Abu Dhabi’s Senaat plans $600mn investment in industry
Investment consistent with strategy to engage in industrial projects, Senaat chairman says
Abu Dhabi is looking to diversify its economy beyond oil.
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Abu Dhabi government-owned General Holding Corp (Senaat) has said it invested $600 million in industry last year and would invest as much this year, as the emirate seeks to diversify its economy beyond oil, according to a report by Reuters.
Investments went into expansion of core industries such as Emirates Steel, Arkan Building Materials Co and Agthia Group. Senaat has invested about $4.5 billion in Abu Dhabi’s industrial sector, since 2004.
Senaat is one of the largest industrial investment and holding companies in the UAE, managing industrial assets for the Government.
“All of this new investment is consistent with our strategy to engage in industrial projects and we will continue to invest every year,” Hussain al Nowais, chairman of Senaat, said after announcing the company’s results.
Senaat’s revenues totalled $3.5 billion in 2012, up 7.2% over the previous year. But net profit was lower at $350 million compared to $400 million in 2011, mainly due to higher depreciation costs, al Nowais said.
Total assets grew 7.8% to $6.9 billion in 2012. Two of Senaat’s companies, Arkan and Agthia, are listed on the Abu Dhabi Securities Market and there are plans to list more when market conditions improve, said al Nowais.
