NMDC wins contract to build artificial islands

Abu Dhabi: Abu Dhabi-based National Marine Dredging Co. (NMDC) has won a Dh2.3 billion contract by Zakum Development Co. to create four artificial islands offshore Abu Dhabi island, NMDC Chairman Mohammad Thani Murshid Al Rumaithi told reporters here late Wednesday at a news conference.

"There were six bidders and we won the contract," said Al Rumaithi.

"We signed the contract on Tuesday and we will execute this project in three years.

"It's a turnkey contract... we will be do rockworks, reclaim land and build concrete walls," said Al Rumaithi, adding that work on the project will begin 16 weeks after the signing of the contract.

Al Rumaithi said NMDC currently owns assets worth about Dh1.9 billion. It has 12 dredgers and two more are set to join its fleet within the next two months.

He said NMDC is expecting its turnover for 2009 to cross Dh1 billion. The turnover was Dh716 million last year and Dh580 million two years ago, Al Rumaithi added.

NMDC's shares on the Abu Dhabi Securities Exchange got a boost from the news of the contract signing. They ended 3.73 per cent higher at Dh8.50.