Abu Dhabi based holding company ADQ, has fully acquired UAE-based National Petroleum Construction Company (NPCC), it announced on April 29.
ADQ assumed complete ownership of NPCC after acquiring the 30 per cent shares erstwhile held by Consolidated Contractors International Company (ICC).
The acquisition follows ADQ’s announcement last month stating that it had added 14 companies to its portfolio, one of them being the General Holding Corporation (Senaat) – NPCC’s previous majority shareholder.
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.”
“Local manufacturing is a key pillar of our growth strategy at ADQ. 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.
Khalifa Sultan AlSuwaidi, chief investment officer at ADQ and chairman of NPCC, said: “NPCC is building a strong foundation for long-term growth driven by its strategic vision, management and operational expertise. With ADQ’s guidance, NPCC will continue to focus on its core strengths of providing exceptional EPC services, including complex projects that support the nation’s oil and gas infrastructure. NPCC will also seek to drive international expansion, having defined opportunities in core markets such as Saudi Arabia, Egypt, Kuwait, Bahrain and elsewhere.”
Ahmed Al Dhaheri, CEO of NPCC, said: “Now, as a wholly owned entity of ADQ, we will continue to earn the trust each day of national oil companies around the world, and contribute to the vision of Abu Dhabi’s leadership to build a robust local manufacturing ecosystem. We have demonstrated all-round excellence – from winning mega-projects to exploring new opportunity areas, strengthening our fleet, implementing innovative practices, enhancing our HSE standards and investing in our people globally.”
Established in 2018 as a public joint stock company, ADQ holds a diverse portfolio of enterprises spanning utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.