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KEZAD Group signs lease agreement with NMDC Energy for AED 367m manufacturing facility in Abu Dhabi

 
KEZAD Group signs lease agreement with NMDC Energy for AED 367m manufacturing facility in Abu Dhabi

224,000 sqm facility in KEZAD will enhance the emirate's standing in the marine engineering industry

Abu Dhabi, UAE – 03 June 2024: Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose-built economic zones, and NMDC Energy, a subsidiary of National Marine Dredging Company (NMDC), today signed an agreement for the establishment of a new manufacturing facility in KEZAD.

The 50-year lease agreement signed at the Make It In The Emirates Forum 2024, will see NMDC Energy invest AED 367 million ($100 million) in a 224,000 sqm facility in KEZAD, designated for modular fabrication.

The project will offer several strategic benefits to the regional oil and gas sector including world-class engineering, procurement, project management, fabrication, installation and commissioning services to project owners and operators. The facility will create an estimated 3,000 new jobs in the process.

Mohamed Al Khadar Al Ahmed, CEO Khalifa Economic Zones Abu Dhabi – KEZAD Group said: 'NMDC Energy is a distinguished name in the marine engineering and fabrication industry, and we welcome its new facility to our industrial ecosystem. As the UAE's premier industrial and economic zones, KEZAD Group is continuously working to advance the country's energy, logistics, and marine engineering services.

'In keeping with the vision of our wise leadership, KEZAD Group is always striving to bolster the UAE's marine sector by supporting the expansion of national assets like NMDC in the emirate of Abu Dhabi.'

Ahmed Al Dhaheri, CEO of NMDC Energy, said, 'This partnership marks a significant milestone for NMDC Energy as we deepen our commitment to the UAE's industrial growth and sector innovation. The establishment of this new modular fabrication facility at KEZAD represents not just a significant investment; it mirrors our commitment to supporting the UAE's vision of becoming a global industrial powerhouse. We are eager to introduce new capabilities to our company, incorporating advanced technologies and processes that are shaping the future of the oil and gas industry. These advancements will not only elevate our service offerings but also significantly contribute to the nation's economic diversification.'

NMDC Energy operates advanced fabrication facilities in Abu Dhabi with a capacity to produce up to 100,000 tonnes of structural steel annually across an area of 1.3 million square meters. Additionally, NMDC is expanding its capabilities with a new 450,000 square meter fabrication yard in Ras Al Khair port, Saudi Arabia, which will have a projected capacity of 60,000 tonnes per year by 2026. The company owns a fleet of 22 offshore vessels equipped with modern facilities to support its shallow and deep-water operations. It can lift structures weighing up to 4,200 tonnes and is also equipped for laying subsea cables and pipelines, up to 66 inches in diameter in water depths from 10 to 2,000 metres.

Make It In The Emirates Forum, organised by the UAE Ministry of Industry and Advanced Technology (MoIAT) offers a valuable networking and knowledge exchange platform for the industrial community, both locally and internationally. The event brings together decision-makers, government and private sector officials, experts, entrepreneurs, financing entities, investors, startups, and SMEs – with the primary goal of showcasing investment opportunities within the local industrial sector.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 10230 times
PR Category : Banking & Investments
Posted on : Monday, June 3, 2024  10:44:00 AM UAE local time (GMT+4)
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