Mohammad Al Mojil to co-run Abu Dhabi venture

Contractor and National Holding to set up company in UAE capital

The company is developing its business lines aside from oil work.
The company is developing its business lines aside from oil work.

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Saudi Arabia’s Mohammad Al Mojil is to set up a company based in Abu Dhabi with National Holding, a UAE investment firm, to give the contractor a presence in the capital as part of its expansion plans.

The civil engineering firm will target projects in the oil and gas, energy and utilities and petrochemicals sectors in the UAE’s biggest emirate, and will own 49% of the new venture.

The company is an oil and gas contractor and the only firm with a license to perform live welding on rigs, but it is attempting to grow its business lines into marine and steel fabrication and develop in regional markets. At the beginning of the year the company won a SAR 197 million contract from Hyundai Engineering & Construction Company for civil engineering work in Abu Dhabi.

Third quarter financial results showed a 3% decline in net profits, down to SR13.5 million.

National Holding has a number of industry-related investments across financial and real estate, commercial and oil and gas. Its companies include Emirates International Investment Company M. M Bloom, the real estate firm, Rise, a general trading firm, and Petromal, an oil and gas focused company itself split into four divisions.

Shares rose 0.5% to SAR 18.4.
 

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