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.

Latest articles

The Al Nakhla compound bought by Sarcc is set in 250,000 sq m of gardens

PIF worker housing company buys luxury compound

Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh.  Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million).  The development, located in northern Riyadh, has more than 600 apartments and over 500 villas.   […]

Mubadla's Khaldoon Al Mubarak told the World Economic Forum in Davos that 'every sector is going to be disrupted' by AI

Mubadala seeks to balance AI risks and rewards

Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […]

Mohammed Shia Al-Sudani, Iraq’s prime minister, has revealed plans for major oil, gas and petrochemical projects

Iraq makes huge oil discovery but faces Opec restrictions

Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […]

A residential street in Istanbul. Turkish house sales rose in December and the trend is expected to continue

Turkish house sales rise as interest rates fall

Turkish house sales rebounded strongly in 2024, driven in part by a surge in December prompted by a long-anticipated interest rates cut, and further reductions in borrowing costs are expected to fuel appetite in the market this year.  Residential sales increased 20 percent last year, with just under 1.48 million units sold, up from the […]