{"id":96628,"date":"2024-10-09T00:00:00","date_gmt":"2024-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/nmdc-energy-lands-aed-5-05-bn-contract-with-modon-holding\/"},"modified":"2024-10-09T00:00:00","modified_gmt":"2024-10-09T00:00:00","slug":"nmdc-energy-lands-aed-5-05-bn-contract-with-modon-holding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/09\/nmdc-energy-lands-aed-5-05-bn-contract-with-modon-holding\/","title":{"rendered":"NMDC Energy lands AED 5.05 bn contract with Modon Holding"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>NMDC\u2019s ADX-listed EPC unit <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nmdc-energy.com\/en\/ipo\/our-business\/\" style=\"\" rel=\"noopener\">NMDC Energy<\/a><\/strong> <strong> secured an AED 5.05 bn contract from<\/strong><strong> state-backed developer <\/strong><strong>Modon Holding<\/strong> for marine dredging, reclamation and ground improvement works in Abu Dhabi, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/646.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a>. No further details on the project were disclosed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background<\/strong><strong>: <\/strong>NMDC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/ca6baeb7-98f6-4b31-a5fd-64b4830af625\" style=\"\" rel=\"noopener\">has several projects<\/a> in the pipeline across the GCC, with a backlog of AED 54 bn of projects as of the end of August. This includes a USD 254.6 mn contract with Adnoc to establish a new gas pipeline and its associated facilities. The company will also establish a USD 100 mn fabrication manufacturing facility in Abu Dhabi\u2019s Khalifa Economic Zone (Kezad). The company\u2019s EPC unit, NMDC Energy, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/d249b230-b142-40e5-8d16-cbc92815bf6e\" style=\"\" rel=\"noopener\">raised AED 3.22 bn<\/a> from its IPO on the ADX last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi investment promotion agency The Abu Dhabi Investment Office (ADIO) <\/strong><strong>has chosen HSBC as its banking partner in Asia<\/strong>, covering outbound and inbound investments and encouraging HSBC\u2019s clients in the continent to set up shop in the capital, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/abu-dhabi-investment-office-names-hsbc-as-preferred-international-banking-partner-in-asia-qvn8qyfb\" style=\"\" rel=\"noopener\">press release<\/a>. The two sides will organize events to promote investment prospects in Abu Dhabi. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HSBC will also help connect ADIO with business in Europe, the UK, and the Americas<\/strong>, the statement added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TRANSPORT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi, Al Ain, and Al Dhafra will get taxi meter verification services at select <\/strong><strong>locations before the end of this year<\/strong> under a new partnership between Abu Dhabi\u2019s Integrated Transport Centre (Abu Dhabi Mobility), Abu Dhabi Quality and Conformity Council (QCC), and Adnoc Distribution, according to a <a target=\"_blank\" href=\"https:\/\/admobility.gov.ae\/en\/news\/taxi-meter-verification\" style=\"\" rel=\"noopener\">statement<\/a> from Abu Dhabi Mobility. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BUSINESS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Chambers inked an MoU with Serbia\u2019s Chamber of Commerce and Industry to <\/strong><strong>facilitate cross-border cooperation between businesses<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/october\/08-10\/dubai-international-chamber-arranges-business-meetings-in-belgrade\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. The partnership will see both work together on arranging trade missions, conferences, and business events. This came during a Dubai trade mission in Serbia, which included 13 private sector companies from sectors like electronics, food and beverages, IT, and energy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Sharjah Executive Council greenlit the establishment of the Sharjah Healthy Cities <\/strong><strong>Network <\/strong>in the first initiative of its kind in the region, <a target=\"_blank\" href=\"https:\/\/sharjah24.ae\/en\/Articles\/2024\/10\/08\/aa13\" style=\"\" rel=\"noopener\">Sharjah 24<\/a> reports. The network aims to enhance collaboration in implementing health and well-being policies across the emirate in line with the World Health Organization's <a target=\"_blank\" href=\"https:\/\/www.who.int\/teams\/health-promotion\/enhanced-wellbeing\/ninth-global-conference\/healthy-cities\" style=\"\" rel=\"noopener\">Healthy Cities program<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INVESTMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Abu Dhabi Fund for Development pledged a AED 370 mn investment to s<\/strong><strong>upport Jordan\u2019s efforts in digitizing its healthcare sector<\/strong>, according to the fund\u2019s <a target=\"_blank\" href=\"https:\/\/www.adfd.ae\/en\/media-center\/news\/coinciding-with-presidents-visit-to-jordan-adfd-announces-funding-for-jordans-digital\" style=\"\" rel=\"noopener\">press release<\/a>. The initiative will see the deployment of an integrated system for health information management, in addition to establishing an advanced virtual hospital, which will act as a hub for peripheral hospitals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> State-run big data analytics firm Presight was tapped by Jordan\u2019s Digital Economy and Entrepreneurship Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9bdb72cf-612e-46dd-8621-20fb1d25cd9a\/%253cmark%253epresight%253c%2Fmark%253e-tapped-by-jordan-to-digitize-its-healthcare-sector\" style=\"\" rel=\"noopener\">last month<\/a> to support the digitalization of the country\u2019s healthcare sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">UTILITIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>InfraX, Dicode set to facilitate gas companies\u2019 migration to smart meters:<\/strong> Dubai Electricity and Water Authority\u2019s IT arm <a target=\"_blank\" href=\"https:\/\/www.infrax.ae\/en\/AboutUs\" style=\"\" rel=\"noopener\">InfraX<\/a> partnered with IT services company <a target=\"_blank\" href=\"https:\/\/dicodetechnologies.com\/\" style=\"\" rel=\"noopener\">Dicode<\/a> to help gas companies replace analog meters with smart meters, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dicode-technologies-announces-partnership-with-digital-dewas-infrax-y578k8ze\" style=\"\" rel=\"noopener\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> LOGISTICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Sharjah International Airport onboarded UPS Global, which will now operate four <\/strong><strong>weekly cargo flights<\/strong> to various destinations worldwide, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/b5kvs3r-%D9%85%D8%B7%D8%A7%D8%B1-%D8%A7%D9%84%D8%B4%D8%A7%D8%B1%D9%82%D8%A9-%D9%8A%D8%B9%D8%B2%D8%B2-%D8%B9%D9%85%D9%84%D9%8A%D8%A7%D8%AA%D9%87-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B4%D8%AD%D9%86-%D8%A8%D8%A7%D9%86%D8%B6%D9%85%D8%A7%D9%85-ups\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Italy\u2019s Raccortubi opens a warehouse in Sharjah: <\/strong>Italian steel supplier <a target=\"_blank\" href=\"https:\/\/www.raccortubi.com\/en\/\" style=\"\" rel=\"noopener\">Raccortubi<\/a>, a subsidiary of <a target=\"_blank\" href=\"https:\/\/www.commercialetubiacciaio.it\/\" style=\"\" rel=\"noopener\">Commerciale Tubi Acciaio<\/a>, inaugurated a AED 25 mn warehouse in Sharjah\u2019s Hamriyah Freezone to support oil and gas projects in the region, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b5kvzw1-italy%E2%80%99s-raccortubi-spa-invests-aed25-million\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fitch Ratings assigned the UAE-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.unioninsurance.ae\/\" style=\"\" rel=\"noopener\">Union ins.<\/a><\/strong><strong> a first-time ins. f<\/strong><strong>inancial <\/strong><strong>strength rating of BBB with a positive outlook<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/insurance\/fitch-assigns-union-insurance-first-time-bbb-ifs-rating-outlook-positive-26-09-2024\" style=\"\" rel=\"noopener\">statement<\/a> from the credit rating agency. The company\u2019s improved financial performance after discontinuing several unprofitable lines of business, in addition to strong capitalization and reins. protection underpinned Fitch\u2019s rating. The agency expects Union\u2019s profitability to further improve over the next 18 to 24 months. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>NMDC has several projects in the pipeline across the GCC<\/p>\n","protected":false},"author":1,"featured_media":96629,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[1784,530,47,610,159,1357,29,671,143,7,131,248,1342,99,1623,1366,857,136,1367,1890,411,199],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-dhabi-fund-for-development","tag-abu-dhabi-investment-office","tag-also-on-our-radar","tag-artificial-intelligence","tag-banking","tag-business","tag-capital-markets","tag-dubai-international-chamber","tag-energy","tag-enterpriseam-uae","tag-healthcare","tag-hsbc","tag-investment","tag-logistics","tag-modon","tag-nmdc-energy","tag-sharjah-executive-council","tag-sports","tag-transport","tag-uae-serbia-relations","tag-union-insurance","tag-who","wpautop","entry"],"acf":{"mongo_id":"a24f2d49-6899-4d67-be50-b257a5b51ce1","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/676.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NMDC Energy lands AED 5.05 bn contract with Modon Holding","related_issue":[96610],"teaser":"NMDC has several projects in the pipeline across the GCC","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.de6e60aa-daaa-4a58-a0a7-5ebee25308ea.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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