Abu Dhabi contractor National Marine Dredging Company said it will allow non-UAE nationals to own 49 per cent of its shares in an effort to diversify its shareholding base and boost trading of its shares.
The group's decision, effective on Thursday, will result in increased trading of the company’s shares, higher liquidity and international flows for its stock on indices including the FTSE Russell and MSCI, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares trade.
The move is also part of a "positive" long-term plan to streamline its operations, it said.
“The group is working to improve and expand its business ... to achieve a leading global position for national companies in line with the long-term UAE Centennial 2071 vision aiming at achieving first-place positions globally in various sectors," Mohamed Alrumaithi, chairman of NMDC, said.
"The group's strategic diversification will focus on building exceptional capabilities in the energy and marine business sectors during the next stage.”
NMDC — an engineering, procurement, construction and marine dredging contractor active in the Middle East and North Africa — has posted strong fiscal performance as the UAE’s economy continues to rebound from the pandemic.
It reported a more than nine-fold jump in its 2021 net profit to Dh1 billion ($272.3 million), with revenue surging 78 per cent
NMDC’s net profit in the first quarter of 2022 also more than doubled to Dh65.3m. Revenue jumped by about a third, primarily driven by the Hail and Ghasha offshore fields in the UAE and long-term agreements with Saudi Aramco.
NMDC signed an agreement in January with Dredging Corporation of India to expand its presence in the Indian subcontinent, the Gulf region and Africa to further boost growth.
The global dredging market is projected to reach a value of $15.7bn in 2022 and grow at a compound annual rate of more than 3 per cent to hit $21.4bn by 2032, according to data from market research firm Fact.MR.
The demand for energy infrastructure in application is likely to increase at a growth rate of close to 5 per cent over the 2022 to 2032 period, it said.
NMDC's decision is aimed at strengthening its position in the industry, with its long-term strategy underlined by the efficient use of resources, cost optimisation, supply chain management and increased productivity across all levels.
“We will continue to work to consolidate the group’s success that was reflected in its first quarter financial performance and the record profits achieved in 2021. The group has emerged as a global leader ... adding more operational value to all its operations," group chief executive Yasser Zaghloul told state news agency Wam.
The group's strategic diversification will focus on building exceptional capabilities in the energy and marine business sectors during the next stage
Mohamed Thani Alrumaithi,
chairman of National Marine Dredging Company
NMDC’s current contract volume exceeds Dh40bn in eight regions, including GCC, the Middle East, North Africa, India, the Maldives, Seychelles and South-East Asia. It is also set to start its operations in Europe.
The company is exploring potential acquisitions in South East Asia, South Asia and Europe, Mr Zaghloul said
“The company is implementing the state's strategy to build a sustainable economy, keep up with changing times, provide job opportunities, qualify national talent and enhance and support economic growth through our projects aimed at improving economic infrastructure," he said.
"The acquisitions that the company seeks to make aim to reduce risks, open new markets and increase shareholder returns.”
NMDC's operations span key industry verticals, including ports and civil projects, refining and petrochemical operations, onshore operations, renewable energy, deep sea operations and other related projects. The value of the group's assets increased by three quarters to almost Dh13bn at the end of 2021.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
UAE currency: the story behind the money in your pockets
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The National's picks
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Our family matters legal consultant
Name: Hassan Mohsen Elhais
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INDIA SQUAD
Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
