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RIYADH: Dubai-based SHUAA Capital has acquired Allianz Marine and Logistics Services through its managed funds, creating the region’s largest marine offshore supply vessels portfolio. 

The asset management and investment banking firm did not disclose the value of the deal. 

Following the Allianz transaction, SHUAA manages the largest portfolio of 152 offshore supply vessels, or OSV, in the region and the fourth largest OSV fleet in the world, it said in a statement. 

This comes as SHUAA Capital steps up its investment in the maritime sector.

“We first invested in the sector less than two years ago, when we began working on the turnaround of SMG, and now have the market leading position in OSVs in the region,” Ajit Joshi, MD and head of public and private markets, said.

“Allianz‘s complimentary fleet and high-quality team was always a natural fit for us. As we consolidate our position, we will continue to look for ways to derive additional synergies,” he added.

Based in Abu Dhabi, Allianz Marine & Logistics Services operates a fleet of 117 owned and chartered offshore support vessels. 

It provides maritime services, port logistics and crew services and includes platform supply vessels, anchor handling tug supply vessels and others.