<p class="MsoNormal"><span style="font-size:14.0pt;line-height:115%;font-family:

&quot;Times New Roman&quot;,serif">In a milestone agreement aimed at capturing the

growing market for sustainable maritime decommissioning, the <b>Kingdom of

Bahrain</b> has signed an official joint venture with India’s premier green

ship recycling pioneer, <b>Priya Blue Industries</b>. Announced by Bahrain's

Ministry of Transportation and Telecommunications, the partnership will

establish a state-of-the-art, environmentally compliant ship recycling facility

designed to service large commercial vessels, bulk carriers, and aging naval fleets.<o:p></o:p></span></p>

<p class="MsoNormal"><span style="font-size:14.0pt;line-height:115%;font-family:

&quot;Times New Roman&quot;,serif">The strategic alliance leverages Bahrain’s prime

geographical position in the Arabian Gulf alongside Priya Blue Industries'

extensive technical experience as one of the world's first recycling yards to

achieve compliance with the Hong Kong International Convention (HKC).<o:p></o:p></span></p>

<p class="MsoNormal"><b><span style="font-size:14.0pt;line-height:115%;

font-family:&quot;Times New Roman&quot;,serif">Infrastructure Scaling and Environmental

Standards<o:p></o:p></span></b></p>

<ul style="margin-top:0cm" type="disc">

<li class="MsoNormal"><b><span style="font-size:14.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,serif">Hong

Kong Convention Protocols</span></b><span style="font-size:14.0pt;

line-height:115%;font-family:&quot;Times New Roman&quot;,serif">: The new facility

will strictly implement eco-conscious recycling frameworks. Operations

will feature completely impermeable concrete flooring, heavy-duty drainage

networks to prevent toxic runoff, and specialized containment zones for

the safe extraction and disposal of hazardous materials such as asbestos,

heavy metals, and bilge water.<o:p></o:p></span></li>

<li class="MsoNormal"><b><span style="font-size:14.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,serif">Gulf

Maritime Hub</span></b><span style="font-size:14.0pt;line-height:115%;

font-family:&quot;Times New Roman&quot;,serif">: By bringing HKC-compliant green

recycling capabilities directly to the Middle East, the joint venture cuts

down transit risks and high towing costs for shipowners in the region who

previously had to send retired structures on long-haul voyages to South

Asian shores.<o:p></o:p></span></li>

</ul>

<p class="MsoNormal"><b><span style="font-size:14.0pt;line-height:115%;

font-family:&quot;Times New Roman&quot;,serif">Economic Synergies and Trade Corridors<o:p></o:p></span></b></p>

<ul style="margin-top:0cm" type="disc">

<li class="MsoNormal"><b><span style="font-size:14.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,serif">Industrial

Output Boost</span></b><span style="font-size:14.0pt;line-height:115%;

font-family:&quot;Times New Roman&quot;,serif">: The project is expected to inject

substantial volumes of high-grade scrap steel back into Bahrain’s domestic

manufacturing and construction sectors, advancing regional circular

economy targets and cutting industrial reliance on raw metal imports.<o:p></o:p></span></li>

<li class="MsoNormal"><b><span style="font-size:14.0pt;line-height:115%;font-family:&quot;Times New Roman&quot;,serif">Job

Creation and Technical Transfer</span></b><span style="font-size:14.0pt;

line-height:115%;font-family:&quot;Times New Roman&quot;,serif">: The facility will

establish an active knowledge-transfer bridge between Alang (India's

shipbreaking hub where Priya Blue is anchored) and Bahrain, generating

hundreds of specialized technical jobs in maritime engineering,

environmental safety inspection, and heavy industrial operations.<o:p></o:p></span></li>

</ul>