Mubadala Development Company, a Government investment fund, announced today that it will partner with Petrofac, a UK-based oil services company, to create a new contracting firm in the UAE within a couple of months.
"We plan to have a world-class engineering centre in Abu Dhabi with several hundred full-time staff within the next few years," said Rajesh Verma, the executive vice president for construction and engineering at Mubadala.
Officials at Petrofac, the partner firm that is partly owned by Dubai-based Shuaa Capital, envision the joint venture competing with established global oil contractors to bid for onshore oil and gas projects across the country, taking on a sector that has long been dominated by foreign firms.
A Mubadala spokesman said the new company would focus on designing and building large-scale facilities like refineries and drilling platforms, and would not be in the business of producing oil or building specialised equipment.
Through its subsidiaries, the Abu Dhabi National Oil Company handles many of the day-to-day aspects of oil and gas production and field maintenance.
To build large facilities, however, it has historically turned to established Western contractors such as Petrofac and Italy's Saipem, which can call on armies of experienced engineers to put up new structures quickly.
The Mubadala spokesman said that until now, very few UAE firms had attempted to compete in the specialised contractor market.
In the UAE, specialised contractors include Al Jaber Energy Services, Lootah BCGas and Subtec Middle East, but none has been tapped to complete key engineering projects.
Mubadala, with its stated aim of investing in projects to diversify and develop Abu Dhabi's economy, sees the oil engineering sector as an opportunity to create a new grassroots company, according to Ibrahim al Ansari, the chairman of Mubadala Petroleum Services Company.
"The establishment of this joint venture also furthers the diversification of Abu Dhabi in the energy sector and will contribute to ensuring the future sustainability of a very important industry through investment in local capabilities and human resources," said Mr Ansari.
The choice of Petrofac was not surprising, given the fact that the company has long had a presence in the UAE.
It operates a large office in Sharjah and last week opened a training centre in Dubai. It is also reported to be the lowest bidder for work on expansion of three oilfields by the Abu Dhabi Company for Onshore Oil Operations.
Petrofac has specialised in engineering and design of large infrastructure, including gas plants and pipelines.
Its biggest competitors in the region include Saipem, Spain's Tecnicas Reunidas and Technip, based in France.
cstanton@thenational.ae
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Kill%20Bill%20Volume%201
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RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
RESULT
Bayer Leverkusen 2 Bayern Munich 4
Leverkusen: Alario (9'), Wirtz (89')
Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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