National Marine Dredging Co.

NMDC Group PJSC is participating in tenders worth AED 76 billion, in addition to existing contracts valued at AED 70 billion by the end of Q3 2024. During the Abu Dhabi International Petroleum Exhibition and Conference, NMDC Energy, a subsidiary, highlighted its innovations in the energy sector, which contributes 50% to the group's revenue and 60% to its total contracts. CEO Eng. Yasser Zaghloul discussed the group's flexible investment strategy, noting AED 2 billion invested in assets over the past two years, representing 33% of total assets. The group is focusing on geographical expansion, innovation, and listing subsidiaries on stock markets. NMDC Group and Vingroup have signed an MOU to explore collaboration on large-scale, environmentally sustainable projects in Vietnam, aiming to create jobs and support economic growth in coastal regions.

The NMDC Group, formerly known as the National Marine Dredging Company, has been awarded a contract by Ta’ziz for engineering, procurement, and construction (EPC) works on the Logistic Project – Port Package. The project is valued at over USD 300 million and is expected to be completed within 25 months.

NMDC Group PJSC, previously known as National Marine Dredging Company PJSC, has released its report and condensed consolidated interim financial statements for the nine-month period ending on September 30, 2024. These statements are unaudited.

The Abu Dhabi Securities Exchange received a notification that NMDC Group PJSC has been awarded a new project. The project, valued at AED 5,050,000,000, involves marine dredging, reclamation, and ground improvement works for Modon Company in Abu Dhabi. The information was also shared with the Securities and Commodities Authority.

The General Assembly Meeting of NMDC Group PJSC was held on Thursday, 29 August 2024, from 3:00pm to 3:30pm at the company's head office in Mussafah, Abu Dhabi, with virtual participation. The meeting was chaired by H.E Mohamed Al Hammadi, Vice Chairman of the Board of Directors, and had a quorum of 90.2%, all through electronic voting. The following ordinary resolutions were approved: entering a transaction with a related party involving the purchase of commercial land plots in exchange for shares in a subsidiary, authorizing the Board of Directors or their designee to implement the resolutions, and appointing Mr. Abdulla Mohamed Ahmed Al Suwaidi as a board member to complete the term of his predecessor.

NMDC Group is set to list its wholly owned subsidiary, NMDC Energy, on the Abu Dhabi Securities Exchange (ADX) following an initial public offering (IPO) of 1.15 billion shares at AED 2.8 per share. The IPO aims to raise up to AED 3.22 billion and will run from 30 August 2024 to 4 September 2024, with the listing scheduled for 11 September 2024. First Abu Dhabi Bank PJSC is the lead manager, with other banks participating in the IPO. NMDC Energy, established in 1973 and formerly known as the National Petroleum Construction Company, provides engineering, procurement, and construction services in the energy sector, primarily operating in the UAE, Saudi Arabia, Kuwait, and Taiwan. The company has completed over 1,200 projects and owns significant stakes in various engineering firms.

The Abu Dhabi Securities Exchange's Market Operations & Surveillance division has been informed that the Board of Directors of the National Marine Dredging Company PJSC will issue a resolution by circulation at 6pm on Thursday, 8 August 2024. The resolution will consider offering a portion of NMDC Energy PJSC’s shares (formerly known as National Petroleum Construction Company NPCC) for public subscription. This communication is signed by Yasser Nassr Zaghloul, Group Chief Executive Officer, and a copy has been sent to the Securities and Commodities Authority (SCA).

On 2 August 2024, the Board of Directors of the National Marine Dredging Company PJSC issued a written resolution by circulation. The resolution invites the General Assembly of the company to convene on a date to be agreed upon with the Securities and Commodities Authority (SCA) to consider a related party transaction. This consideration will occur after completing the necessary valuations by an independent valuer as required by applicable regulations. The Board has decided to defer its consideration of the formation until a later date. The company will disclose the date of the General Assembly and its agenda to the market once it is approved by the SCA.