ADQ (formerly Abu Dhabi Developmental Holding Company) announced today that it has taken over full ownership of UAE-based National Petroleum Construction Company (NPCC)
In a statement issued on Wednesday, it said that it now completely owns NPCC after acquiring the 30 per cent shares held by Consolidated Contractors International Company (ICC).
Last month, ADQ announced that it had added 14 companies to its portfolio including NPCC’s previous majority shareholder, General Holding Corporation (Senaat)
Talking about the acquisition, Mohamed Hassan AlSuwaidi, CEO of ADQ, said: “ADQ comprises some of Abu Dhabi’s most successful and ambitious enterprises, and we look forward to working more closely with NPCC as we further develop a world-class portfolio of companies that add tangible value to the economy. NPCC can help to strengthen the oil and gas sector of the UAE, elevate the status of Abu Dhabi as a fast-growing global hub for energy sector EPC operations, whilst contributing to our nation’s overall economic growth.”
Adding that local manufacturing was a key pillar to ADQ’s growth strategy, he said NPCC, along with a number of other subsidiaries, will play a pivotal role in shaping the future of this sector. “We will work with NPCC to explore opportunities for mutual benefits and collaborations to help boost the revenues of national industries both locally and abroad.”
In 2019, NPCC recorded its highest revenue numbers since its formation in 1973. It also announced a new board of directors, naming Khalifa Sultan AlSuwaidi as its chairman.