Abu Dhabi’s Senaat Plans Over $600 Mln Investment In Industry
Investments went into expansion of core industries such as Emirates Steel, Arkan Building Materials Co and Agthia Group.
April 25, 2013 1:11 by Reuters
Abu Dhabi government-owned General Holding Corp (Senaat) on Wednesday said it invested 2.2 billion dirhams ($600 million) in industry last year and would invest as much this year, as the emirate seeks to diversify its economy beyond oil.
“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 ofSenaat, told Reuters after announcing the company’s results.
Unlisted Senaat‘s revenues totalled 12.3 billion dirhams in 2012, up 7.2 percent over the previous year. But net profit was lower at 1.3 billion dirhams compared to 1.5 billion dirhams in 2011, mainly due to higher depreciation costs, al Nowais said.
Total assets grew 7.8 percent to 25.4 billion dirhams in 2012.