Source: Stanley Carvalho
ABU DHABI, April 24 (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.
Investments went into expansion of core industries such as Emirates Steel, Arkan Building Materials Co and Agthia Group .
Since 2004, Senaat has invested about 16 billion dirhams in Abu Dhabi’s industrial sector.
“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, 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.
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.