UAE Business: EPC leader NMDC allows foreigners to own 49% of its capital – Gulf Digital News

UAE Business: EPC leader NMDC allows foreigners to own 49% of its capital – Gulf Digital News

The Board of Directors of the National Marine Dredging Company (NMDC) has decided to allow non-UAE national investors to own up to 49% of its capital, as it grows its footprint to new geographies and diversifies to new business verticals.

The decision, effective April 28, 2022, was passed at the company's general assembly meeting and allows non-Emirati investors to buy shares of NMDC, one of the world’s leading Engineering, Procurement, Construction (EPC) and marine dredging groups, which reported outstanding net profit growth of 146% in the first quarter of 2022.

The decision to allow ownership of 49% of the shares in the NMDC will result in increased trading on the company’s shares, increased liquidity, and international flows for the stock, raising its value in global trading indices such as "FTSE Russell" and "MSCI."

Expanding business

Mohamed Thani Alrumaithi, Chairman of The Group, said: “NMDC is working to improve and expand its business in support of the wise leadership's directives to achieve a leading global position for national companies in line with the long-term UAE Centennial 2071 vision aiming at achieving first-place positions globally in various sectors.

He added: “NMDC includes five of the largest integrated companies in the fields of Engineering, Procurement and Construction in