Naqi Water prepping for 30% stake IPO on Saudi Arabia’s main market

Naqi Water prepping for 30% stake IPO on Saudi Arabia’s main market
Naqi Water prepping for 30% stake IPO on Saudi Arabia’s main market

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Jeddah - Yasmine El Tohamy - UAE EPC firm NMDC, AD Ports form JV to offer offshore surveys and subsea services

DUBAI: UAE’s National Marine Dredging Group and AD Ports Group have entered into an agreement to establish a joint venture company that will conduct offshore surveys and subsea services in the region. 

Safeen Surveys and Subsea Services, as the new joint venture is to be called, will provide offshore surveys, both geophysical and geotechnical, trenching services, and dredging support in the UAE, across the Gulf Cooperation Council as well as in selected international markets, a press release said.

Aside from providing integrated subsea services, the new company will offer unmanned inspection vessels, remotely operated vehicles, and customized, cost-effective and innovative solutions for offshore oil and gas operations and renewable energy, it said in the press release.

NMDC is one of the leading contractors in the field of engineering, procurement, construction, and marine dredging in the Middle East, while Abu Dhabi Securities Exchange-listed AD Ports handles 10 ports and terminals, and more than 550 square kilometers of economic zones within KIZAD.

AD Ports Group Managing Director and group CEO Mohamed Juma Al-Shamisi said: “With this agreement in hand and the new joint company rising to meet the needs of the oil & gas and renewable energy sectors, Safeen Surveys and Subsea Services will deliver exceptional experience and expertise in the marine and diving services for our UAE clients to take advantage of.”

Safeen will operate in the UAE, GCC, and globally where AD Ports Group and NMDC maintain operations. 

“By combining our expertise with our long-term partner, AD Ports Group, the new company will offer the most advanced and innovative offshore surveys and diving solutions to different types of environments and across wider geographies,” National Marine Dredging Group CEO Yasser Zaghloul said.  

The company revealed that it will target google markets such as Saudi Arabia, Egypt, Taiwan, Sudan, Iraq, Mauritania, Mauritius, Guinea, Pakistan, and Western India.

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