ADQ acquires full ownership of NPCC
ADQ (formerly Abu Dhabi Developmental Holding Company) has assumed full ownership of National Petroleum Construction Company (NPCC), one of the UAE’s leading energy sector Engineering, Procurement and Construction (EPC), after acquiring the 30% shares previously held by Consolidated Contractors International Company (ICC). ADQ acquired the remaining shares of NPCC 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.
Commenting on the acquisition, H.E. Mohamed Hassan Al Suwaidi, 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.”
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 AED 1 billion 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 Chairman of the Board.