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SembCorp Marine has set up a joint venture to start a shipyard in Saudi Arabia.
This will be its first investment in the Middle East.
SembMarine will invest US$6.6 million for a 60 percent stake in the venture to build, own and operate a floating dock for shipbuilding and ship repair.
The remaining stake will be held by its Saudi Arabian partner.
The 21 hectare shipyard will be constructed on the Al Jazeera Island, which is a part of the Yanbu Commercial Port facing the Red Sea.
The yard will offer a wide range of shipbuilding, ship repairing, marine engineering facilities and services to the regional heavy industry. It will be fully operational by 2009.
Besides Singapore, SembMarine has yards in Indonesia, China, Brazil, the US and India. - CNA/ch
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