023, growing to $10 billion (SAR 37.6 billion) over the next 10 years.
GMF, which will provide up to 100% financing for ships and rigs built at IMI’s yard in Ras Al Khair, Saudi Arabia, was launched during a ceremony in Cyprus attended by the country’s Finance Minister Mr. Constantinos Petrides, IMI Chairman Mr. Ahmed Al Sa’adi, the Saudi Ambassador to Cyprus, Mr. Khalid Al Shareef, IMI CEO Dr. Abdullah Al Ahmari, and GMF Non-Executive Chairman Mr. Feras Al-Sahan, as well as Pelagic Partners Founders Dr. Niels Hartmann and Atef Abou Merhi. Pelagic Partners and IMI executives, board members and other government officials also attended the ceremony.