By Rehab Saber
Arab Bridge Maritime (AB Maritime ) plans to launch a maritime line joining Basra in southern Iraq and the UAE by hiring two passenger ferries with an initial cost of $2m annually, AB Managing Director Hussien Al Souob said.
AB Maritime intends to buy the two ferries if the new line proves successful, hitting target revenues, Al Souob told Logistic.
He said that AB Maritime realised $4m in revenues during the previous year, and targets a 5% rise to $6m this year.
Al Souob pointed to the increase of AB Maritime’s capital to $100m, which has been financed by profits over the past years.
AB Maritime is the outcome of a significant joint venture between the governments of Jordan, Egypt and Iraq. It was founded in November 1985 with paid-up capital of $6m distributed equally between the three partner governments. The capital has increased as a result of generated profit, reaching $100m in 2013.
AB Maritime emphasises care and service for its clients and employees alike; similarly, “financial strength”, “safe arrival” and “supporting the touristic sector between the Arab countries” have become the hallmarks of the company’s success.