"Holding" (ADQ), one of the largest holding companies in the region, has announced the completion of the acquisition of the National Petroleum Construction Company, as this step comes in the wake of the completion of "Holding" the purchase of 30% of the shares of "National Petroleum Construction" from Union Company Global Contractors.
A statement issued yesterday indicated that the “Holding Company” (ADQ), previously known as the “Abu Dhabi Development Holding Company”, acquired the remaining shares from the National Petroleum Construction Company, after announcing, last month, the addition of 14 companies to its portfolio, including The public holding company «Industries», which owned a majority stake in the National Petroleum Construction Company.
The CEO of “Holding” Company (ADQ), Mohamed Hassan Al Suwaidi, said that the “Holding” portfolio (ADQ) includes a number of the most successful and ambitious companies in the Emirate of Abu Dhabi, adding: “We look forward to working closely with the National Petroleum Construction Company, while we continue In developing a world-class portfolio of companies that add tangible value to the emirate’s economy. ”
In turn, the CEO of the investment portfolios in «Holding» (ADQ), Chairman of the Board of Directors of the National Petroleum Construction Company, Khalifa Sultan Al-Suwaidi, said that the National Petroleum Construction Company lays strong foundations for achieving long-term growth, driven by its strategic vision and the administrative and operational expertise it possesses. He added that the National Petroleum Construction Company, through "Holding" directives, will continue to focus on its core strengths.