NMDC Energy plans to invest $500 million in a vessel as part of its focus on offshore wind. Photo: NMDC Energy
NMDC Energy plans to invest $500 million in a vessel as part of its focus on offshore wind. Photo: NMDC Energy
NMDC Energy plans to invest $500 million in a vessel as part of its focus on offshore wind. Photo: NMDC Energy
NMDC Energy plans to invest $500 million in a vessel as part of its focus on offshore wind. Photo: NMDC Energy

UAE’s NMDC Energy bets big on offshore wind with $500m vessel investment


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UAE’s NMDC Energy, formerly National Petroleum Construction Company (NPCC), is making a pivot to offshore wind, which is set to become a major revenue source for the company, and plans to invest about $500 million in an offshore vessel, its chief executive said.

“We are confident enough [about expanding] further in this important sector … we are now out in the market to shipyards to build a dedicated offshore vessel for wind, and this might be an investment of around $500 million,” Ahmed Al Dhaheri told The National.

Plans include investment in jack-up barges for tower, blade, and turbine installation, and subsequently, acquiring a vessel for laying interconnecting cables in offshore wind projects, he added.

Ahmed Al Dhaheri, chief executive of NMDC Energy, says the company has an eye on markets in Africa. Photo: NMDC Energy
Ahmed Al Dhaheri, chief executive of NMDC Energy, says the company has an eye on markets in Africa. Photo: NMDC Energy

NMDC Energy is also engaging with international energy companies such as TotalEnergies, EDF, RWE and, Iberdrola, Mr Al Dhaheri said, without elaborating.

“We see the potential in offshore wind, and this can in the future have a good share of our business and of our revenue moving forward,” he added.

This is a notable shift for the company, which mainly serves clients in the onshore and offshore oil and gas industries with engineering, procurement, and construction solutions.

NMDC Energy's only past involvement in wind energy was limited to installing monopiles – the most advanced type of foundation for offshore wind turbines – at the Yunlin offshore wind farm in Taiwan.

NMDC Energy, which its parent company NMDC listed on the Abu Dhabi Securities Exchange in September, reported full-year 2024 revenue of Dh14.44 billion ($3.93 billion), an 82 per cent increase from the previous year. Profit attributable to shareholders of the company surged by about 80 per cent year-over-year to Dh1.4 billion.

The company attributed its revenue growth to strong operational performance and expansion into new projects both domestically and abroad.

“We are trying to expand into other markets, so we are keeping an eye on developments in North Africa and West Africa as well as countries in South-east Asia. We are pursuing certain tenders, which will hopefully yield good results for the company,” Mr Al Dhaheri said.

NMDC Energy currently has a backlog of projects worth Dh 58 billion, he said.

Last month, the company won a $1 billion contract with a Taiwanese firm to build undersea gas pipelines, among other projects.

Macro troubles

Mr Al Dhaheri expects the world to move “aggressively” into offshore wind even as the industry currently faces rising costs, supply chain challenges, and planning delays.

Political support for wind energy is also waning, with US President Donald Trump recently pausing new federal offshore wind leasing for an environmental and economic review.

“I see that in the years to come, we'll be seeing many projects in this sector. Now, how this will change because of the political environment, this is something that we are yet to see,” Mr Al Dhaheri said.

“But today, there are a number of projects that are already sanctioned and they are lined up for execution.”

Nearly 40 per cent of the 380-gigawatt offshore wind pipeline expected to reach final investment decision between 2024 and 2030 is “risked,” leaving a significant portion vulnerable, Westwood Global Energy Group said in a report on Wednesday.

Norway-based consultancy Rystad Energy projects steady growth in the offshore wind sector, forecasting global installations – excluding mainland China – to surpass 520 gigawatts by 2040.

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Getting there

The flights

Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.

The stay

Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.

Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

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RESULTS

4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.

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Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envi%20Lodges%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3ESeptember%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Noelle%20Homsy%20and%20Chris%20Nader%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%0D%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Hospitality%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%20to%2015%0D%3Cbr%3E%3Cstrong%3EStage%20of%20investment%3A%20%3C%2Fstrong%3ESeries%20A%3C%2Fp%3E%0A
The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now 

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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While you're here
The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

UAE currency: the story behind the money in your pockets
Updated: February 01, 2025, 7:32 AM`