Abu Dhabi contractor National Marine Dredging Company is teaming up with the Dredging Corporation of India to expand its presence in the Indian subcontinent as well as across the Gulf region and Africa to boost growth.
As part of the agreement, the two organisations will embark upon projects of mutual benefit in different countries and share experiences in their exclusive areas of specialisation, NMDC said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“The collaboration will work on a project-to-project basis, across specified geographical areas of operation, through the formation of joint ventures, or a mutual understanding between the two parties for securing fresh business opportunities,” NMDC said.
NMDC and its subsidiary, National Petroleum Construction Company, are looking to expand their operations outside the UAE to tap new opportunities. Earlier this month, NPCC was awarded a Dh8.2 billion ($2.23bn) contract by Saudi Aramco for works related to the Zulf marine field in the kingdom.
“This agreement is a statement of intent between the NMDC and DCI that we are keen to broaden our level of collaboration,” said Yasser Zaghloul, group chief executive of NMDC. “Each partner brings to the table unique strengths and experience. This, coupled with our common goal of growing our footprint, will lead to incredible opportunities that are waiting to be realised in the post-pandemic era.”
NMDC and DCI have also agreed on mutual participation and mutual bid submissions across the region on a project-to-project basis. They will also co-operate on projects which are subcontracted, thorough a consortium, or any other specific arrangements, by outlining their responsibilities that will be jointly agreed upon and delivered, according to the statement.
NMDC's third-quarter net profit rose more than three-fold to Dh270 million as revenue jumped more than 81 per cent to Dh2.1bn. The company had Dh12.7bn worth of assets at the end of September.
Last month, NMDC also won a Dh1.3bn contract from AD Ports for the engineering and construction works on the Shamal Development marine project.
The Shamal Development is part of Khalifa Port, located in Taweelah, Abu Dhabi, midway between Mina Zayed and Jebel Ali Port, which was built on a reclaimed artificial island reaching 4.5 kilometres offshore.