UAE’s ADNOC awards $1.36bn contract for artificial islands

The Abu Dhabi skyline in the UAE. The bid awarded to NMDC ‘prioritized UAE sources for materials, as well as the use of mostly local suppliers, manufacturers and workforce.’ (Shutterstock)
Updated 07 February 2019

UAE’s ADNOC awards $1.36bn contract for artificial islands

  • National Marine Dredging Company will undertake dredging, land reclamation and marine construction,
  • The project — which is expected to take 38 months to complete —  is expected to employ over 3,500 people at peak construction

LONDON: Abu Dhabi’s oil company said on Wednesday that it had awarded a 5 billion dirham ($1.36 billion) contract to local firm National Marine Dredging Company (NMDC) to build artificial islands as part of the first phase of a gas concession.
The work will include dredging, land reclamation and marine construction, the Abu Dhabi National Oil Company (ADNOC) said in a statement.
It will support the Ghasha Concession, which consists of the Hail, Ghasha, Dalma, Nasr and Mubarraz offshore sour gas fields.

 

The project — which is expected to take 38 months to complete —  is expected to employ over 3,500 people at peak construction.
Under the terms of the contract, NMDC will construct 10 new artificial islands and two causeways, as well as expand an existing island, Al Ghaf.
“This award accelerates the development of the Hail, Ghasha and Dalma sour gas offshore mega-project ... As one of the world’s largest sour gas projects it will make a significant contribution to the UAE’s objective to become gas self-sufficient and transition to a potential net gas exporter,” said Sultan Ahmed Al-Jaber, UAE minister of state and ADNOC group CEO.
“NMDC was selected after a rigorous and competitive tender process. The award of this project to a UAE company will generate substantial in-country value, supporting local economic growth. In addition, it demonstrates the rapid progress ADNOC is making to leverage and create value from Abu Dhabi’s substantial, untapped, hydrocarbon resources.”
The bid by NMDC “prioritized UAE sources for materials, as well as the use of mostly local suppliers, manufacturers and workforce,” the ADNOC statement said. A total local spend of over 3.62 billion dirhams ($986 million) is expected, the statement said.

FASTFACTS

$986m – Spending within the UAE expected under the contract award.


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.