ThyssenKrupp, Abu Dhabi MAR Group in ship deal

Shipbuilder Abu Dhabi MAR Group plans to form a joint venture with Germany’s ThyssenKrupp AG to design and build naval frigates and offshore patrol vessels.

MAR Group said the two companies signed a memorandum of understanding on the 50-50 joint venture, to be called Blohm+Voss Naval. The deal will also give MAR Group an 80% stake in the yacht business of ThyssenKrupp’s Hamburg-based Blohm + Voss Shipyards, Blohm + Voss Ship Repair and Blohm +Voss Industries units.

MAR Group’s mega-yacht business currently includes converting two Dutch-built warships into a 153m and 146m private yachts. “The joint shipbuilding group will capitalize on our combined expertise and the commitment to deliver the highest technological standards for our future customers,” MAR chief executive Ahmad Darwish Al Marar said in a statement.