Namibia builds shipyard

Africa Israel Investments is part of a bidding consortium that was selected to build and operate a shipyard in Namibia’s Walvis Bay port. The $10 million project will be the holding company’s first in Namibia, although Africa Israel’s owner, Lev Leviev, has extensive diamond mining operations there. The company said it is currently negotiating to build an office complex in the African country’s capital, Windhoek, as well.

Africa Israel will hold 42.5% of the consortium, putting it on equal footing with its main partner, an unnamed South African shipyard company. A local engineering company will control another 10% of the project, and Namibia’s port authority will hold the remaining 5%.

The group won the rights to a 25-year licence to construct and then receive revenues from the shipyard under the ?build operate transfer? model, which will be employed for the first time in Namibia. The shipyard will include floating inspection facilities capable of handling vessels up to 8,500 tonnes, as well as work stations. The contract also requires training professional port workers and shipyard workers.