National Petroleum Construction Company’s jetty in Mussaffah, Abu Dhabi. Image Credit: Ahmed Kutty/Gulf News

Abu Dhabi: ADQ, one of the region’s largest holding companies, on Wednesday announced it had assumed full ownership of National Petroleum Construction Company (NPCC), one of the UAE’s leading energy sector companies, after acquiring the 30 per cent shares previously held by Consolidated Contractors International Company (ICC).

ADQ (formerly Abu Dhabi Developmental Holding Company) has acquired the remaining shares of NPCC following its announcement last month that it added 14 companies to its portfolio. One of these companies included the General Holding Corporation PJSC (Senaat) - NPCC’s previous majority shareholder.

“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,” said Mohammad Hassan Al Suwaidi, CEO of ADQ.

“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 (engineering, procurement and construction) operations, whilst contributing to our nation’s overall economic growth,” he added.

“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,” he said.

NPCC set a record year of growth in 2019, achieving the highest revenue earned since its formation in 1973. The company also recorded over Dh1 billion in local procurement and services contracts awarded in the past two years as part of its in country value programme.