Dubai Maritime City (DMC), DP World’s purpose-built maritime centre, has announced that infrastructure works in Phase 1 of its commercial district are nearing completion.

Almost 80 per cent of the construction of the Dhs140 million road and infrastructure works of the development’s first phase have been completed. The site is set to become a major hub for maritime services, cementing Dubai’s leading position as a leading global maritime centre.

Over 11 months, construction works in Phase 1 have seen a total of 4,830 man-days and 857,194 safe man-hours being recorded.

Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region, said, “Despite the disruptions in the global industry, we take pride in the fact that the pandemic and the resulting restrictions on movement did not cause any significant delays in the project. The team worked tirelessly, ensuring all precautionary measures, including social distancing and regular comprehensive disinfection, were implemented. We are proud of the dedication and concerted efforts of the team that helped us achieve this milestone.

“Following the completion of the infrastructure of Phase 1, we will set the ball rolling for the development of other works of this landmark project that is set to transform the maritime sector in the country. Since the inception of Dubai Maritime City, our sole focus has been on offering upgraded facilities and services and enabling our sub-developers to realise their objectives. We are confident of achieving this goal soon.”

To date, more than 90 per cent of all underground utilities including sewerage and stormwater, water, fire, irrigation, and telecom networks have been accomplished. Other works like civil and structural works for the stormwater, sewage, irrigation and fire stations that will ensure the overall development of DMC are also nearing completion in preparation for fit-out.

Approximately 95 per cent of the construction of the 6 km pressurised irrigation line, the 6 km gravity sewer network and the 4 km stormwater network is complete. Apart from this, 3.5 km of the 7 km road works have also been completed. As much as 50 per cent of the construction of the 300l/s sewer station with a capacity of 360m3 and the 420 l/s stormwater station with a capacity of 230m3 has been accomplished, while 60 per cent of the fire and irrigation pump station building that combines 460m3 fire tanks and 1240m3 irrigation tanks has also been completed.

As an integrated, specialised development, Dubai Maritime City aims to stimulate substantial growth and development in the emirate, reinforcing the UAE’s preeminent global economic status. With efficient and sustainable infrastructure, the project will add significant value to the maritime industry and support the expansion of the business community in the country.

Earlier the Shuaa Capital has announced that it has successfully completed a debt buyout of Stanford Marine Group’s Dhs1.13 billion ($308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks.

SMG is one of the most prominent and diversified offshore services companies in the Middle East, with a focus on chartering, building and repairing offshore support vessels for the oil and gas industry. Since 2019, Shuaa Capital has been working with SMG’s lending syndicate and their advisors to arrive at a buyout deal that met all parties’ objectives. The restructuring strengthens SMG’s liquidity position.

Following the debt buyout, SMG is poised for growth. The restructuring transaction has also helped save more than 1,800 jobs, and annual exports of close to $20 million worth of (Made in UAE) vessels made in the state-of-the-art Grandweld shipyard’s facility in Dubai Maritime City.

Jassim Alseddiqi, CEO of Shuaa Capital, said, “Despite the COVID-19 lockdowns last year, we continued to lead discussions with the SMG lenders’ advisors and worked collaboratively to reflect the changing needs of the consortium while finding a viable solution that worked in the best interest of all parties involved.

We are proud to have achieved so much with this deal - from supporting banks to exit a distressed debt situation with a cash recovery, to retaining jobs for over 1,800 employees and sailors and sustaining their livelihoods, and finally ensuring continuity of SMG business and its contribution to the local economy.

“We believe this to be one of the few restructuring transactions in recent times to successfully address all stakeholder needs and we hope that this will serve as a template for further such transactions.”  Elias Nassif, CEO of Standford Marine Group, said, “Shuaa Capital has managed to pull off a complex restructuring programme effectively giving the company a new lease of life.