Gulf Construction Online - ADQ acquires full ownership of NPCC

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NPCC set a record year of growth in 2019, netting highest revenue.

ADQ acquires full ownership of NPCC

01 June 2020

ADQ (formerly Abu Dhabi Developmental Holding Company) has assumed full ownership of National Petroleum Construction Company (NPCC) after acquiring the 30 per cent shares previously held by Consolidated Contractors International Company.

ADQ, one of the region’s largest holding companies, has acquired the remaining shares of NPCC, a leading energy sector engineering, procurement and construction (EPC) companies in the UAE, following its announcement in April that it had added 14 companies to its portfolio, reported state-run news agency Wam.

Commenting on the acquisition, CEO Mohamed Hassan Al Suwaidi, says: “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 set a record year of growth in 2019, achieving the highest revenue earned since its formation in 1973. The focus of the company’s operations has been to create in-country value, recording over Dh1 billion ($272 million) in local procurement and services contracts awarded in the past two years.

NPCC has also announced a new board of directors, with Khalifa Sultan Al Suwaidi as the Chairman of the board.

Al Suwaidi, also Chief Investment Officer at ADQ, comments: “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 for 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, says since its inception, the company’s goal has been to position Abu Dhabi as a global hub for energy EPC operations.

“We have created a globally integrated energy ecosystem that is among the world’s most advanced, with exceptional capabilities including the region’s largest fabrication yard and a strong team of professionals. Now, as a wholly owned entity of ADQ, we will continue to earn the trust of national oil companies around the world,” he adds.