NMDC Group Adopts New Brand Name, Receives Commercial License

Abu Dhabi, UAE: 14 August 2024 –  NMDC Group, formerly National Marine Dredging Company, has officially adopted its new brand name. The change comes upon receiving the commercial license, and the completion of all the necessary legal procedures for the rebranding process that began in October 2023, based on the results of the General Assembly’s meeting dated April 28, 2023, which approved the name change and the adoption of the new identity.

The renewed brand reflects the Group's vision for further growth in local and global markets. It also underlines NMDC Group’s commitment to supporting comprehensive economic development, delivering returns for shareholders and investors, and creating sustainable market value for the Group's shares.

This change further confirms the Group’s commitment to a future based on clean energy, as reflected in the renaming of its subsidiary from ‘NPCC’ to ‘NMDC Energy’, in line with the “UAE Centennial 2071” vision.

The new brand also demonstrates the Group’s modern identity and its leadership in several industries, representing its growing international presence and influence.

Commenting on NMDC Group’s new name and identity, HE Mohamed Thani Murshed Ghannam Alrumaithi, Chairman of NMDC Group's Board of Directors, stated: "The new name demonstrates our readiness for global growth and competition in line with our strategies and future financial goals, creating sustainable opportunities for our partners and shareholders and enhancing our financial performance and market value both locally and globally.

“Following to this vision, and under the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, and the diligent follow up of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, we in the Group strive to continue enhancing our achievements, strategic development, and growth, solidifying the Group's position as an integrated system in the sector globally."

Eng. Yasser Zaghloul, CEO of NMDC Group, commented: "In light of the Group's strategies towards global growth and expansion, we are unifying our efforts and goals for the Group and its business units. This reflects on our performance in local and global markets and aspirations for the future, ensuring high competitiveness in all mega projects executed and developed by the Group. Thus, the new brand name NMDC Group is designed to align with the Group's vision, mission, and strategic objectives, weaving into the specialties and business areas that have strengthened the Group's project portfolio. We will continue striving to deliver record financial results, operational excellence based on innovative solutions regionally and globally driven by a team with high expertise and efficiency, and ensuring the Group's presence among the strongest global companies in engineering, procurement, construction, and marine dredging sectors."

NMDC Group recently announced its financial results for the first half of 2024, recording a 79% increase in revenues to reach AED 12.126 billion, compared to AED 6.765 billion in the previous year 2023, with net profits of AED 1.461 billion, an increase of 66% compared to the same period's net profits last year, which amounted to AED 881 million. The group also saw growth in asset value to AED 28.501 billion in the first half of the current year, compared to AED 20.847 billion at the end of 2023, an increase of AED 7.654 billion.