Dubai-based Gulf Navigation

by Forbes Middle East Forbes Middle East - Business News

Dubai-based Gulf Navigation Holding says it is in discussions to acquire a majority stake in Atlantic Navigation Holdings.

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Atlantic Navigation operates out of the U.A.E., where it primarily serves customers in the Middle East and India, providing them with marine logistics services, ship repair, fabrication and other marine services.
The announcement comes a few weeks after Gulf Navigation, which is listed on the Dubai Financial Market, revealed it intends to increase its capital by about $122 million through an IPO in the first quarter of 2018. The IPO is part of an effort to boost the maritime and shipping companys competitiveness and expansion plans, as it seeks to keep up with an expected rise in regional demand to ship petroleum and petrochemical products.