The move follows the recent sale of stake in Petrofac Emirates by Mubadala Petroleum to Nama Project Services, an affiliate of Nama Development Enterprises (Nama.)

Formed in 2008 in the UAE, Petrofac Emirates provides full range of engineering, design, procurement and construction services for major onshore oil and gas, refining and petrochemical projects.

Mubadala Petroleum CEO Maurizio La Noce said having nurtured and matured the business into a stable and profitable venture, Mubadala Petroleum’s interest is now being transferred to the UAE’s private sector, in line with Mubadala’s strategic objectives and mandate.

"Mubadala Petroleum will concentrate on its core international E&P business, and most important UAE gas supply projects," Noce added.

"In this context, we will continue to support the Abu Dhabi based Petrofac Emirates business and will look at opportunities to leverage on our existing and strong relationship with Petrofac International to identify mutually beneficial opportunities aligned with our ambitious growth objectives in our core geographies."

Nama managing director Matthew Hollis said it is a great honor to have been given the opportunity to be partners in bringing Petrofac Emirates into the private sector here in Abu Dhabi.

The transaction is subject to the conditions precedent, including the usual regulatory consents.