Senaat to spend $1.36bn on industrial products

Chairman also calls for financiers to develop local bond market to support industrialists' investment plans

Examining work at Emirates Steel's plant
Examining work at Emirates Steel's plant

Industrial holding company Senaat has announced that it is to invest $1.36bn on industrial projects over the next two years.

The company, which was created by Abu Dhabi's government as a way of diversifying the emirate's economy, owns a number of construction-related businesses including oil & gas contractor NPCC, Emirates Steel, Arkan Building Materials and Dubai-based cable manufacturer Ducab (in a joint venture with Dubai's government). It also owns the Taweelah Aluminium Extrusion Company Talex) in a joint venture with Al Ghurair Group's Gulf Extrusions and manages its 50,000 tonne capacity plant at Khalifa Industrial Zone (Kizad) in Abu Dhabi.

The company's plan was announced by its chairman, His Excellency Husain Jasim Al Nowais, at an investment conference organised by the National Bank of Abu Dhabi. It follows on from an investment 

He argued that the industrial sector needs more support from the financial community, including the creation of a domestic bond market "to provide longer-term funding that better matches the average life of assets on the balance sheet of industrial players".

He also said industrialists would like to see more involvement from export credit agencies and the development of the commodities trading market to help with hedging prices.

“I am very confident about the future of our country and this is why we are investing AED 5 billion in more industrial projects over the next two years," he added.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020