NMDC (The Group) signs MoU with Daewoo E&C to strengthen expansion across the Middle East and Africa
Building further on its global partnerships to drive aggressive growth, National Marine Dredging Company (The Group) has signed a Memorandum of Understanding with Daewoo Engineering & Construction to mutually explore and grow business opportunities across the Middle East and Africa. The MoU was signed by Eng. Yasser Zaghloul, Group CEO, NMDC, and Mr. Ilyoung Choi, Senior Vice President, Daewoo Engineering & Construction.
Through the Memorandum, the two entities will jointly explore onshore and offshore engineering, procurement and construction projects and will also focus on marine, dredging and reclamation projects in addition to identifying opportunities in industries such as energy, port development and urban development projects. NMDC and Daewoo aim to work on a project-to-project basis, across specified geographical areas of operation, through joint ventures, or a mutual understanding between the two entities for securing fresh business opportunities.
Commenting on the MoU, Eng. Yasser Zaghloul, Group Chief Executive Officer, NMDC, said: Despite the challenges of the pandemic, the Group has emerged as one of the most profitable and fast-growing EPC majors for the energy and marine services sector in addition to building strong competencies in a wide range of diversified sectors. This growth was driven by significant global partnerships and by sharing best practices. We continue to explore partnerships to enhance our global footprint. The MoU with Daewoo will further drive our growth through projects that draw on our mutual strengths.
The MoU is in line with the NMDCs (The Group) goal of driving its strategic expansion plans for strengthening its position and expertise as a global engineering and construction powerhouse undertaking and delivering world-class infrastructure in vital growth sectors.
As a part of the agreement, NMDC and Daewoo will provide each other with technical and other relevant support, if required through a joint venture agreement, or any other contractual form. This will enable both entities to pre-qualify for a tender process, as well as secure and execute projects during the tendering.
