Saudi Arabian shipyard International Maritime Industries (IMI) has created a giant new shipping fund in Cyprus to be managed by Pelagic Partners. The Global Maritime Fund (GMF) aims to manage assets worth $1.25bn by the end of 2023, growing to $10bn over the next 10 years and will serve as a platform to kickstart business at the yard, the largest shipyard in the Middle East.
GMF will raise capital through regional and international investors, as well as long-term agreements with key customers such as Bahri and ARO. The will provide up to 100% financing for ships and rigs built at IMI’s yard in Ras Al Khair, Saudi Arabia.
It is destined to become one of the biggest shipping funds in the world
IMI is a joint venture between Saudi Aramco, Bahri, Lamprell, and Hyundai Heavy Industries while Pelagic Partners is an alternative investment fund manager founded by the Hartmann and Abou Merhi families and managing one of the biggest shipping portfolios in Cyprus.
Atef Abou Merhi said: “GMF is a vision with a unique character that will play a key role in shaping the future of ship building in general and in Saudi Arabia in specific. With the maritime industry being amongst the key pillars of the 2030 vision of the Saudi kingdom, Pelagic Partners was eager and tempted to join forces with IMI in establishing what is destined to become one of the biggest shipping funds in the world.”