UAE’s NMDC Energy, formerly National Petroleum Construction Company (NPCC), is making a pivot to offshore wind, which is set to become a major revenue source for the company, and plans to invest about $500 million in an offshore vessel, its chief executive said.
“We are confident enough [about expanding] further in this important sector … we are now out in the market to shipyards to build a dedicated offshore vessel for wind, and this might be an investment of around $500 million,” Ahmed Al Dhaheri told The National.
Plans include investment in jack-up barges for tower, blade, and turbine installation, and subsequently, acquiring a vessel for laying interconnecting cables in offshore wind projects, he added.
NMDC Energy is also engaging with international energy companies such as TotalEnergies, EDF, RWE and, Iberdrola, Mr Al Dhaheri said, without elaborating.
“We see the potential in offshore wind, and this can in the future have a good share of our business and of our revenue moving forward,” he added.
This is a notable shift for the company, which mainly serves clients in the onshore and offshore oil and gas industries with engineering, procurement, and construction solutions.
NMDC Energy's only past involvement in wind energy was limited to installing monopiles – the most advanced type of foundation for offshore wind turbines – at the Yunlin offshore wind farm in Taiwan.
NMDC Energy, which its parent company NMDC listed on the Abu Dhabi Securities Exchange in September, reported full-year 2024 revenue of Dh14.44 billion ($3.93 billion), an 82 per cent increase from the previous year. Profit attributable to shareholders of the company surged by about 80 per cent year-over-year to Dh1.4 billion.
The company attributed its revenue growth to strong operational performance and expansion into new projects both domestically and abroad.
“We are trying to expand into other markets, so we are keeping an eye on developments in North Africa and West Africa as well as countries in South-east Asia. We are pursuing certain tenders, which will hopefully yield good results for the company,” Mr Al Dhaheri said.
NMDC Energy currently has a backlog of projects worth Dh 58 billion, he said.
Last month, the company won a $1 billion contract with a Taiwanese firm to build undersea gas pipelines, among other projects.
Macro troubles
Mr Al Dhaheri expects the world to move “aggressively” into offshore wind even as the industry currently faces rising costs, supply chain challenges, and planning delays.
Political support for wind energy is also waning, with US President Donald Trump recently pausing new federal offshore wind leasing for an environmental and economic review.
“I see that in the years to come, we'll be seeing many projects in this sector. Now, how this will change because of the political environment, this is something that we are yet to see,” Mr Al Dhaheri said.
“But today, there are a number of projects that are already sanctioned and they are lined up for execution.”
Nearly 40 per cent of the 380-gigawatt offshore wind pipeline expected to reach final investment decision between 2024 and 2030 is “risked,” leaving a significant portion vulnerable, Westwood Global Energy Group said in a report on Wednesday.
Norway-based consultancy Rystad Energy projects steady growth in the offshore wind sector, forecasting global installations – excluding mainland China – to surpass 520 gigawatts by 2040.
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
More from Neighbourhood Watch
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mohammed bin Zayed Majlis
More on animal trafficking
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
