A diversified EPC player in the UAE and beyond

UAE

Ahmed Salem Al Dhaheri, CEO of NMDC Energy, talks to The Energy Year about preparing for the growing importance of modular production in the oil and gas sector and expectations for substantial business growth in the offshore segment. NMDC Energy is a provider of EPC services to the onshore and offshore oil and gas sector and the wider energy industry.

Following your successful IPO in 2024, what are the key avenues of growth that you are targeting?
Today, we stand as the leading EPC player in the MENA region, surpassing even international competitors. This leadership position is a strong foundation from which to establish strategic partnerships with national and international oil companies across geographies, including in the UAE, Saudi Arabia, India, Kuwait and Taiwan.
Our strategy is clear. We seek to diversify revenue streams and build capabilities to enter new sectors. From a strong position in onshore and offshore EPC, we are modernising our facilities to integrate cutting-edge technologies that enhance efficiency and competitiveness.
We are also focusing on module fabrication, which enables faster timelines and represents the future of project execution. To support this, we are expanding our yard facilities significantly – from 1.5 million to 2.3 million square metres.
In Saudi Arabia, we are further strengthening our presence with a new AED 220-million [USD 59.4-million], 400,000-square-metre yard at Ras Al Khair, in the Eastern Province. Set to be operational as of January 2025, this facility will support Saudi Aramco and many regional projects. By more than doubling our operational capacity, we are solidifying our position in core competencies and markets.

What growth are you projecting for NMDC Energy in the next few years?
We have a strong pipeline of tenders currently valued at approximately USD 59 million, spanning projects in the UAE, Saudi Arabia, India and Southeast Asia. Annually, national oil companies in this region invest around USD 33 billion, so the opportunities in the sector are immense.
By diversifying into areas such as offshore wind, we are opening new horizons for growth. The global capital expenditure in this field is expected to reach USD 90 billion in the next 5 years, presenting additional significant potential for expansion. Since our founding in 1973 – just two years after the UAE’s formation – we have embodied the vision of our nation’s leaders. They recognised the importance of building companies to support critical industries, and we have achieved remarkable progress serving as the backbone of the energy industry.

How do you expect hydrogen and CCUS projects will feature in your growth strategy?
The energy transition is a critical priority for us. Our country has set an ambitious vision to achieve net zero by 2050, and our role is to act as an enabler, providing engineering and execution expertise.
In 2022, we partnered with Technip Energies to establish NT Energies, a joint venture focused on energy transition segments such as green hydrogen, blue hydrogen, decarbonisation and waste-to-energy projects. To date, we have executed several field studies for UAE developers, as well as for Petronas in Malaysia, where we are supporting the largest offshore CO2 sequestration project.
We aspire to transform these studies into actionable projects, and our proactive approach at NT Energies ensures we will be in the best position to deliver when the time comes.

What is your vision for the future of NMDC Energy?
I can see NMDC Energy becoming a platform for the delivery of solutions across all energy sectors. I think it’s very important to look at NMDC Energy as an enabler of engineering solutions, not only in the oil and gas sector but in the energy industry as a whole.
Today, we are the top EPC player in the GCC region, but I see the company moving towards being number one in the world. Our efforts are focused on enhancing efficiency and building capabilities to execute projects that demand specialised expertise. It is something that constantly occupies us. I expect that strategic acquisitions will play an important role in our growth.

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