Abu Dhabi energy sector reports strong nine-month financial growth

Major energy entities in Abu Dhabi have reported significant financial growth for the first nine months of the year. NMDC Energy recorded a 9% year-on-year revenue increase, reaching AED 14.2 billion, with a net profit of AED 420 million. The company maintains a substantial project backlog of AED 33 billion and reported cash reserves of AED 3 billion.

Simultaneously, Adnoc Drilling announced a nine-month profit of $1.07 billion, marking its highest-ever revenue. This performance in the oil and gas sector is noted for its potential to bolster the broader Abu Dhabi economy, including the real estate market, by driving demand for residential and commercial properties in areas such as Saadiyat Island, Yas Island, and Al Maryah Island.