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UAE building naval patrol vessels worth $950 million

The United Arab Emirates has signed a 3.5 billion dirham ($950 million) contract with Abu Dhabi Ship Building (ADSB) to manufacture four new patrol vessels for the Gulf Arab state’s navy, ADSB said on Tuesday.

The contract for Falaj 3-class Offshore Patrol Vessels was the largest ever order received by ADSB, it said in a statement.

It did not say when it would start and complete delivery of the vessels.

“This contract underscores our mutual commitment to serving the UAE Navy with the right products and advanced shipping solutions – to enable a secure future,” ADSB Chief Executive David Massey said.

ADSB has built Baynunah-class corvettes for the UAE navy, the last of which it said was delivered in 2017.

ADSB is 40% owned by state defense conglomerate EDGE and 10% owned by the Abu Dhabi government, according to its website.

($1 = 3.6726 UAE dirham)

Source: Financial Post

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