ADX-listed NMDC allows foreign investors to hold up to 49% in engineering and marine services firm

ADX-listed NMDC allows foreign investors to hold up to 49% in engineering and marine services firm

Dubai: Abu Dhabi’s National Marine Dredging Company has become the latest UAE company to allow up to 49 per cent of equity to be owned by foreign buyers. It comes into effect today. The company - which did not allow any foreign ownership earlier - sees this as resulting in increased trading of its shares, increased liquidity, and international flows for the stock, ‘raising its value in global trading indices such as FTSE Russell and MSCI. NMDC has been on a steady growth upturn, helped by a series of high-profile contracts, including those for its subsidiary NPCC (National Petroleum Construction Co.). NMDC wants to turn itself into one of the biggest names in the category in the region and beyond. “The Group includes five of the largest integrated companies in the fields of engineering, Procurement and Construction in oil and gas and marine services in the Middle East and North Africa,” said Mohamed Thani Alrumaithi, Chairman. “The Group's strategic diversification will focus on building exceptional capabilities in the energy and marine business sectors during the next stage.” NMDC announced a net profit growth of 146 per cent to Dh65.4 million during the first quarter of 2022, compared to the net