White & Case advises International Maritime Industries on establishment of new maritime fund

Global law firm White & Case LLP has advised International Maritime Industries, Inc. on the establishment of GMF Global Maritime Fund RAIF V.C.I.C. PLC, a new independent Cyprus-based maritime fund.

Based in Saudi Arabia, International Maritime Industries is a joint venture between Saudi Aramco, Bahri, Lamprell and Hyundai Heavy Industries. It is currently the largest maritime yard in the Middle East and North Africa region, providing construction and maintenance, repair and overhaul services to commercial vessels and offshore rigs.

GMF Global Maritime Fund RAIF V.C.I.C. PLC is a Registered Alternative investment Fund managed by H.M. Pelagic Partners Ltd. and authorized by the Cyprus Securities & Exchange Commission. The fund aims to become the largest ESG-compliant fund in the maritime industry. It will provide financing solutions to maritime companies around the world building their assets in the Kingdom of Saudi Arabia and the fund managers expect that it will have US$1.25 billion of assets under management by the end of 2023, growing to US$10 billion over the next ten years.

The White & Case team which advised on the transaction was led by partners Arnaud Cagi-Nicolau (Luxembourg), Julien Bensaid (Dubai & Paris) and Debashis Dey (Dubai & London) and included associates Konstantinos Strakas (Luxembourg) and Ola Sanni (Dubai).

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