Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
NMDC LTS, a newly established subsidiary of NMDC Group, has signed an agreement to acquire a 70% stake in Emdad LLC, a prominent provider of integrated oil and gas solutions in the UAE.
In a filing with the Abu Dhabi Securities Exchange (ADX), NMDC Group stated: “This strategic acquisition will enable NMDC Group to expand into oilfield services, further diversifying its portfolio and strengthening its competitive edge.”
The acquisition allows NMDC Group to broaden its service offerings, complementing its existing capabilities in engineering, procurement, construction, and installation (EPCI).
Emdad’s strong revenue growth and diversified streams across upstream well services and downstream maintenance were key factors driving the acquisition, the company added.
Founded in 1979 as Al Bawardi and later rebranded as Emdad, the company provides services including well intervention and asset integrity management. Emdad has established long-standing relationships with major clients such as ADNOC, Borouge, and Emirates Global Aluminium (EGA).
In a press release, the leaders of the two companies welcomed the move.
Eng. Yasser Zaghloul, CEO of NMDC Group, commented: “NMDC LTS acquisition of a controlling interest in Emdad marks a pivotal step in our journey to redefine excellence in the energy sector. By integrating Emdad’s proven expertise with NMDC, we are creating a powerful platform to deliver greater value, broaden our service capabilities, and drive sustainable growth for our clients, partners, and stakeholders.”
Mohammed Juma Al Bawardi, CEO of Emdad, commented: “We are excited to embark on the next phase of Emdad’s journey with NMDC Group. We are confident that through the compelling partnership with NMDC Group, we can deliver even more value to our customers and achieve our mutual goals for growth and success.”
The transaction is subject to regulatory approvals, according to the ADX filing.
Separately, in another ADX filing on Wednesday, NMDC Group announced the formation of NMDC Logistics and Technical Services (NMDC LTS), a new subsidiary aimed at diversifying the Group’s portfolio. NMDC LTS will focus on marine logistics and establishing global networks to support NMDC Group’s expansion into new markets.
NMDC Group, listed on ADX, has a valuation of Dh20.77 billion. Recently, it floated its subsidiary NMDC Energy on ADX, which holds a market cap of Dh14.75 billion.
