Abu Dhabi contractor National Projects & Construction is targeting a AED2bn ($544.5m) contract in Qatar, and is hoping to sell shares to the public within two years, its general manager said.
Speaking to reporters on Sunday after securing a AED1.6bn contract in Abu Dhabi with Dubai’s Arabtec, Paul Majoor said the firm was also looking to expand into Saudi Arabia, Morocco and Libya.
The company has a 15 projects in Abu Dhabi worth about AED4bn, including developments on Reem island, Majoor said.
“By the end of the year, we will hopefully be in Qatar,” he said, adding the firm was targeting a AED2bn project as part of a joint venture.
National Projects is part of Royal Group, a holding company which focuses on various industries including media, telecommunications and real estate.
Majoor said an initial public offering was part of the firm’s strategic plan.
“Going public is something that is being looked at in the future,” he said, adding the firm was hoping to be listed in Abu Dhabi in “one or two years”.
The group has yet to appoint a financial adviser. (Reuters)
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