A deal to combine Abu Dhabi's National Petroleum Construction Company with the National Marine Dredging Company is complete after the companies obtained all of the necessary regulatory approvals.
The deal, which gained shareholder approval on December 14, creates a much larger engineering and construction company specialising in oil and gas and marine dredging work. The combined group had revenues of almost Dh8.9bn in 2019.
“Today is the beginning of the next phase of the journey for our companies. Together we will focus on creating a new success story, from Abu Dhabi for the world, which we hope will benefit our stakeholders, shareholders, the UAE and our employees,” NMDC's chief executive Yasser Zaghloul said in a statement.
"We are looking forward to working together on projects that will further strengthen our ‘Made in UAE’ value proposition. This promising venture will further solidify our position as [a] regional EPC champion, and support our efforts to explore new growth avenues," NPCC chief executive Ahmed Al Dhaheri said.
Prior to the merger, state holding company ADQ held a 32 per cent stake in Abu Dhabi Securities Exchange-listed NMDC and was the majority owner (through its Senaat subsidiary) of NPCC. It is effectively a reverse takeover, with NMDC issuing mandatory convertible bonds for NPCC's entire share capital, which are being converted into 575 million ordinary shares, or 69.7 per cent of the combined entity. The business will maintain its market listing.
ADQ holds government stakes in a broad portfolio of companies, including Abu Dhabi Airports, Abu Dhabi Ports, Emirates Steel, Emirates Nuclear Energy Corporation, Etihad Rail, Abu Dhabi Securities Exchange, healthcare operator Seha, media hub TwoFour 54 and others.
Within the past year, a number of its subsidiaries have been merged to create stronger entities.
In July, Abu Dhabi Power Company and Abu Dhabi National Energy Company completed a merger creating a utilities business with Dh200 billion ($54.4bn) of assets. Abu Dhabi Ports also acquired industrial zones operator Zones Corp in the same month and in November, dates company Al Foah was acquired by food and beverage group Agthia, which is also part of ADQ's Senaat subsidiary.
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
