ADQ acquires ownership of National Petroleum Construction Company

ADQ (formerly Abu Dhabi Developmental Holding Company), one of the region’s largest holding companies, on Wednesdy announced it had 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 per cent shares previously held by Consolidated Contractors International Company (ICC).
ADQ has 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.
“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,” said Mohamed Hassan AlSuwaidi, CEO of ADQ.
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 in local procurement and services contracts awarded in the past two years.
NPCC has also announced a new board of directors, with Mr. Khalifa Sultan AlSuwaidi as Chairman of the Board.
“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,” said Khalifa Sultan AlSuwaidi, Chief Investment Officer at ADQ and Chairman of NPCC.