Skip to content

Newly launched Global Maritime Fund (GMF) Championed by the International Maritime Industries and Managed by Pelagic Partners

  • The Fund is expected to manage assets worth $1.25 billion by the end of 2023, growing to $10 billion over the next 10 years
  • Global Maritime Fund aims to be the world’s largest maritime fund, providing innovative solutions that are globally competitive and scalable, with a focus on ESG


International Maritime Industries (IMI), the largest shipyard in the MENA region, has endorsed the newly launched Global Maritime Fund (GMF) that will offer innovative financing solutions to key customers and maritime companies around the world.


Managed by Pelagic Partners, GMF aims to become the world’s largest maritime fund to provide innovative financing solutions that are globally competitive, scalable, and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers and other companies operating in the Saudi maritime industry.


Based in Cyprus, GMF will raise capital through regional and international investors, as well as long-term agreements with key customers such as Bahri and ARO that will deliver stable income. It is expected to be managing assets worth $1.25 billion (SAR 4.7 billion) by the end of 2023, growing to $10 billion (SAR 37.6 billion) over the next 10 years.


GMF, which will provide up to 100% financing for ships and rigs built at IMI’s yard in Ras Al Khair, Saudi Arabia, was launched during a ceremony in Cyprus attended by the country’s Finance Minister Mr. Constantinos Petrides, IMI Chairman Mr. Ahmed Al Sa’adi, the Saudi Ambassador to Cyprus, Mr. Khalid Al Shareef, IMI CEO Dr. Abdullah Al Ahmari, and GMF Non-Executive Chairman Mr. Feras Al-Sahan, as well as Pelagic Partners Founders Dr. Niels Hartmann and Atef Abou Merhi. Pelagic Partners and IMI executives, board members and other government officials also attended the ceremony.


Ahmed Al Sa’adi said: “At IMI we are incredibly honored to be part of Saudi Arabia’s ambitious Vision 2030 efforts to build a technologically advanced and sustainable maritime hub at the center of its logistics industry. The launch of the Global Maritime Fund goes hand in hand with our vision to become a global leader in maritime innovation and sustainability, expanding our service offering as we work to become one of the world’s most advanced maritime facilities.”


Dr. Abdullah Al Ahmari said: “The launch of the Global Maritime Fund will enable IMI to offer a brand-new value proposition that will help reinforce our position as a key driver of the Saudi maritime industry. GMF further enhances our comprehensive service offering that provides customers and business partners with a range of innovative, sustainable maritime products at internationally competitive prices. We are proud to be at the forefront of this significant initiative.”


Dr. Niels Hartmann said: “As a relatively small and young Fund Management company, we have a combined experience of more than 60 years of ship owing, ship management, ship financing and investor management behind us. IMI and Pelagic Partners will navigate together through the shallows of this venture. But together we managed and now we achieved the first big milestone, the successful certification and registration of GMF.”


Atef Abou Merhi said: “GMF is a vision with a unique character that will play a key role in shaping the future of ship building in general and in Saudi Arabia in specific. With the Maritime Industry being amongst the key pillars of the 2030 vision of the Saudi kingdom, Pelagic Partners was eager and tempted to join forces with IMI in establishing what is destined to become one of the biggest shipping funds in the world.”


Feras Al-Sahan said: “The launch of the Global Maritime Fund has created a unique and unprecedented value proposition in the maritime industry. It is the first independent maritime fund providing innovative financing solutions that are globally competitive, scalable and fit for purpose, with a focus on ESG financing to support IMI’s key regional and international customers, and other companies operating in the Saudi maritime industry. We look forward to working with the fund manager, Pelagic Partners, to grow the fund over the coming years by developing strong relationships with key regional and international banks and investors, with the aim of becoming the world’s largest maritime fund.”


IMI, a joint venture between leading industry partners Saudi Aramco, Bahri, Lamprell, and HHI, is the largest shipyard in the MENA region at nearly 12 million square meters. It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.

By entering this website you will gain access to information regarding H.M. Pelagic Partners Ltd.

This website is directed at professional and well-informed investors only, within the meaning of the Cyprus Alternative Investment Funds Law. RAIFs which are addressed to professional and/or well-informed investors do not apply protective measures provided by the law for retail investors. You are solely responsible for choosing your investor category. You declare that this choice is compliant with all the relevant definitions under the applicable laws and regulations.

Persons accessing the contents of this website are aware that they are solely responsible for complying  with the applicable laws and regulations of their country of residence and/or citizenship. If in doubt, they should seek advice from their independent tax advisor, legal counsel, and/or financial advisor.

The content of this website is being provided for informational purposes only and does not constitute an advertisement, a personal recommendation or an investment advice. The content of this section of the website is not exhaustive, is subject to change and may be modified or updated at any time by H.M. Pelagic Partners Ltd. without prior notice. Regulations concerning the marketing of Alternative Investment Fund units vary depending on the country and your status (as a professional or well-informed investor). If you are in any doubt, we advise you to speak to your advisor.

The prospectuses and KIDs (Key Information Document) of the Registered Alternative Investment Fund units in this website are approved and/or authorised by the Cyprus Securities and Exchanges Commission (CySEC).

All data and material has been obtained from sources believed to be reliable, but their accuracy is not guaranteed. They are subject to modification without prior notice. Information provided in this website shall not be considered as any kind of undertaking or guarantee whatsoever from H.M. Pelagic Partners Ltd.

Any investment involves specific risks. All potential investors must take prior measures and seek specialist advice in order to analyse the risks involved and establish his or her own opinion independent of H.M. Pelagic Partners in order to determine the relevance of such an investment pertaining to one’s own financial situation. Before making any investment decisions, investors should read the relevant offering documents and in particular the investment policies and the risk factors. Investors should ensure they fully understand the risks associated with the investment and should also consider their own investment objective and risk tolerance level.

Investment in AIFs does not guarantee an investment return and previous investment returns do not guarantee any future ones. The value of the investment in units of the AIFs is subject to increase or decrease, whereas the initial value of the investment is not guaranteed.

Use of this site and these terms and conditions are subject to the law of the Republic of Cyprus.

By clicking the “I agree” button below, you acknowledge that you have read and understood this page and agree to abide by its content.