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Abu Dhabi’s ADQ acquires ownership of NPCC

Industry

ADQ has assumed full ownership of National Petroleum Construction Company (NPCC) after acquiring the 30 per cent shares previously held by Consolidated Contractors International Company (ICC)

ADQ, one of the region’s largest holding companies, has acquired the remaining shares of NPCC, one of the UAE’s leading energy sector Engineering, Procurement and Construction (EPC) companies, following its announcement last month that it added 14 companies to its portfolio.

One of these companies included the General Holding Corporation PJSC (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,” he continued.

NPCC has also announced a new board of directors, with Mr Khalifa Sultan AlSuwaidi as chairman of the Board.

Khalifa Sultan AlSuwaidi, chief investment officer at ADQ and chairman of NPCC, commented, “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.”

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