NMDC Group announced that NMDC LTS, a wholly owned subsidiary of the Group, completed the acquisition of a 70% stake of the share capital and voting rights in Emdad, an integrated service provider specializing in the oil and gas, utilities, and industrial sectors. The transaction was financed through debt and equity.
This strategic acquisition enables NMDC Group to expand into the OPEX segment of recurring revenues in the oilfield services, further diversifying its portfolio and strengthening its competitive advantage. In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad’s offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services. Emdad reported revenues in excess of AED600 million in 2024 and its equity stood at AED217 million.
Eng. Yasser Zaghloul, CEO of NMDC Group, commented: “We are happy to complete this landmark acquisition which marks the beginning of an exciting new chapter for both organizations. Emdad stands out as an industry leader with robust capabilities and deep sector expertise. By combining its strengths with NMDC’s scale and commitment to innovation, we now have a powerful platform to unlock long-term value. With diversification at its core, this integration enhances our ability to deliver broader service offerings, create greater value, and drive sustainable growth for our clients, partners, and stakeholders across the dynamic energy landscape.”
Mohammed Juma Al Bawardi, CEO of Emdad, commented: “This milestone transaction underscores the sophistication and attractiveness of the UAE’s energy sector as well as the trust that NMDC has in Emdad’s position as a leading service provider in the market. We are confident that through this compelling partnership, where we are now plugged into the wider NMDC platform, we will be able to chart an exciting new journey of growth. Ultimately, this collaboration will unlock deeper value for our customers and help us to achieve our shared goals for sustainable success.”
The update is another further step in NMDC’s strategy to drive value creation, strengthen its regional presence, and support revenue growth. It marks a leap in NMDC Group’s broader expansion and diversification goals, paving the way for future innovation and leadership in the energy sector.
Advisory roles:
- NMDC Group: A&O Shearman (Legal counsel) and PricewaterhouseCoopers (Financial advisor)
- Emdad Shareholders: Clyde & Co (Legal counsel) and KPMG Lower Gulf (Financial advisor)
