ADQ (formerly Abu Dhabi Developmental Holding Company) has assumed full ownership of National Petroleum Construction Company (NPCC) after acquiring the 30 per cent shares previously held by Consolidated Contractors International Company.

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, reported state-run news agency Wam.

One of these companies included the General Holding Corporation PJSC, Senaat, NPCC’s previous majority shareholder.

Commenting on the acquisition, 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.

"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 added.

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.

Khalifa Sultan Al Suwaidi, 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."

Ahmed Al Dhaheri, CEO of NPCC, said: "Since the inception of NPCC in 1973 under the directives of the Founding Father of the UAE, the late Sheikh Zayed bin Sultan Al Nahyan, our goal has been to position Abu Dhabi as a global hub for energy EPC operations. We have created a globally integrated energy ecosystem that is among the world’s most advanced, with exceptional capabilities including the region’s largest fabrication yard and a strong team of over professionals."

"Now, as a wholly owned entity of ADQ, we will continue to earn the trust each day of national oil companies around the world, and contribute to the vision of Abu Dhabi’s leadership to build a robust local manufacturing ecosystem. We have demonstrated all-round excellence – from winning mega-projects to exploring new opportunity areas, strengthening our fleet, implementing innovative practices, enhancing our HSE standards and investing in our people globally,” he added.