भारत का राजदू तावास, अबू धाबी
Embassy of India, Abu Dhabi ECONOMIC AND COMMERCIAL REPORT: OCT., 2016
OVERVIEW
Inside the issue
UAE-India Economic Forum
UAE participated Global Investors Summit in Madhya Pradesh
Etihad expanded UAE-India operation
Indians buyers of properties
UAE established Federal Tax Authority
UAE non-oil trade reached Dhs553.4b
largest Dubai’s
The Second UAE-India Economic Forum was held on 19-20 October 2016 in Dubai. Mr. Nitin Gadkari, Minister of Road Transport and Highways and Mr. MJ Akbar, MOS for External Affairs participated in the Forum. The Forum focused mainly on Infrastructure, Healthcare & Start-up’s. The Ministers also met senior officials of Abu Dhabi Investment Authority in Abu Dhabi. UAE participated in the opening of the Global Investors Summit which took place in Indore of Madhya Pradesh State on 22-23 October 2016. H.E. Abdullah Bin Ahmed Al Saleh, Under Secretary for Foreign Trade and Industry, Ministry of Economy, led the UAE delegation Etihad Airways announced the expansion of scheduled services between Abu Dhabi and India as strategic partner Jet Airways unveiled new routes and additional frequencies to further strengthen their partnership. From early 2017, the two airlines will expand their services between the United Arab Emirates and India by adding 28 weekly flights and three more Indian cities.
The UAE has formally established a new authority mandated to collect data, information and statistics related to federal taxes in the country, a step toward introducing value-added tax (VAT) from the beginning of 2018. The non-oil direct trade of the UAE increased by 3 per cent to Dhs17.7 billion in the first half of the current year, reaching Dhs553.4 billion, well above the Dhs535.7 billion achieved during the same period last year. . 1|Page
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INSIDE THE NATION New rules will empower local SMEs H.E. Mr. Sultan Bin Saeed Al Mansouri, the UAE’s Minister for Economy stated that a Cabinet resolution on the issuance of the executive regulations of the law on small and medium-sized enterprises (SMEs) reflects the high interest of the country’s leadership in this vital sector. The resolution is a major boost to national efforts providing Emirati SME owners with full support to ensure their success and sustain national entrepreneurship in all vital local economic sectors. This important step complements legislative measures and institutional systems supporting the growth of this vital sector, which is recognised as among the government’s top priorities in line with UAE Vision 2021. One of the Vision’s national indicators includes raising the contributions of SMEs to non-oil sector to 70 per cent by 2021. Greece to take part in Expo 2020 Expo 2020 Dubai has announced that Greece has confirmed its official participation in Expo 2020 through a letter from the Greek Prime Minister, Alexis Tsipras, addressed to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The letter was delivered to Sheikh Ahmed Bin Saeed Al Maktoum, President of the Expo 2020 Committee and Chairman and CEO of Emirates Airlines, by Greek Alternate Minister of Tourism Elena Kountoura. Expo 2020 to draw $30b investments
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Malaysia Chief Economist Shan Saeed stated that Expo 2020 will be another milestone for the brand image of Dubai as the global player among the top cities in the world. Expo 2020 will attract investments amounting to $30 billion, which is massive for UAE. With increased oil prices, economic confidence and modern infrastructure will be the success story for Expo 2020. More than 100 countries have confirmed their participation for the Expo2020, which is a positive signal for the market and affirms deep trust in the economic policies of the Dubai government. Cityland Group announced Dhs1.1b mall project Cityland Group announced Dhs1.1 billion Cityland Mall project in Dubai. The project is scheduled for launch in the second quarter of 2018 the Mall and is to be built in close proximity of Global Village. This will be connected to the Global Village enabling visitors have an easy and convenient access to both the places. The Cityland Group that also has world-fame projects like Miracle Garden and Dubai Butterfly Garden on its portfolio, has now come up with a new innovative plan of world’s first 2.2 million sq.ft. nature-inspired Mall that will feature botanical wonders. UAE Cabinet approved Dh248b federal budget for 2017-2021 The UAE Cabinet approved Dh248 billion for the five-year draft federal budget for 2017-2021, with Dh48.7 billion earmarked for 2017. The Cabinet adopted the general federal budget for 2017- 2021, with total of Dh248 billion over five years, and a budget of Dh48.7 www.indembassyuae.org
billion for 2017, in addition to the revenues of independent entities and financial investments. UAE established Authority
Federal
Tax
The UAE has formally established a new authority mandated to collect data, information and statistics related to federal taxes in the country, a step toward introducing value-added tax (VAT) from the beginning of 2018. The Federal Tax Authority (FTA), set up through a decree by UAE President Shaikh Khalifa bin Zayed al-Nahyan, will maintain records on taxpayers and on taxes paid. It will also issue guidelines and clarifications on matters concerning federal taxes and related fines. Mr. Younis al-Khoury, undersecretary at the Ministry of Finance stated that businesses in the UAE that earn yearly revenues of more than AED3.75m ($1.02m), will have to register with the authorities to be taxed under the VAT system. Dubai contractor won $200m arena work Dubai Parks and Resorts, the entertainment division of the local Meraas Holding, has appointed a contractor for its arena project in Dubai. The local ASGC has been awarded the main building contract for the $200m Dubai Arena project being developed at the Citywalk area in Dubai. The Dubai Arena will be a multipurpose venue developed within the Citywalk project, which was also developed by Meraas. The arena will have the capacity to host up to 17,000 people and will be completed by the final quarter of 2018.
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Emaar appointed Dubai Hills
contractor
for
Local developer Emaar Properties has appointed a main contractor for its business park scheme at Mohammed bin Rashid City (MBR City) in Dubai. India’s Shapoorji Pallonji was awarded the deal to build the $150m project at Emaar’s Dubai Hills scheme. The scope of work comprises building seven fivestorey commercial buildings as well as other associated infrastructure. UAE non-oil Dhs553.4b
trade
reached
The non-oil direct trade of the UAE increased by 3 per cent to Dhs17.7 billion in the first half of the current year, reaching Dhs553.4 billion, well above the Dhs535.7 billion achieved during the same period last year. Asia, Australia, and the Pacific regions retained top trading partners with a share of Dhs211.3 billion accounting for 39 per cent of the total non-oil trade. Driving investment and support services focused of Dubai FDI programme Dubai hosted the region's first specialised programme to qualify leaders from the public and private sectors to successfully pursue foreign investment and support investors. The programme was organised by the Dubai Investment Development Agency, Dubai FDI, of the Department of Economic Development, DED, in partnership with the Conway Advisory and Global FDI Association. Dubai FDI Capacity, the programme, is part of the strategic goals of Dubai FDI to strengthen Dubai's position as a www.indembassyuae.org
competitive investment platform and global hub. UAE bank shareholders to meet to vote on mega merger National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) stated that their shareholders would meet on 7 December 2016 to vote on merging the two government-controlled lenders. The shareholders would also discuss amendments to the articles of association of the banks as the merger to create one of the largest lenders in the Middle East and African region becomes effective early next year, according to separate statements to Abu Dhabi Securities Exchange (ADX), where their shares are traded. Abu Dhabi nuclear project reached financial close Abu Dhabi-based Emirates Nuclear Energy Corporation (Enec) and Korea Electric Power Corporation (Kepco) reached a financial close on $24.4bn a project finance deal. Kepco has taken an 18 per cent stake in a new joint venture, Barakah One. Enec and Kepco provided $4.7bn of equity. The direct loan agreements are: · $2.5bn from the Export-Import Bank of Korea (Kexim) · $250m commercial loan from the National Bank of Abu Dhabi, local First Gulf Bank, the UK’s HSBC and Standard Chartered · $16.2bn from the Department of Finance of Abu Dhabi This will cover the cost of the main contract for the construction and commissioning of the 5600MW Barakah plant, interest during construction and 4|Page
the cost of initial nuclear fuel. It also provides for increases in commodity costs during construction. The hybrid project finance structure was arranged in 2012, as construction was beginning on the nuclear plant, then shelved in 2013. Lending to SMES has tightened by UAE Central Bank UAE banks have become less willing to lend to businesses and individuals, according to the latest quarterly credit sentiment report issued by the -Central Bank. At the same time, borrowers, especially owners of small businesses and expats, have become less keen to tap debt at a time when uncertainty about the -future growth of the economy intensify. The Central Bank’s net balance measure in aggregate for business loans was minus 2.3 in the quarter to the end of September compared with +3.1 in the quarter that ended in June. Any reading above zero indicates growth. ADGM registered 160 companies during its first year of operations. Abu Dhabi Global Market, ADGM, the international financial centre in Abu Dhabi, has announced that it has registered and licensed close to 160 companies from abroad range of industries and sectors in its first year of operations. ADGM stated that this achievement sets another new milestone in delivering on its ambition to support Abu Dhabi’s economic plan and long-term growth. Adnoc will combine shipping and ports services units in reorganisation push www.indembassyuae.org
The Abu Dhabi National Oil Company will combine three of its shipping and ports services units into one as the state oil firm pushes ahead with its reorganisation and consolidation under Sultan Al Jaber, who took over as Chief Executive earlier this year. Adnoc stated that the Abu Dhabi National Tanker Company (Adnatco), the Petroleum Services Company (Esnaad) and the Abu Dhabi Petroleum Ports Operating Company (Irshad), which have a combined workforce of about 4,000, will be integrated into one company – as yet unnamed – by the end of next year. Also, the ownership of a fourth company, the National Gas and Shipping Company (NGSCO), in which Adnoc has a 70 per cent stake, will come under the new company, although it will continue to operate separately. Central Bank approved expansion of institutions The Board of Directors of the Central Bank of the UAE has approved applications of banks and other financial institutions operating in the UAE for the expansion of their activities and opening new branches. The board reviewed the Monetary Operations and Reserves Management Department’s report, which includes the macro-prudential ratios of the banking sector, and liquidity indicators in the banking sector. DP World connected to Hyperloop with multi-million-dollar investment Global trade enabler DP World has announced a USD multi-million-dollar investment in US based Hyperloop One to provide funds for the continued research and development of Hyperloop technology building on the company’s 5|Page
successful test in May 2016. As part of the investment, Hyperloop One will benefit from DP World’s expertise in complex cargo handling operations and the experience DP World has accumulated across its global portfolio of 77 marine and inland terminals in six continents. The move follows the Memorandum of Understanding between the two companies to explore the role of innovation in the future of world trade through feasibility studies that analyses the value of using Hyperloop systems in the UAE. Dubai confirmed it is building world's tallest tower Dubai has officially confirmed the $1bn tower it plans to build at the Dubai Creek Harbour development will be the world’s tallest tower when it is completed in 2020. The final height has not been disclosed. To become the world’s tallest tower, it will have to be more than 1,008 metres in height. The world’s tallest building at present is Burj Khalifa, which is 828 metres tall. It is due to be surpassed by 2020 by the 1,008-metre-tall Jeddah Tower in Saudi Arabia. Qatar to export additional gas to the UAE Qatar Petroleum (QP) and the UAE’s Dolphin Energy have signed a new long-term agreement for the supply of gas from Qatar to the UAE’s northern emirates. The gas will be supplied via Dolphin Energy’s undersea pipeline, which began transporting gas from Qatar for consumption in the UAE and Oman in 2007. The agreement was announced by QP and the UAE’s official government Emirates News Agency www.indembassyuae.org
(Wam) but neither disclosed the length of the agreement of any details on pricing and volumes. Dubai invited interest in CSP solar project The Dubai Electricity & Water Authority (Dewa) has invited developers to express interest in its planned 200MW concentrated solar power (CSP) project. Developers submitted expressions of interest (EOIs) for the scheme, which will be developed under the independent power project (IPP) model. Dewa awarded the advisory services contract for its latest solar power project to a consortium led by KMPG of the Netherlands. KPMG will be the financial adviser, and will be supported by the UK’s Mott MacDonald as the technical adviser and Ashurst, also of the UK, as the legal adviser. Abu Dhabi to merge two largest offshore oil groups Abu Dhabi National Oil Company (Adnoc) will combine its two largest offshore oil producers into one entity by early 2018, creating a new company with an estimated capacity of 1.2 million barrels a day (b/d). State-owned Adnoc said the merger will “enable efficiencies and synergies” across the offshore concessions and fields operated by Abu Dhabi Marine Operating Company (Adma-Opco) and Zakum Development Company (Zadco). Adnoc holds a 60 per cent stake in both companies, with the remainder held by international oil companies (IOCs), which together operate the various offshore oil fields. Sharjah key businesses 6|Page
hub
for
global
The UAE, particularly Sharjah, has created conducive environment for global businesses by operating premium Foreign Direct Investment (FDI) policies to attract investors from across the globe. These remarks were highlighted by multiple speakers during the second edition of Sharjah FDI Forum 2016. High-profile participants at the two-day conference heard how existing investors have successfully nurtured their respective businesses to a profitable entity by operating their hub from Sharjah. They also revealed about the most innovative practices being implemented in the emirate and how these have boosted capital for companies operating in and out of Sharjah and the UAE. UAE kept spending flat in 2017 federal budget The cabinet of the United Arab Emirates approved a 48.7 billion dirham ($13.3 billion) federal budget for 2017, almost level with the original budget of 48.56 billion dirhams for 2016. The UAE federal budget traditionally accounts for only around 14 percent of total fiscal spending in the country; the seven individual emirates, mainly oil-producing Abu Dhabi, provide the rest. But the decision to keep federal spending flat suggests UAE authorities remain cautious about spending as low oil prices pressure state finances. The International Monetary Fund projects the UAE will post a consolidated fiscal deficit, including the federal government and all the emirates, of 3.86 percent of gross domestic product this year. UAE raised clean energy target to 27% by 2021
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The UAE has decided to raise its clean energy target from 24 per cent to 27 per cent by 2021 as part of its commitment to global efforts to fight climate change. Dr Thani Ahmad Al Zeyoudi, Minister of Climate Change and Environment stated that this target is the UAE’s internal action plan to implement the Paris Climate Agreement in which 197 nations committed to reduce carbon emissions to limit global temperature rise to below 2C. UAE's nuclear power project achieved $24.4 bln financing close The United Arab Emirates' nuclear energy project has completed a $24.4 billion financing for its first plant with most of the cash coming from state sources. In 2009, Korea Electric Power Corporation (Kepco)-led consortium won a contract to build four 1,400 megawatt nuclear reactors that are being constructed at the Barakah plant to meet the UAE's surging demand for electricity. Emirates Nuclear Energy Corp (ENEC) and Kepco jointly own the Barakah nuclear energy plant project. The financing comprises direct loans of $19.6 billion with $16.2 billion from the Abu Dhabi government and another $2.5 billion from the Export-Import Bank of Korea (Kexim).
(DEWA), involves the installation of 88,000 solar photovoltaic panels in the first phase to generate 22 MWp. WETEX & Dubai Solar Show by Dubai Electricity & Water Authority from 4th-6th October, 2016 at Dubai International Convention and Exhibition Center, Dubai WETEX & Dubai Solar Show is organized by Dubai Electricity and Water Authority as part of Water, Energy, Technology and Environment Exhibition and in co-location with World Green Economy Summit during 4th to 6th October 2016 at Dubai International Convention and Exhibition Center, Dubai, UAE. The show was a B2B platform for the public & private sectors to make deals, build partnerships, review the latest solar-energy technologies. GITEX Technology Week from 16th20th October, 2016 at Dubai World Trade Centre. The Electronics and Computer Software promotion Council participated in the GITEX Technology Week. The focus sector this year was Start Ups, Robotics and Innovation. BILATERAL RELATIONS
DP World launched Middle East's largest solar rooftop project Global marine terminal operator DP World has started construction on the Middle East's largest solar rooftop project at its Jebel Ali Free Zone (JAFZA) and Mina Rashid ports in Dubai. The project, the largest under the Shams Dubai initiative launched by the Dubai Electricity & Water Authority 7|Page
UAE-India Economic Forum from 19th – 20th October, 2016 at Madinat Jumeirah, Dubai The Second UAE-India Economic Forum was inaugurated by Shri Nitin Gadkari, Minister of Road Transport, Highways & Shipping, Government of India on 19th October, 2016. The event was organised collaboration with UAEwww.indembassyuae.org
Ministry of Economic and the Consulate General of India, Dubai. The second day of the event was facilitated by Shri M. J. Akbar, Minister of State (MoS)External Affairs. The second edition of Forum focused mainly on Infrastructure, Healthcare & Start-up’s. The Ministers also met senior officials of Abu Dhabi Investment Authority in Abu Dhabi. Hani Rashid Al Hamli, SecretaryGeneral, Dubai Economic Council at UAE-India Economic Forum (UIEF) in Dubai stated that India is the largest export destination and Indians are the largest buyers of Dubai’s properties and tourist services. UAE participated Global Investors Summit in Madhya Pradesh UAE participated in the opening of the Global Investors Summit which took place in Indore of Madhya Pradesh State on 22-23 October 2016. H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary for Foreign Trade and Industry, Ministry of Economy, led the UAE delegation with presence of Dr. Ahmed Abdul Rahman Al-Banna, UAE’s Ambassador to India. India to take part in Expo 2020 Dubai India has confirmed its high-level representation in Expo 2020 - Dubai through a letter from the Prime Minister of India, addressed to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Etihad operation
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expanded
UAE-India
Etihad Airways announced the expansion of scheduled services between Abu Dhabi and India as strategic partner Jet Airways unveiled new routes and additional frequencies to further strengthen their partnership in one of the world’s fastest growing aviation markets. From early 2017, the two airlines will expand their services between the United Arab Emirates and India by adding 28 weekly flights and three further Indian cities. These will enhance connections between India and the rest of the world though Etihad Airways’ convenient Abu Dhabi hub, and complement Jet Airways’ non-stop services to other cities. Etihad currently operates 175 weekly flights between Abu Dhabi and 11 Indian cities. Together, Etihad and Jet Airways offer 252 weekly flights between Abu Dhabi and 15 cities across India. With the newly-announced flights, the airlines’ cooperative services will cover 18 Indian cities with 280 flights each week. Sparkle – the Gem and Jewellery Exhibition in Surat A delegation from Southern Gujarat Chamber of Commerce visited UAE on 23-26 October 2016 to attract visitors for Sparkle – the Gem and Jewellery Exhibition in Surat in December 2016. Sharjah-India ties at new business frontiers The Sharjah Investment and Development Authority (Shurooq) wrapped up its recent participation at the 2nd UAE – India Economic Forum 2016 (UIEF), which taken place on 1920 October 2016 in Dubai. Shurooq’s participation at UIEF, headlining as a platinum sponsor for its 2nd edition, www.indembassyuae.org
resulted with a richer economic outlook on investments between Sharjah and India, and mapped-out its strategic and existing economic climates. Mr. Marwan Bin Jassim Al Sarkal, CEO of the Sharjah Investment and Development Authority (Shurooq), was among an elite group of key speakers who shared a diverse set of insights on current investment climates, which took place during the forum’s first panel discussion titled “Economic Climate & Indian Economy Overview: Infrastructure”. Dubai's Emirates NBD joined India's ICICI on blockchain digital payment project Dubai's largest bank, Emirates NBD, is working with India's ICICI on a pilot project to use blockchain technology for global remittances and trade finance, in what they say is a first for banks from the Middle East and India. Emirates NBD stated that the project showed banks can significantly cut transaction costs and time, while demonstrating a near real-time transfer of invoices and purchase orders for trade finance purchases.
UAE-China trade ties deepen with landmark judicial cooperation agreement The Shanghai High People’s Court, the foremost business court in the commercial and financial centre of mainland China, and the DIFC Courts have agreed to work together to achieve shared strategic objectives, provide the basis for future judicial exchanges, and deliver legal excellence. The DIFC Courts are the first foreign commercial court to cooperate closely with the Shanghai High People’s Court, with the agreement designed to reinforce commercial links between the two cities by bringing certainty to businesses through enabling them to trade securely. Annual trade between the UAE and China is estimated to be worth in excess of $55 billion annually, while more than 4,200 Chinese companies are currently operating in the UAE. The DIFC has particularly close links to China and is home to four of its biggest banks. Dubai innovation body to tap US fund for 3D printing technology
Trade Enquiries Total 59 trade enquiries were received during the month by the Embassy of India, Abu Dhabi. Trade Disputes No trade dispute pertaining to Abu Dhabi and Al-Ain was received during the month by the Embassy of India, Abu Dhabi.
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Dubai’s government innovation body has teamed up with a US software company to tap a US$100 million fund aimed at start-ups in the 3D printing sector. US company Autodesk is partnering with Dubai Future Foundation (DFF) to help provide financing for entrepreneurs across the region. The two organisations announced that the DFF is to identify businesses to receive cash from Auto-desk’s $100m Spark investment fund.
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Masdar, Jordan signed solar plant deal Masdar, Abu Dhabi’s renewable energy company, has completed a key step in the development of the largest solar power plant in Jordan. The Power Purchasing Agreement (PPA) for a 200megawatt (MW) photovoltaic (PV) plant was signed by Mohamed Al Ramahi, Chief Executive Officer of Masdar, and Abdul Fattah Daradkeh, Chief Executive Officer of National Electric Power Company, Jordan’s state electricity provider, at Amman. Adia acquired Scottish gas assets Abu Dhabi Investment Authority (Adia) has acquired a 16.7 per cent stake in Scotia Gas Networks (SGN) from the UK’s SSE. The stake is worth £621m ($760m). SSE will retain a 33.3 per cent share. It acquired a 50 per cent equity stake in SGN in 2005 for a total of £505m. Adia aims to invest between 1 and 5 per cent of its portfolio in infrastructure. SGN manages the network that distributes natural and green gas to 5.9 million consumers in Scotland and the south of England. Abu Dhabi to bolster economic and investment ties with China Mr. Khalifa Bin Salem Al Mansouri, Acting Under-Secretary in the Department of Economic Development in Abu Dhabi, led a delegation to Shanghai, China, to bolster economic cooperation in trade, industry, investment, exchange of information and mutual coordination between the two cities. UAE-Italy trade expected to grow 10% 10 | P a g e
Sheikh Mohammed Bin Faisal Al Qasimi, Chairman of the Italian Chamber of Commerce and Industry in the United Arab Emirates (UAE) stressed upon the importance of trade relations between the UAE and Italy. The growth of trade volume to $8 billion in 2015 ($6.5 billion Italy’s exports to the UAE and $1.5 billion imports), and expected increase of 10 per cent this year, will make Italy the third largest European trade partner of the UAE. He also mentioned that the UAE occupies 15th most important position in terms of export to Italy market at 1.5 per cent of the total Italian sales last year, indicating that the Italian Chamber of Commerce has made great contributions to the development of the partnership between UAE and Italy, and that in 2015 it provided support for 750 joint venture between the two sides. UAE-Greece forum discussed trade The UAE-Greece Business Forum was held in Athens, in a bid to expand opportunities, trade and investments for businesses in both countries. The Forum was attended by representatives from UAE and Greek government organisations, as well as members of the private sectors in both countries. The Forum, organised by the ministries of economy of the two countries, looked into the potentials of cooperation in the fields of infrastructure, logistics services, tourism, agriculture, food industry and energy Jafza enjoyed close business ties with US Jebel Ali Free Zone (Jafza), Dubai and the UAE’s flagship trade and logistics hub for the wider Middle East region www.indembassyuae.org
comprising West Asia, the CIS, Africa and the Indian Subcontinent, organised a roadshow in Seattle, USA attended by over 40 businesses. Over the years, Jafza has been the preferred destination of US companies for their expansion in the region and has developed close business relations with US organisations. The UAE is the United State’s largest trading partner in the Middle East reflecting the strong economic relationships between the two nations. Abu Dhabi to investing in Seychelles airport Abu Dhabi Airports has signed an agreement with the Seychelles Ministry of Foreign Affairs and Transport for the redevelopment of Mahe International airport. With temperatures averaging 27 degrees Celsius all year-round, Seychelles is a major holiday destination for UAE residents as well as visitors from all over the world. Mahe, the capital, is within five hours’ flying time from Abu Dhabi or Dubai. Penspen won engineering deal on Abu Dhabi fields UK-based group Penspen has been awarded a deal to provide modification works at the Bab and Asab onshore fields in Abu Dhabi. Penspen has been subcontracted by the local Matrix Construction, which is carrying out the engineering, procurement and construction (EPC) work for the project. Matrix was awarded the contract by Bab and Saba oil field operator Abu Dhabi Company for Onshore Petroleum Operations (Adco) to upgrade the facilities at the fields, in order to
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improve reliability, performance.
integrity
and
Abu Dhabi firm entered Aramco offshore progamme UAE-based National Petroleum Construction Company (NPCC) has been awarded a Long-Term Agreement (LTA) contract by Saudi Aramco, giving it the right to bid for offshore oil and gas tenders in Saudi Arabia. Aramco signed LTA deals with four international engineering, procurement and construction (EPC) contractors in June 2015 and NPCC will be the fifth group to enter the agreement. The stateowned oil and gas giant stated that the LTA contractors have exclusive rights to bid for a number of oil and gas producing platforms, tie-in platforms, pipelines, power cables and related facilities under the masterplan for Aramco’s offshore fields.
Jagjit Singh Second Secretary (E&C) For further information on UAE economic indicators, bilateral trade figures, nature of trade enquiries handled, and scheduled exhibitions/seminars in UAE please see the annexure.
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