Skip to content Skip to Search
Skip navigation

NMDC Group to list energy unit on Abu Dhabi exchange

By Pramod Kumar
NMDC Energy
NMDC Energy won a $255 million EPC contract from Adnoc Gas in July for the new phase of the sales gas pipeline network enhancement programme

The board of NMDC Group has confirmed a decision to list its energy subsidiary on the Abu Dhabi stock exchange.

NMDC Energy will sell a portion through an initial public offering (IPO) after obtaining the green light from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange, according to Abu Dhabi-listed NMDC Group’s filing with the stock exchange on Friday.

Details will be disclosed on approval.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

NMDC Energy was founded by UAE oil giant Adnoc and CCC in 1973 as the National Petroleum Construction Company to boost innovation in the energy sector and drive sustainable growth, according to the company website.  

In July, NMDC Energy won a $255 million engineering, procurement, and construction contract from Adnoc Gas for the next phase of the sales gas pipeline network enhancement programme.

This month, AGBI reported that the money raised in IPOs in the Gulf region soared in the second quarter of the year, with 14 deals worth a total of $2.64 billion struck in the healthcare, education and technology sectors.

Saudi Arabia was the main driver. Its largest deal, a $764 million listing of the Dr Soliman Abdul Kader Fakeeh Hospital Company on the Tadawul stock exchange made up 29 percent of overall IPO proceeds for the region.

The UAE made a strong contribution and its two IPOs contributed 34 percent of the region’s overall proceeds.

The academic and education services provider Alef Education Consultancy listed on the Abu Dhabi Securities Exchange, while the listing of family-owned supermarket business Spinneys raised $375 million on the Dubai Financial Market.

Register now: It’s easy and free

AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East.

Why sign uP

  • Exclusive weekly email from our editor-in-chief
  • Personalised weekly emails for your preferred industry sectors
  • Read and download our insight packed white papers
  • Access to our mobile app
  • Prioritised access to live events
Register for free

I’ll register later

Latest articles

King Abdullah of Jordan held talks with President Donald Trump and Marco Rubio, the US secretary of state, at the White House in February

Jordan wins exemption from Trump’s freeze on US aid

Millions of dollars in US grants for Jordan’s largest water desalination project dried up when President Donald Trump announced sweeping cuts to foreign aid in January. Within two months, support was flowing again – a result of diplomacy that has arguably put the Middle Eastern state on a more solid financial footing than before January, […]

Wind power in Chalkewadi, Maharashtra. India is aiming for 500 GW of renewable energy by 2030

Alterra part of $100m buy-in for Indian renewable energy company

Alterra, the UAE’s $30 billion climate fund, has partnered with investors including Canada-based investment company Brookfield Asset Management, to co-invest $100 million in Indian renewable energy company Evren.  The investment aims to bolster Alterra’s clean energy portfolio and accelerate India’s push toward 500 gigawatts (GW) of installed renewable capacity by 2030, it said in a […]

Kuwait plans to fast-track the construction of four solar power plants by next summer

Kuwait to build solar power plants by next summer

Kuwait is planning to build four solar power plants with a combined generation capacity of 2,000 megawatts (MW), enough to power about 1.5 million homes, according to local media. The ministry of electricity, water and renewable energy is studying the projects, which must be completed by summer next year, Alanba daily said, quoting ministry sources. […]

Red Sea Global expansion – the Six Senses Southern Dunes was the first hotel at The Red Sea resort to open

PIF’s Red Sea Global plans Saudi and overseas expansion

Red Sea Global is expanding beyond its west coast base to develop hotels and other projects in Saudi Arabia and overseas, a company executive has said. The company will probably announce a new project in a Saudi city later this year, head of hospitality Sébastien Carre told AGBI on the sidelines of Arabian Travel Market […]

Borouge's sales volume of polyethylene and polypropylene, used in plastics and packaging, increased

Borouge net profit increases to $281m for first quarter

UAE petrochemical company Borouge reported a rise in profit for the first quarter, driven by higher production and revenue. Net profit for the three months to March rose to $281 million, on the back of an increase in sales volumes and cost reduction, the company said in a statement. Production volumes rose 7 percent year […]

KFC is one of the many fast food brands operated by Americana Restaurants in the Middle East

Americana reports growth in revenue and profit

Americana Restaurants reported a higher net income for the first quarter of 2025 compared with this time last year, as a consumer boycott targeted at the company’s brands related to the Gaza conflict eased. Net profit in the three months to March grew 16.5 percent in the quarter to $32.6 million, driven by higher revenue […]

Adnoc is to sell more US LPG to India. LPG has a variety of uses, including as a cooking fuel.

Adnoc to supply US LPG to India following China-US tariffs

Abu Dhabi National Oil Company (Adnoc) will start replacing some of the liquefied petroleum gas (LPG) it supplies to India with cheaper US cargoes from June, industry sources said, as US-China tariffs rejig global trade flows. The move will enable Adnoc to ship more of its own LPG to China, where buyers are paying higher […]

ADCB said customer deposits rose 15 percent year on year to AED442 billion

ADCB records promising early year results

Abu Dhabi Commercial Bank (ADCB), the UAE’s third largest bank by assets, reported double-digit growth for the first quarter of 2025.  The bank cited an increase in operating income and growth across its core businesses.  Rated as the UAE’s strongest banking brand for the second consecutive year by Brand Finance, ADCB reported a net profit […]

New Jersey governor Phil Murphy is targeting Middle East investment opportunities seeking Gulf collaboration in tech and research

Ahead of Trump visit, New Jersey courts Gulf investment

New Jersey Governor Phil Murphy is leading a mission to Saudi Arabia, the UAE and Bahrain as US states compete for a share of more than $2 trillion of investment and trade which Gulf Arab countries have pledged to the US over the next decade. The trip, which ends on Saturday, comes just two weeks […]

Oman and China are partnering on a significant solar project supporting Oman's objective of creating a pollution-free environment

Chinese company to build solar plant in Oman freezone

Oman has signed a deal with a Chinese company to develop a sizeable solar power plant in the north of the country. It is the latest in a series of green energy initiatives as the sultanate aims to diversify from fossil fuels and power green hydrogen ambitions.  The $564 million solar farm will be wholly […]

Workers at Woodside's Pluto LNG in Australia. Louisiana LNG is targeting first production in 2029

Kuwait in talks to buy stake in Woodside’s Louisiana LNG

Australian petroleum company Woodside Energy Group is in negotiations with Kuwait Foreign Petroleum Exploration (Kufpec) to sell a stake in its Louisiana liquefied natural gas (LNG) project. Kufpec, state-owned Kuwait Petroleum’s overseas unit, is considering both acquiring equity and securing LNG supply from the US facility, Bloomberg reported, citing people familiar with the matter.  The […]

Sheikh Ahmed bin Saeed Al Maktoum at Airbus headquarters. Emirates has 240 Boeing passenger planes and 61 Airbus A350-900s on order

Sheikh Ahmed: China’s Boeing rejects won’t fly for Emirates

Emirates Airline’s chairman Sheikh Ahmed bin Saeed Al Maktoum has downplayed speculation that the carrier could buy Boeing planes originally destined for China. Speaking at the Arabian Travel Market in Dubai on Tuesday, Sheikh Ahmed said Emirates was actively exploring options to expand its fleet, but the Boeing aircraft – ordered by Chinese carriers but […]