22% profit rise for Senaat
Total industrial investments of $3.53bn since 2004
Senaat’s CEO says that the company is helping diversify Abu Dhabi’s overall economy from hydrocarbons.
RELATED ARTICLES: EMAL powers up Phase I potline | United Steel revives Fujairah rolling mill | KSA sees steel consumption jump 19.5%
General Holding Corporation, the industrial investment company that has backed UAE industrial giants Emirates Steel, Ducab and Talex, has announced a 22% rise in YoY profits and a 12% increase on revenues as of June 30 2012 and a new company name, Senaat.
The company, tasked with expanding the capabilities of Abu Dhabi’s industrial sector, linked the net profit figure of $256.4m to the $3.53bn investments made since 2004; $680.6m of which were made over the last five years.
“Senaat has developed investment plans and strategies for the future that will ensure it continues to contribute to the diversification of Abu Dhabi’s economic base, boosting the role of non-oil industries in the local economy,” said chairman H.E. Hussain Jasim Al Nowais.
Since its establishment 36 years ago, the 10% government owned Senaat has headed development of non-oil sector infrastructure and in 2004 was reincorporated as General Holding Corporation.
“The name Senaat is clearly in line with our mandate to promote industrial activities in the Emirate of Abu Dhabi and highlights the role the Company is playing in the diversification of the overall economy from its dependence on the hydrocarbon sector. Senaat is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to develop a strong industrial base encompassing both basic and downstream industries,” CEO Suhail Mubarak Al Ameri added.
