National Marine Dredging Company, Abu Dhabi’s home-grown dredging company has displayed its competence across projects in regions where it has taken up challenging works.
NMDC is now teaming up with the Dredging Corporation of India to expand its presence in the Indian subcontinent as well as across the Gulf region and Africa to boost growth. Again, the Dredging Corporation of India is the National dredging company that was formed by the Indian government to dredge the seaports and channels in the country. In the course of disinvestment, the country sold its stake and it was bought out by a consortium of the seaports in the country. Now that an independent company looking for growth, DCI is also open to Joint Ventures to enhance the bottom line. NMDC cooperation comes at the right time to be specific.
As part of the agreement, the two organisations will embark upon projects of mutual benefit in different countries and share experiences in their exclusive areas of specialisation, NMDC said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“The collaboration will work on a project-to-project basis, across specified geographical areas of operation, through the formation of joint ventures, or a mutual understanding between the two parties for securing fresh business opportunities,” NMDC said.
“This agreement is a statement of intent between the NMDC and DCI that we are keen to broaden our level of collaboration,” said Yasser Zaghloul, group chief executive of NMDC. “Each partner brings to the table unique strengths and experience. This, coupled with our common goal of growing our footprint, will lead to incredible opportunities that are waiting to be realised in the post-pandemic era.”
NMDC and DCI have also agreed on mutual participation and mutual bid submissions across the region on a project-to-project basis. They will also co-operate on projects which are subcontracted, through a consortium, or any other specific arrangements, by outlining their responsibilities that will be jointly agreed upon and delivered, according to the statement.
NMDC’s third-quarter net profit rose more than three-fold to Dh270 million as revenue jumped more than 81 per cent to Dh2.1bn. The company had Dh12.7bn worth of assets at the end of September.
The two majors have enough vessels, manpower and a potential market under their foothold. It will be interesting to watch the outcome of this association.
