UAE EPC firm NMDC, AD Ports form JV to offer offshore surveys and subsea services

Safeen Surveys and Subsea Services, as the new joint venture is to be called, will provide offshore surveys. (Supplied)
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Updated 16 June 2022
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UAE EPC firm NMDC, AD Ports form JV to offer offshore surveys and subsea services

DUBAI: UAE’s National Marine Dredging Group and AD Ports Group have entered into an agreement to establish a joint venture company that will conduct offshore surveys and subsea services in the region. 

Safeen Surveys and Subsea Services, as the new joint venture is to be called, will provide offshore surveys, both geophysical and geotechnical, trenching services, and dredging support in the UAE, across the Gulf Cooperation Council as well as in selected international markets, a press release said.

Aside from providing integrated subsea services, the new company will offer unmanned inspection vessels, remotely operated vehicles, and customized, cost-effective and innovative solutions for offshore oil and gas operations and renewable energy, it said in the press release.

NMDC is one of the leading contractors in the field of engineering, procurement, construction, and marine dredging in the Middle East, while Abu Dhabi Securities Exchange-listed AD Ports handles 10 ports and terminals, and more than 550 square kilometers of economic zones within KIZAD.

AD Ports Group Managing Director and group CEO Mohamed Juma Al-Shamisi said: “With this agreement in hand and the new joint company rising to meet the needs of the oil & gas and renewable energy sectors, Safeen Surveys and Subsea Services will deliver exceptional experience and expertise in the marine and diving services for our UAE clients to take advantage of.”

Safeen will operate in the UAE, GCC, and globally where AD Ports Group and NMDC maintain operations. 

“By combining our expertise with our long-term partner, AD Ports Group, the new company will offer the most advanced and innovative offshore surveys and diving solutions to different types of environments and across wider geographies,” National Marine Dredging Group CEO Yasser Zaghloul said.  

The company revealed that it will target google markets such as Saudi Arabia, Egypt, Taiwan, Sudan, Iraq, Mauritania, Mauritius, Guinea, Pakistan, and Western India.


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.