Abu Dhabi's National Marine Dredging Company (NMDC) has announced that it has secured a AED1.36 billion ($370 million) contract from AD Ports Company for its key project Shamal Development.
The Shamal Development, a part of the Khalifa Port, is located in Abu Dhabi.
As per the deal, NMDC will be providing marine works services for The Shamal Development and the project is due for completion within 660 days, said the Emirati firm in its filing to the Abu Dhabi bourse ADX.
NMDC had early this year completed its merger with top Emirati engineering and construction group, National Petroleum Construction Company (NPCC), thus creating one of the leading integrated oil and gas and marine services EPC players, with an established footprint across Mena and South Asia regions.
The Abu Dhabi marine dredging group had in October reported a significant increase in its net profit for the first nine months of the year which surged to hit AED501 million ($137 million).